Princi UK Limited - Period Ending 2020-09-30
Princi UK Limited - Period Ending 2020-09-30
Registration number:
Princi UK Limited
for the Year Ended 30 September 2020
Princi UK Limited
Contents
Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Princi UK Limited
(Registration number: 06300882)
Abridged Balance Sheet as at 30 September 2020
Note |
2020 |
2019 |
|
Fixed assets |
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Tangible assets |
|
- |
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Investments |
- |
|
|
|
|
||
Current assets |
|||
Stocks |
|
- |
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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Prepayments and accrued income |
|
- |
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
( |
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Accruals and deferred income |
( |
( |
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
2,328,040 |
2,328,040 |
|
Share premium reserve |
996,030 |
996,030 |
|
Profit and loss account |
(11,940,279) |
117,387 |
|
Shareholders' (deficit)/funds |
(8,616,209) |
3,441,457 |
For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Princi UK Limited
(Registration number: 06300882)
Abridged Balance Sheet as at 30 September 2020
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Princi UK Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors believe the company remains a going concern due to the continued support from the parent companies by way of loans. The loans are repayable on demand however, the parent companies have agreed not to recall the debts until Princi UK Ltd has the ability to make repayments.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Princi UK Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2020
Asset class |
Depreciation method and rate |
Plant and machinery |
25% on a straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Princi UK Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Princi UK Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 September 2020 |
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Depreciation |
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Charge for the year |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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Investments |
Total |
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Cost or valuation |
|
At 1 October 2019 |
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Disposals |
( |
At 30 September 2020 |
- |
Provision |
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Carrying amount |
|
At 30 September 2020 |
- |
At 30 September 2019 |
|
2020 |
2019 |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Princi UK Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2020
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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England |
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England |
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Subsidiary undertakings |
Princi London Limited The principal activity of Princi London Limited is |
Princi Properties Limited The principal activity of Princi Properties Limited is |
Stocks |
2020 |
2019 |
|
Finished goods and goods for resale |
|
- |
Creditors: amounts falling due after more than one year |
Included within creditors: amounts falling due after more than one year is an amount of £6,356,234 (2018: £Nil) which fall due for payment after more than five years from the reporting date. The amount is unsecured, repayable 3 August 2026 and interest is charged at rates of 2% above the Bank of England base rate and 5.75%.
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
|
|
|
582,010 |
|
582,010 |
|
|
1,164,020 |
|
1,164,020 |
|
|
582,010 |
|
582,010 |
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|
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