ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

PRINCIPLE ESTATE SERVICES LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-09-302021-09-30302020-10-01truefalseNo description of principal activity19falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11056986 2020-10-01 2021-09-30 11056986 2019-10-01 2020-09-30 11056986 2021-09-30 11056986 2020-09-30 11056986 c:Director1 2020-10-01 2021-09-30 11056986 d:CurrentFinancialInstruments 2021-09-30 11056986 d:CurrentFinancialInstruments 2020-09-30 11056986 d:Non-currentFinancialInstruments 2021-09-30 11056986 d:Non-currentFinancialInstruments 2020-09-30 11056986 d:CurrentFinancialInstruments d:WithinOneYear 2021-09-30 11056986 d:CurrentFinancialInstruments d:WithinOneYear 2020-09-30 11056986 d:Non-currentFinancialInstruments d:AfterOneYear 2021-09-30 11056986 d:Non-currentFinancialInstruments d:AfterOneYear 2020-09-30 11056986 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-09-30 11056986 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-09-30 11056986 d:ShareCapital 2021-09-30 11056986 d:ShareCapital 2020-09-30 11056986 d:RetainedEarningsAccumulatedLosses 2021-09-30 11056986 d:RetainedEarningsAccumulatedLosses 2020-09-30 11056986 c:FRS102 2020-10-01 2021-09-30 11056986 c:AuditExempt-NoAccountantsReport 2020-10-01 2021-09-30 11056986 c:FullAccounts 2020-10-01 2021-09-30 11056986 c:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30 11056986 2 2020-10-01 2021-09-30 iso4217:GBP xbrli:pure

Registered number: 11056986

PRINCIPLE ESTATE SERVICES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2021

PRINCIPLE ESTATE SERVICES LIMITED

REGISTERED NUMBER: 11056986

BALANCE SHEET

AS AT 30 SEPTEMBER 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	294,714		225,380
Cash at bank and in hand	5	5,896		27,369
		300,610		252,749
Creditors: amounts falling due within one year	6	(153,270)		(135,280)
Net current assets			147,340		117,469
Total assets less current liabilities			147,340		117,469
Creditors: amounts falling due after more than one year	7		(40,000)		(63,750)

Net assets			107,340		53,719

Capital and reserves
Called up share capital	206	206
Profit and loss account	107,134	53,513
	107,340	53,719

Page 1

PRINCIPLE ESTATE SERVICES LIMITED

REGISTERED NUMBER: 11056986

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

B Williams

Director

Date: 11 January 2022

The notes on pages 3 to 7 form part of these financial statements.

Page 2

PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

1.	General information

Principle Estate Services Limited (the company) is a limited liability company incorporated and domiciled in the United Kingdom.
The address of its registered office is:
137 Newhall Street
Birmingham
B3 1SF
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 30 September 2021 (2020: Year ended 30 September 2020).
The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

2.Accounting policies

2.1

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.2

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

2.Accounting policies (continued)

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 30 (2020 - 19).

Debtors

					2021	2020
					£	£


Trade debtors	3,106	15,920
Amounts owed by connected LLP	282,071	209,254
Other debtors	9,437	106
Called up share capital not paid	100	100
	294,714	225,380

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	5,896	27,369
	5,896	27,369

Page 5

PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank loans	-	1,250
Trade creditors	-	2,280
Corporation tax	14,700	13,600
Other taxation and social security	30,034	35,446
Other creditors	80,652	48,989
Accruals and deferred income	27,884	33,715
	153,270	135,280

7.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Bank loans	-	23,750
Other creditors	40,000	40,000
	40,000	63,750

Other Creditors relate to Directors loans, which are unsecured and bear interest at a rate of 5% per annum.
Bank loans were repaid in full during the year.

Page 6

PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

Amounts falling due within one year
Bank loans	-	1,250
	-	1,250

Amounts falling due 2-5 years
Bank loans	-	23,750
	-	23,750

	-	25,000

9.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,088 (2020: £6,460). Contributions totalling £4,006 (2020: £2,073) were payable to the fund at the balance sheet date and are included in creditors.

10.	Related party transactions

		2021	2020
		£	£

Management recharge to company with directors in common	647,000	338,000
Balances due from company with directors in common	282,071	209,254
	929,071	547,254

Key management personnel remuneration amounts to £17,576 (2020: £17,212).

Page 7