ACCOUNTS - Final Accounts preparation

PRINCIPLE ESTATE SERVICES LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30true2022-10-01falseNo description of principal activity5444falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11056986 2022-10-01 2023-09-30 11056986 2021-10-01 2022-09-30 11056986 2023-09-30 11056986 2022-09-30 11056986 c:Director1 2022-10-01 2023-09-30 11056986 d:CurrentFinancialInstruments 2023-09-30 11056986 d:CurrentFinancialInstruments 2022-09-30 11056986 d:Non-currentFinancialInstruments 2023-09-30 11056986 d:Non-currentFinancialInstruments 2022-09-30 11056986 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 11056986 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 11056986 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 11056986 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 11056986 d:ShareCapital 2023-09-30 11056986 d:ShareCapital 2022-09-30 11056986 d:RetainedEarningsAccumulatedLosses 2023-09-30 11056986 d:RetainedEarningsAccumulatedLosses 2022-09-30 11056986 c:FRS102 2022-10-01 2023-09-30 11056986 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 11056986 c:FullAccounts 2022-10-01 2023-09-30 11056986 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 11056986 2 2022-10-01 2023-09-30 11056986 e:PoundSterling 2022-10-01 2023-09-30 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 2023

PRINCIPLE ESTATE SERVICES LIMITED

REGISTERED NUMBER: 11056986

BALANCE SHEET

AS AT 30 SEPTEMBER 2023

		2023		2022
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	506,957		438,064
Cash at bank and in hand	5	33,886		60,759
		540,843		498,823
Creditors: amounts falling due within one year	6	(244,016)		(205,482)
Net current assets			296,827		293,341
Total assets less current liabilities			296,827		293,341
Creditors: amounts falling due after more than one year	7		(40,000)		(40,000)

Net assets			256,827		253,341

Capital and reserves
Called up share capital	206	206
Profit and loss account	256,621	253,135
	256,827	253,341

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PRINCIPLE ESTATE SERVICES LIMITED

REGISTERED NUMBER: 11056986

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2023

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: 6 December 2023

The notes on pages 3 to 8 form part of these financial statements.

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PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

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 2023 (2022: Year ended 30 September 2022).
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.

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PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

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.

2.6

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.

2.7

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.

2.8

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.

2.9

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.

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PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate

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PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

2.10

Financial instruments (continued)

method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including directors, during the year was 54 (2022 - 44).

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PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Debtors

					2023	2022
					£	£


Trade debtors	17,054	43,044
Amounts owed by connected LLP	476,620	384,395
Other debtors	10,685	10,525
Called up share capital not paid	100	100
Prepayments and accrued income	2,498	-
	506,957	438,064

5.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	33,886	60,759
	33,886	60,759

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	3,229	-
Corporation tax	4,000	36,500
Other taxation and social security	84,391	63,218
Other creditors	102,125	76,244
Accruals and deferred income	50,271	29,520
	244,016	205,482

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PRINCIPLE ESTATE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Other creditors	40,000	40,000
	40,000	40,000

Other Creditors relate to Directors loans, which are unsecured and bear interest at a rate of 5% per annum.

8.	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 £32,771 (2022: £21,300). Contributions totalling £17,950 (2022: £7,422) were payable to the fund at the balance sheet date and are included in creditors.

9.	Related party transactions

		2023	2022
		£	£

Management recharge to companies with directors/members in common	1,087,374	776,962
Balances due from companies with directors/members in common	476,620	384,395
	1,563,994	1,161,357

Key management personnel remuneration amounts to £17,576 (2022: £17,576).

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