Principle Project Management Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06485104 (England and Wales)

PRINCIPLE PROJECT MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

Mr D T Walker

SECRETARY:

Ms J Walker

REGISTERED OFFICE:

42 High Street

Flitwick

Bedfordshire

MK45 1DU

REGISTERED NUMBER:

06485104 (England and Wales)

ACCOUNTANTS:

Haines Watts (SEM) Limited

42 High Street

Flitwick

Bedfordshire

MK45 1DU

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company

is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income

and certain other primary statements and the Report of the Director are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Principle Project Management Limited for the year ended 31 January 2017 which comprise the

Statement of Comprehensive Income, Balance Sheet, and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Principle Project Management Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Principle Project Management Limited and state those matters that we have agreed to state to the director of Principle Project Management Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Principle Project Management Limited director for our work or for this report.

It is your duty to ensure that Principle Project Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Principle Project Management Limited. You consider that Principle Project Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Principle Project Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts (SEM) Limited

42 High Street

Flitwick

Bedfordshire

MK45 1DU

Date: .............................................

FIXED ASSETS

Tangible assets

4

239

347

CURRENT ASSETS

Debtors

5

3,680

3,340

Cash at bank

23,228

25,168

26,908

28,508

CREDITORS

Amounts falling due within one year

6

13,596

13,648

NET CURRENT ASSETS

13,312

14,860

TOTAL ASSETS LESS CURRENT LIABILITIES

13,551

15,207

PROVISIONS FOR LIABILITIES

7

48

69

NET ASSETS

13,503

15,138

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

13,403

15,038

SHAREHOLDERS' FUNDS

13,503

15,138

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 14 August 2017 and were signed by:

Mr D T Walker - Director

1.	STATUTORY INFORMATION

Principle Project Management Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and have also been consistently applied within the same

accounts.

Transition to FRS 102

These financial statements for the year ended 31 January 2017 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 February 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously, however there has been no material impact on the financial statements.

Turnover

Turnover represents invoiced sales of services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 February 2016

and 31 January 2017

3,108

DEPRECIATION

At 1 February 2016

2,761

Charge for year

108

At 31 January 2017

2,869

NET BOOK VALUE

At 31 January 2017

239

At 31 January 2016

347

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Prepayments and accrued income

3,680

3,340

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Tax

10,493

11,501

Social security and other taxes

199

820

Other creditors

820

-

Directors' current accounts

1,112

397

Accrued expenses

972

930

13,596

13,648

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

48

65

Deferred tax

-

4

48

69

Deferred

tax

£

Balance at 1 February 2016

69

Decrease in provision

(21

)

Balance at 31 January 2017

48

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 February 2016

15,038

Profit for the year

40,165

Dividends

(41,800

)

At 31 January 2017

13,403

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, Mr D T Walker, the sole director of the company, operated a directors' current account with the

company. At the year end, there was a credit balance on the account of £1,112 (2016: £398).

The directors current' account is interest free, unsecured and repayable on demand. There have been various

transactions with the director during the year in the form of a directors' current account. Information disclosed is

therefore given in an aggregated form.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr D T Walker.

12.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the year ended 31 January 2017.

The effect of the transition from the previous financial reporting framework to FRS 102 has been considered.

There has been no material impact in relation to the following:

- changes in accounting policies

- changes in shareholders funds

- comparative year profit or loss

On that basis, no restatement has been undertaken.