Principle Secure Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02704451 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2021

for

Principle Secure Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R H Butterfield

V J Woodings

REGISTERED OFFICE:

Tandem Industrial Estate

Waterloo

Huddersfield

West Yorkshire

HD5 0AL

REGISTERED NUMBER:

02704451 (England and Wales)

CURRENT ASSETS

Cash in hand

100

100

TOTAL ASSETS LESS CURRENT LIABILITIES

100

100

CAPITAL AND RESERVES

Called up share capital

100

100

SHAREHOLDERS' FUNDS

100

100

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23rd September 2022 and were signed on its behalf by:

R H Butterfield - Director

1.	STATUTORY INFORMATION

Principle Secure 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" as issued in August 2014. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The Company was dormant throughout the current year and previous year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	SECURED DEBTS

The UK group companies' bank facilities are secured by a debenture in favour of Lloyds Bank plc dated 20th December 2016 over the whole of the undertakings, property and assets of the group together with an intercompany guarantee between Principle Link (UK) Limited, Principle Fabrications Limited, Principle Systems Limited, Principle Graphics Limited, Principle Europe Limited, Principle 360 Limited, Principle Secure Limited, Principle Contract Limited, Principle Spira Limited, Tandem 1987 Limited, Principle Global Limited and Principle Brand Implementation Limited supported by Principle USA Inc, Principle Mexico SA de CV and Principle Italy S.P.A under an inter-creditor agreement dated 20th December 2016 and amendment letter dated 22nd June 2017. The combined UK group companies' indebtedness at 31st December 2021 amounted to £Nil (2020 - £Nil).

The company has guaranteed investor loans in Tandem 1987 Limited from Pricoa Capital Group of £24,988,814 (2020 - £27,925,000) and shareholder loans of £12,911,541 (2020 - £12,911,541) under an inter-creditor agreement dated 20th December 2016 and amendment letter dated 22nd June 2017.

5.	ULTIMATE PARENT COMPANY

Tandem 1987 Limited is regarded by the directors as the company's ultimate controlling company.