Princi International Limited - Accounts to registrar (filleted) - small 18.2

Princi International Limited - Accounts to registrar (filleted) - small 18.2

PRINCI INTERNATIONAL LIMITED - Company Information

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REGISTERED NUMBER: 10270034 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2020

for

PRINCI INTERNATIONAL LIMITED
PRINCI INTERNATIONAL LIMITED (REGISTERED NUMBER: 10270034)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRINCI INTERNATIONAL LIMITED

Company Information
FOR THE YEAR ENDED 31 JULY 2020







DIRECTOR: A Aimar





REGISTERED OFFICE: Palladium House
1-4 Argyll Street
London
W1F 7LD





REGISTERED NUMBER: 10270034 (England and Wales)





ACCOUNTANTS: ACT London Limited
48 Dover Street
Mayfair, London
W1S 4FF
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PRINCI INTERNATIONAL LIMITED (REGISTERED NUMBER: 10270034)

Balance Sheet
31 JULY 2020

31.7.20 31.7.19
Notes $ $ $ $
FIXED ASSETS
Investments 4 300,000 300,000

CURRENT ASSETS
Debtors 5 832,434 654,349
Cash at bank 397,172 312,905
1,229,606 967,254
CREDITORS
Amounts falling due within one year 6 167,210 112,882
NET CURRENT ASSETS 1,062,396 854,372
TOTAL ASSETS LESS CURRENT LIABILITIES 1,362,396 1,154,372

CREDITORS
Amounts falling due after more than one year 7 963,260 916,784
NET ASSETS 399,136 237,588

CAPITAL AND RESERVES
Called up share capital 65 65
Retained earnings 399,071 237,523
399,136 237,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 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 director and authorised for issue on 6 January 2022 and were signed by:





A Aimar - Director


The notes form part of these financial statements

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PRINCI INTERNATIONAL LIMITED (REGISTERED NUMBER: 10270034)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2020

1. STATUTORY INFORMATION

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

The financial statements are prepared in US Dollars($), which is the functional currency of the entity.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are the valuation of fixed assets investments, accrued expenses and accrued income.

These estimates and underlying assumptions are reviewed on an ongoing-basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future period affected.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

For the purpose of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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PRINCI INTERNATIONAL LIMITED (REGISTERED NUMBER: 10270034)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4. FIXED ASSET INVESTMENTS
Interest in
joint
venture
$
COST
At 1 August 2019
and 31 July 2020 300,000
NET BOOK VALUE
At 31 July 2020 300,000
At 31 July 2019 300,000

The entity owns 50% of the equity share capital of Conifer Ventures Limited, a company incorporated in England and Wales.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.20 31.7.19
$ $
Trade debtors 140,000 35,000
Other debtors 624,776 588,592
Loan to shareholder 26,910 -
Called up share capital not paid 66 66
Prepayments and accrued income 40,682 30,691
832,434 654,349

Loan to directors bears no interest and is repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.20 31.7.19
$ $
Trade creditors 37,518 3,214
Tax 30,720 22,957
VAT 29,654 25,283
Accruals and deferred income 69,318 61,428
167,210 112,882

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.20 31.7.19
$ $
Long term loans - 916,784
Other creditors 963,260 -
963,260 916,784

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PRINCI INTERNATIONAL LIMITED (REGISTERED NUMBER: 10270034)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2020

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.7.20 31.7.19
$ $
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Long term loans - 916,784

$300,000 included in the creditors balance is secured by a fixed charge over the company's fixed asset investments.

The creditor balance due after more than one year carries an annual interest rate of 3% and is repayable in 2026.

8. RELATED PARTY DISCLOSURES

No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 (1A) other than dividend Paid for $ 474,000 to sole shareholder of the company, Mr Rocco Princi.

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