IRIS Accounts Production v22.1.0.628 10779851 Board of Directors 1.6.21 31.5.22 31.5.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure107798512021-05-31107798512022-05-31107798512021-06-012022-05-31107798512020-05-31107798512020-06-012021-05-31107798512021-05-3110779851ns16:EnglandWales2021-06-012022-05-3110779851ns15:PoundSterling2021-06-012022-05-3110779851ns11:Director12021-06-012022-05-3110779851ns11:PrivateLimitedCompanyLtd2021-06-012022-05-3110779851ns11:SmallEntities2021-06-012022-05-3110779851ns11:AuditExempt-NoAccountantsReport2021-06-012022-05-3110779851ns11:SmallCompaniesRegimeForDirectorsReport2021-06-012022-05-3110779851ns11:SmallCompaniesRegimeForAccounts2021-06-012022-05-3110779851ns11:FullAccounts2021-06-012022-05-3110779851ns11:Director32021-06-012022-05-3110779851ns11:RegisteredOffice2021-06-012022-05-3110779851ns6:CurrentFinancialInstruments2022-05-3110779851ns6:CurrentFinancialInstruments2021-05-3110779851ns6:Non-currentFinancialInstruments2022-05-3110779851ns6:Non-currentFinancialInstruments2021-05-3110779851ns6:ShareCapital2022-05-3110779851ns6:ShareCapital2021-05-3110779851ns6:RetainedEarningsAccumulatedLosses2022-05-3110779851ns6:RetainedEarningsAccumulatedLosses2021-05-3110779851ns6:PlantMachinery2021-06-012022-05-3110779851ns6:PlantMachinery2021-05-3110779851ns6:PlantMachinery2022-05-3110779851ns6:PlantMachinery2021-05-3110779851ns6:WithinOneYearns6:CurrentFinancialInstruments2022-05-3110779851ns6:WithinOneYearns6:CurrentFinancialInstruments2021-05-3110779851ns11:Director112021-05-3110779851ns11:Director112020-05-3110779851ns11:Director112021-06-012022-05-3110779851ns11:Director112020-06-012021-05-3110779851ns11:Director112022-05-3110779851ns11:Director112021-05-31107798513ns11:Director32021-05-31107798513ns11:Director32020-05-31107798513ns11:Director32021-06-012022-05-31107798513ns11:Director32020-06-012021-05-31107798513ns11:Director32022-05-31107798513ns11:Director32021-05-31
REGISTERED NUMBER: 10779851 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2022

for

Precision Solicitors Limited

Precision Solicitors Limited (Registered number: 10779851)






Contents of the Financial Statements
for the Year Ended 31 May 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Precision Solicitors Limited

Company Information
for the Year Ended 31 May 2022







DIRECTORS: C Daniels
N B Stevenson





REGISTERED OFFICE: The Old Police Station
Hind Hill Street
Heywood
Lancashire
OL10 1AQ





REGISTERED NUMBER: 10779851 (England and Wales)





ACCOUNTANTS: Lucas Reis Ltd
Chartered Accountants
Lansdowne House
85 Buxton Road
Stockport
Cheshire
SK2 6LR

Precision Solicitors Limited (Registered number: 10779851)

Balance Sheet
31 May 2022

31.5.22 31.5.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,719 5,280

CURRENT ASSETS
Stocks 75,000 64,000
Debtors 5 61,691 94,688
Cash at bank and in hand 100,227 118,541
236,918 277,229
CREDITORS
Amounts falling due within one year 6 126,033 251,602
NET CURRENT ASSETS 110,885 25,627
TOTAL ASSETS LESS CURRENT
LIABILITIES

122,604

30,907

CREDITORS
Amounts falling due after more than one
year

7

122,260

30,000
NET ASSETS 344 907

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 194 757
SHAREHOLDERS' FUNDS 344 907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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.

Precision Solicitors Limited (Registered number: 10779851)

Balance Sheet - continued
31 May 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2022 and were signed on its behalf by:





C Daniels - Director


Precision Solicitors Limited (Registered number: 10779851)

Notes to the Financial Statements
for the Year Ended 31 May 2022

1. STATUTORY INFORMATION

Precision Solicitors 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Precision Solicitors Limited (Registered number: 10779851)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2021 7,040
Additions 10,345
At 31 May 2022 17,385
DEPRECIATION
At 1 June 2021 1,760
Charge for year 3,906
At 31 May 2022 5,666
NET BOOK VALUE
At 31 May 2022 11,719
At 31 May 2021 5,280

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Trade debtors 18,476 29,338
Other debtors 43,215 65,350
61,691 94,688

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.22 31.5.21
£    £   
Hire purchase contracts 3,445 -
Trade creditors 1 (1 )
Taxation and social security 52,077 85,660
Other creditors 70,510 165,943
126,033 251,602

Precision Solicitors Limited (Registered number: 10779851)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.22 31.5.21
£    £   
Hire purchase contracts 4,603 -
Other creditors 117,657 30,000
122,260 30,000

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2022 and 31 May 2021:

31.5.22 31.5.21
£    £   
C Daniels
Balance outstanding at start of year 6,828 -
Amounts advanced - 6,828
Amounts repaid (6,828 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 6,828

N B Stevenson
Balance outstanding at start of year 5,700 -
Amounts advanced - 5,700
Amounts repaid (5,700 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,700