IRIS Accounts Production v23.1.5.20 00861746 Board of Directors 1.1.22 31.12.22 31.12.22 29/9/2023 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure008617462021-12-31008617462022-12-31008617462022-01-012022-12-31008617462021-03-31008617462021-04-012021-12-31008617462021-12-3100861746ns16:EnglandWales2022-01-012022-12-3100861746ns15:PoundSterling2022-01-012022-12-3100861746ns11:Director12022-01-012022-12-3100861746ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3100861746ns11:SmallEntities2022-01-012022-12-3100861746ns11:Audited2022-01-012022-12-3100861746ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3100861746ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-3100861746ns11:FullAccounts2022-01-012022-12-3100861746ns11:Director22022-01-012022-12-3100861746ns11:Director42022-01-012022-12-3100861746ns11:RegisteredOffice2022-01-012022-12-3100861746ns6:CurrentFinancialInstruments2022-12-3100861746ns6:CurrentFinancialInstruments2021-12-3100861746ns6:Non-currentFinancialInstruments2022-12-3100861746ns6:Non-currentFinancialInstruments2021-12-3100861746ns6:ShareCapital2022-12-3100861746ns6:ShareCapital2021-12-3100861746ns6:CapitalRedemptionReserve2022-12-3100861746ns6:CapitalRedemptionReserve2021-12-3100861746ns6:RetainedEarningsAccumulatedLosses2022-12-3100861746ns6:RetainedEarningsAccumulatedLosses2021-12-3100861746ns6:PlantMachinery2022-01-012022-12-3100861746ns6:PlantMachinery2021-12-3100861746ns6:PlantMachinery2022-12-3100861746ns6:PlantMachinery2021-12-3100861746ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-12-3100861746ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-01-012022-12-3100861746ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-12-3100861746ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-12-3100861746ns6:CostValuation2021-12-3100861746ns6:DisposalsRepaymentsInvestments2022-12-3100861746ns6:CostValuation2022-12-3100861746ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3100861746ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-31
REGISTERED NUMBER: 00861746 (England and Wales)















Financial Statements for the Year Ended 31 December 2022

for

Precision Somers Limited

Precision Somers Limited (Registered number: 00861746)

Contents of the Financial Statements
for the year ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Precision Somers Limited

Company Information
for the year ended 31 December 2022







DIRECTORS: E A Kolodner
J L Frewin
T D Brooksbank





REGISTERED OFFICE: 38 Somers Road
Rugby
Warwickshire
CV22 7DH





REGISTERED NUMBER: 00861746 (England and Wales)





AUDITORS: Rusling & Co, Statutory Auditor
F6 The Bloc
Anlaby
East Yorkshire
HU10 6RJ

Precision Somers Limited (Registered number: 00861746)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 99,794 129,797
Investments 5 - 100
99,794 129,897

CURRENT ASSETS
Debtors 6 571,803 592,943
Cash at bank 1,568 23,154
573,371 616,097
CREDITORS
Amounts falling due within one year 7 352,270 365,336
NET CURRENT ASSETS 221,101 250,761
TOTAL ASSETS LESS CURRENT
LIABILITIES

320,895

380,658

CREDITORS
Amounts falling due after more than one
year

8

-

(12,250

)

PROVISIONS FOR LIABILITIES (15,646 ) (23,705 )
NET ASSETS 305,249 344,703

CAPITAL AND RESERVES
Called up share capital 1,751 1,751
Capital redemption reserve 480 480
Retained earnings 303,018 342,472
305,249 344,703

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 28 September 2023 and were signed on its behalf by:





T D Brooksbank - Director


Precision Somers Limited (Registered number: 00861746)

Notes to the Financial Statements
for the year ended 31 December 2022


1. STATUTORY INFORMATION

Precision Somers 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Precision Somers Limited (Registered number: 00861746)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 1,311,016
Disposals (41,000 )
At 31 December 2022 1,270,016
DEPRECIATION
At 1 January 2022 1,181,219
Charge for year 24,939
Eliminated on disposal (35,936 )
At 31 December 2022 1,170,222
NET BOOK VALUE
At 31 December 2022 99,794
At 31 December 2021 129,797

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2022
and 31 December 2022 108,520
DEPRECIATION
At 1 January 2022 90,672
Charge for year 3,570
At 31 December 2022 94,242
NET BOOK VALUE
At 31 December 2022 14,278
At 31 December 2021 17,848

Precision Somers Limited (Registered number: 00861746)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022 100
Disposals (100 )
At 31 December 2022 -
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 21,140
Amounts owed by group undertakings 571,572 571,572
Other debtors 231 231
571,803 592,943

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts 12,250 21,000
Trade creditors 17 17
Amounts owed to group undertakings 333,493 333,493
Taxation and social security - 796
Other creditors 6,510 10,030
352,270 365,336

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Hire purchase contracts - 12,250

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Rusling FCA (Senior Statutory Auditor)
for and on behalf of Rusling & Co, Statutory Auditor

Precision Somers Limited (Registered number: 00861746)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


10. RELATED PARTY DISCLOSURES

At the period end the company was owed £571,572 (2021 - £571,572) by a company under common control. The loan is non-interest bearing and there are no formal terms of repayment.

At the period end the company owed £333,493 (2021 - £333,493) to a company under common control. The loan is non-interest bearing and there are no formal terms of repayment.