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Registered Number: 12253422
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 October 2022

for

PRECISE INSTALLATIONS LIMITED

 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Intangible fixed assets 3 8,000    12,000 
Tangible fixed assets 4 53,193    22,775 
61,193    34,775 
Current assets      
Debtors 5 41,903    77,097 
Cash at bank and in hand 65,782    13,552 
107,685    90,649 
Creditors: amount falling due within one year 6 (45,421)   (74,634)
Net current assets 62,264    16,015 
 
Total assets less current liabilities 123,457    50,790 
Creditors: amount falling due after more than one year 7 (55,693)   (34,527)
Provisions for liabilities 8 (10,107)  
Net assets 57,657    16,263 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 57,557    16,163 
Shareholder's funds 57,657    16,263 
 


For the year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 10 October 2023 and were signed on its behalf by:


-------------------------------
Ian Fenwick
Director
1
General Information
Precise Installations Limited is a private company, limited by shares, registered in England and Wales, registration number 12253422, registration address 9 Chalk Hill House, 19 Rosary Road, Norwich, Norfolk, NR1 1SZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2021 : 3).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 November 2021 20,000    20,000 
Additions  
Disposals  
At 31 October 2022 20,000    20,000 
Amortisation
At 01 November 2021 8,000    8,000 
Charge for year 4,000    4,000 
On disposals  
At 31 October 2022 12,000    12,000 
Net book values
At 31 October 2022 8,000    8,000 
At 31 October 2021 12,000    12,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 November 2021 1,082    29,555    204    30,841 
Additions   47,670      47,670 
Disposals      
At 31 October 2022 1,082    77,225    204    78,511 
Depreciation
At 01 November 2021 152    7,389    51    7,592 
Charge for year 216    17,459    51    17,726 
On disposals      
At 31 October 2022 368    24,848    102    25,318 
Net book values
Closing balance as at 31 October 2022 714    52,377    102    53,193 
Opening balance as at 01 November 2021 456    22,166    153    22,775 


5.

Debtors: amounts falling due within one year

2022
£
  2021
£
Trade Debtors 19,692    57,362 
Other Debtors 22,211    19,735 
41,903    77,097 

6.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade Creditors 7,492    29,902 
Bank Loans & Overdrafts 10,800    10,800 
Corporation Tax 17,398    9,670 
Obligations under HP/Financial Leases 4,634   
Directors' Current Accounts 3,387    15,699 
VAT 1,710    8,563 
45,421    74,634 

7.

Creditors: amount falling due after more than one year

2022
£
  2021
£
Bank Loans & Overdrafts 23,496    34,527 
Obligations Under HP/Financial Leases 32,197   
55,693    34,527 

8.

Provisions for liabilities

2022
£
  2021
£
Charged to Profit & Loss 10,107   
10,107   

9.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2022
£
  2021
£
100 Class A shares of £1.00 each 100    100 
100    100 

2