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Registration number: 11426453

Precision Carpentry Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Precision Carpentry Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Precision Carpentry Services Limited

Company Information

Directors

Mr T Roach

Mr G Noble

Registered office

12a Elphinstone Road
Plymouth
Devon
PL2 3QQ

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Precision Carpentry Services Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Precision Carpentry Services Limited for the year ended 30 June 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Precision Carpentry Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Precision Carpentry Services Limited and state those matters that we have agreed to state to the Board of Directors of Precision Carpentry Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Precision Carpentry Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Precision Carpentry Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Precision Carpentry Services Limited. You consider that Precision Carpentry Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Precision Carpentry Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

25 October 2023

 

Precision Carpentry Services Limited

(Registration number: 11426453)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,403

17,778

Current assets

 

Stocks

5

32,892

31,075

Debtors

6

226,603

150,985

Cash at bank and in hand

 

8,790

21,163

 

268,285

203,223

Creditors: Amounts falling due within one year

7

(61,202)

(84,069)

Net current assets

 

207,083

119,154

Total assets less current liabilities

 

220,486

136,932

Creditors: Amounts falling due after more than one year

7

(11,819)

(21,668)

Net assets

 

208,667

115,264

Capital and reserves

 

Called up share capital

200

200

Retained earnings

208,467

115,064

Shareholders' funds

 

208,667

115,264

 

Precision Carpentry Services Limited

(Registration number: 11426453)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................

Mr T Roach

Director

.........................................

Mr G Noble

Director

 

Precision Carpentry Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
12a Elphinstone Road
Plymouth
Devon
PL2 3QQ

These financial statements were authorised for issue by the Board on 25 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Precision Carpentry Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

3 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Precision Carpentry Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

2,008

33,616

35,624

Additions

419

-

419

At 30 June 2023

2,427

33,616

36,043

Depreciation

At 1 July 2022

956

16,890

17,846

Charge for the year

612

4,182

4,794

At 30 June 2023

1,568

21,072

22,640

Carrying amount

At 30 June 2023

859

12,544

13,403

At 30 June 2022

1,052

16,726

17,778

5

Stocks

2023
£

2022
£

Work in progress

32,892

31,075

6

Debtors

2023
£

2022
£

Trade debtors

-

15,051

Prepayments

1,737

1,752

Other debtors

224,866

134,182

226,603

150,985

 

Precision Carpentry Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,849

9,849

Trade creditors

 

2,991

7,940

Taxation and social security

 

43,808

52,819

Accruals and deferred income

 

4,554

4,140

Other creditors

 

-

9,321

 

61,202

84,069

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

11,819

21,668

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,499

17,499

Hire purchase contracts

320

4,169

11,819

21,668

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,000

6,000

Hire purchase contracts

3,849

3,849

9,849

9,849

 

Precision Carpentry Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Related party transactions

During the year the company made cash advances to the directors' totalling £253,289. This was partly repaid during the year with cash introduced and dividends of £124,836. The amount outstanding as at 30 June 2023, which was included within other debtors was £160,128 (2022: £34,091). Interest is charged at the HMRC standard rate. The maximum overdrawn balance during the year was £174,118.