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REGISTERED NUMBER: 10461613 (England and Wales)














PRECISION PROJECTS (SOUTH EAST) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022






PRECISION PROJECTS (SOUTH EAST) LTD (REGISTERED NUMBER: 10461613)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


PRECISION PROJECTS (SOUTH EAST) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2022







DIRECTORS: D Burbridge
Mrs C Burbridge





REGISTERED OFFICE: Landgate Chambers
Rye
East Sussex
TN31 7LJ





REGISTERED NUMBER: 10461613 (England and Wales)





ACCOUNTANTS: Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
24 Landgate
Rye
East Sussex
TN31 7LJ

PRECISION PROJECTS (SOUTH EAST) LTD (REGISTERED NUMBER: 10461613)

BALANCE SHEET
30 NOVEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,078 3,223

CURRENT ASSETS
Debtors 5 503,652 790,216
Cash at bank 3,159 159,349
506,811 949,565
CREDITORS
Amounts falling due within one year 6 485,432 624,975
NET CURRENT ASSETS 21,379 324,590
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,457

327,813

CREDITORS
Amounts falling due after more than
one year

7

(26,612

)

(36,461

)

PROVISIONS FOR LIABILITIES - (277 )
NET ASSETS 845 291,075

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 844 291,074
SHAREHOLDERS' FUNDS 845 291,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 PROJECTS (SOUTH EAST) LTD (REGISTERED NUMBER: 10461613)

BALANCE SHEET - continued
30 NOVEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:





D Burbridge - Director


PRECISION PROJECTS (SOUTH EAST) LTD (REGISTERED NUMBER: 10461613)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022


1. STATUTORY INFORMATION

Precision Projects (South East) Ltd 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.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GOING CONCERN
The company made a large loss in the year which was mainly due to customers not fully paying the agreed job prices which has reduced the retained profits. The current year is showing reasonable profits and the company has continued to pay its liabilities since the year end. The directors therefore considers it appropriate to prepare the accounts on a going concern basis.

PRECISION PROJECTS (SOUTH EAST) LTD (REGISTERED NUMBER: 10461613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 December 2021 1,829 3,000 4,829
Additions 4,125 - 4,125
At 30 November 2022 5,954 3,000 8,954
DEPRECIATION
At 1 December 2021 294 1,312 1,606
Charge for year 848 422 1,270
At 30 November 2022 1,142 1,734 2,876
NET BOOK VALUE
At 30 November 2022 4,812 1,266 6,078
At 30 November 2021 1,535 1,688 3,223

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 53,315 474,069
Other debtors 450,337 316,147
503,652 790,216

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 11,826 9,606
Trade creditors 137,257 384,458
Taxation and social security 335,112 229,955
Other creditors 1,237 956
485,432 624,975

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 26,612 36,461

PRECISION PROJECTS (SOUTH EAST) LTD (REGISTERED NUMBER: 10461613)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2022 and 30 November 2021:

2022 2021
£    £   
D Burbridge
Balance outstanding at start of year (201 ) (207 )
Amounts advanced 41,049 6
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,848 (201 )