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REGISTERED NUMBER: 08478179 (England and Wales)















Financial Statements for the Year Ended 31 March 2023

for

Precision Creative And Media Ltd

Precision Creative And Media Ltd (Registered number: 08478179)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Precision Creative And Media Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M Caldwell-Nichols
S A Ford
M Higgins
Ms S J Bannister
Y Li





REGISTERED OFFICE: 7 Victory Park
Fulcrum 2 Solent Way
Whiteley
Fareham
Hampshire
PO15 7FN





REGISTERED NUMBER: 08478179 (England and Wales)





AUDITORS: Walter Wright
Chartered Accountants
Statutory Auditor
89 High Street
Hadleigh
Ipswich
IP7 5EA

Precision Creative And Media Ltd (Registered number: 08478179)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,614 20,939
Tangible assets 5 81,684 30,802
83,298 51,741

CURRENT ASSETS
Stocks 25,389 26,725
Debtors 6 1,074,999 1,117,063
Cash at bank and in hand 485,138 327,767
1,585,526 1,471,555
CREDITORS
Amounts falling due within one year 7 1,214,731 1,039,896
NET CURRENT ASSETS 370,795 431,659
TOTAL ASSETS LESS CURRENT
LIABILITIES

454,093

483,400

CREDITORS
Amounts falling due after more than one
year

8

(95,333

)

(139,333

)

PROVISIONS FOR LIABILITIES (7,703 ) (5,852 )
NET ASSETS 351,057 338,215

CAPITAL AND RESERVES
Called up share capital 8,442 8,442
Capital redemption reserve 1,558 1,558
Capital contribution reserve 14,440 -
Retained earnings 326,617 328,215
SHAREHOLDERS' FUNDS 351,057 338,215

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 23 October 2023 and were signed on its behalf by:





S A Ford - Director


Precision Creative And Media Ltd (Registered number: 08478179)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Precision Creative And Media 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 33% on cost, 20% on cost and 10% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Precision Creative And Media Ltd (Registered number: 08478179)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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 is part of the Precision Marketing Group Holdings Limited group. Cash flows are managed on a group basis with financing provided to individual group companies by way of intercompany loans where required. After making enquiries of the parent company the directors consider that the company will have adequate resources to continue trading for the foreseeable future. For this reason, the going concern basis has been used to prepare the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 193,246
AMORTISATION
At 1 April 2022 172,307
Charge for year 19,325
At 31 March 2023 191,632
NET BOOK VALUE
At 31 March 2023 1,614
At 31 March 2022 20,939

Precision Creative And Media Ltd (Registered number: 08478179)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 72,792
Additions 76,971
At 31 March 2023 149,763
DEPRECIATION
At 1 April 2022 41,990
Charge for year 26,089
At 31 March 2023 68,079
NET BOOK VALUE
At 31 March 2023 81,684
At 31 March 2022 30,802

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,041,087 1,090,013
Amounts owed by group undertakings 1,944 1,970
Other debtors 31,968 25,080
1,074,999 1,117,063

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 44,000 44,000
Trade creditors 806,993 512,318
Taxation and social security 97,791 74,667
Other creditors 265,947 408,911
1,214,731 1,039,896

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 95,333 139,333

Precision Creative And Media Ltd (Registered number: 08478179)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 139,333 183,333

Lloyds Bank PLC has a fixed charge over the assets of the company.

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

The Report of the Auditors was unqualified.

Kevin Brown ACA MAAT (Senior Statutory Auditor)
for and on behalf of Walter Wright

11. GUARANTEES CONTINGENCIES AND OTHER FINANCIAL COMMITMENTS

The company had total guarantees, contingencies and commitments at the year end of £33,442 (2022: £54,941).

12. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption from disclosing transactions with other group companies.

13. ULTIMATE PARENT COMPANY

The largest and smallest group in which the results of the company are consolidated is that headed by Precision Marketing Group Holdings Limited. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts includes the results of the company.