2022-10-012023-09-302023-09-30false12211670PRECISION FLOORING SOLUTIONS 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PRECISION FLOORING SOLUTIONS LTD

Registered Number
12211670
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

PRECISION FLOORING SOLUTIONS LTD
Company Information
for the year from 1 October 2022 to 30 September 2023

Director

PEARSON, Adam

Registered Address

60 Fielding Road
Birstall
Leicester
LE4 3AL

Registered Number

12211670 (England and Wales)
PRECISION FLOORING SOLUTIONS LTD
Balance Sheet as at
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets37,20012,000
Tangible assets43,4984,522
10,69816,522
Current assets
Debtors9,84810,571
Cash at bank and on hand51,87725,338
61,72535,909
Creditors amounts falling due within one year5(57,885)(40,947)
Net current assets (liabilities)3,840(5,038)
Total assets less current liabilities14,53811,484
Net assets14,53811,484
Capital and reserves
Called up share capital22
Profit and loss account14,53611,482
Shareholders' funds14,53811,484
The financial statements were approved and authorised for issue by the Director on 19 February 2024, and are signed on its behalf by:
PEARSON, Adam
Director
Registered Company No. 12211670
PRECISION FLOORING SOLUTIONS LTD
Notes to the Financial Statements
for the year ended 30 September 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
2.Average number of employees

20232022
Average number of employees during the year22
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 October 2224,00024,000
At 30 September 2324,00024,000
Amortisation and impairment
At 01 October 2212,00012,000
Charge for year4,8004,800
At 30 September 2316,80016,800
Net book value
At 30 September 237,2007,200
At 30 September 2212,00012,000
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 October 221,4575,0005166,973
At 30 September 231,4575,0005166,973
Depreciation and impairment
At 01 October 223961,8002552,451
Charge for year2126401721,024
At 30 September 236082,4404273,475
Net book value
At 30 September 238492,560893,498
At 30 September 221,0613,2002614,522
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables5,7992,750
Taxation and social security7,6023,808
Other creditors43,76433,670
Accrued liabilities and deferred income720719
Total57,88540,947