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REGISTERED NUMBER: 12959544 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Precision Office Space Ltd

Precision Office Space Ltd (Registered number: 12959544)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Precision Office Space Ltd

Company Information
for the Year Ended 30 September 2023







Directors: S McGowan
J E Lovell





Secretary: K McGowan





Registered office: Unit 2 The Oaks
Stanney Mill Lane
Ellesmere Port
CH2 4HY





Registered number: 12959544 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
114-120 Northgate Street
Chester
CH1 2HT

Precision Office Space Ltd (Registered number: 12959544)

Statement of Financial Position
30 September 2023

30/9/23 30/9/22
Notes £    £    £    £   
Fixed assets
Investment property 4 430,000 430,000

Current assets
Debtors 5 4,688 32,030
Cash at bank 29,743 70,808
34,431 102,838
Creditors
Amounts falling due within one year 6 53,426 114,465
Net current liabilities (18,995 ) (11,627 )
Total assets less current liabilities 411,005 418,373

Creditors
Amounts falling due after more than
one year

7

(252,256

)

(291,946

)

Provisions for liabilities 8 (23,619 ) (23,619 )
Net assets 135,130 102,808

Capital and reserves
Called up share capital 100 100
Other reserves 9 70,855 70,855
Retained earnings 9 64,175 31,853
Shareholders' funds 135,130 102,808

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 Office Space Ltd (Registered number: 12959544)

Statement of Financial Position - continued
30 September 2023


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 14 March 2024 and were signed on its behalf by:





S McGowan - Director


Precision Office Space Ltd (Registered number: 12959544)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. Statutory information

Precision Office Space 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 as modified by the revaluation of certain assets.

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

Revenue from property rental is recognised on an accruals basis.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are initially recorded at cost, and subsequently shown at most recent valuation.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Precision Office Space Ltd (Registered number: 12959544)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. Accounting policies - continued

Going concern
The financial statements are prepared on the going concern basis, on the assumption that the company's creditors will continue to provide financial support to enable the company to meet its current liabilities, which exceeded its current assets at 30 September 2023.

3. Employees and directors

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

4. Investment property
Total
£   
Fair value
At 1 October 2022
and 30 September 2023 430,000
Net book value
At 30 September 2023 430,000
At 30 September 2022 430,000



5. Debtors: amounts falling due within one year
30/9/23 30/9/22
£    £   
Trade debtors 4,688 1,142
Other debtors - 30,888
4,688 32,030

6. Creditors: amounts falling due within one year
30/9/23 30/9/22
£    £   
Trade creditors 1,866 1,858
Taxation and social security 10,370 73,306
Other creditors 41,190 39,301
53,426 114,465

7. Creditors: amounts falling due after more than one year
30/9/23 30/9/22
£    £   
Other creditors 252,256 291,946

Precision Office Space Ltd (Registered number: 12959544)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. Provisions for liabilities
30/9/23 30/9/22
£    £   
Deferred tax 23,619 23,619

Deferred
tax
£   
Balance at 1 October 2022 23,619
Balance at 30 September 2023 23,619

9. Reserves

Under FRS 102 surpluses on the revaluation of investment property are treated as fair value adjustments and are recognised in the statement of income. However under company law, these surpluses are not distributable. In these financial statements, the cumulative non-distributable revaluation surpluses have been included in other reserves. On disposal of an investment property, any revaluation surplus realised on disposal is transferred to distributable reserves.