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REGISTERED NUMBER: 09584946 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2023

for

PRECISE PACKAGING LIMITED

PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRECISE PACKAGING LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2023







Director: Mr M P Hibbert





Registered office: 1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ





Registered number: 09584946 (England and Wales)





Accountants: NRB
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)

Balance Sheet
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 173,369 133,058

CURRENT ASSETS
Stocks 157,873 175,708
Debtors 5 400,662 420,179
Cash at bank 362,585 426,482
921,120 1,022,369
CREDITORS
Amounts falling due within one year 6 735,776 801,143
NET CURRENT ASSETS 185,344 221,226
TOTAL ASSETS LESS CURRENT
LIABILITIES

358,713

354,284

CREDITORS
Amounts falling due after more than one year 7 143,219 140,000
NET ASSETS 215,494 214,284

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 215,294 214,084
SHAREHOLDERS' FUNDS 215,494 214,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 18 January 2024 and were signed by:




Mr M P Hibbert - Director


PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Precise Packaging Limited 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.

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the cost incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over the life of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33.3% on cost and 15% on reducing balance
Motor vehicles - 25% straight line

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

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

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.

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.

PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2022 2,500 43,802 16,686 95,833 158,821
Additions - 10,817 981 72,500 84,298
Disposals - - - (9,750 ) (9,750 )
At 31 May 2023 2,500 54,619 17,667 158,583 233,369
DEPRECIATION
At 1 June 2022 2,500 5,058 13,517 4,688 25,763
Charge for year - 10,463 988 22,786 34,237
At 31 May 2023 2,500 15,521 14,505 27,474 60,000
NET BOOK VALUE
At 31 May 2023 - 39,098 3,162 131,109 173,369
At 31 May 2022 - 38,744 3,169 91,145 133,058

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 349,457 346,922
Other debtors 51,205 73,257
400,662 420,179

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts 13,346 -
Trade creditors 364,340 314,005
Taxation and social security 26,574 57,119
Other creditors 291,516 390,019
735,776 801,143

PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans 100,000 140,000
Hire purchase contracts 43,219 -
143,219 140,000

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Hire purchase contracts 56,565 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
200 Ordinary £1 200 200

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

31.5.23 31.5.22
£    £   
Mr M P Hibbert
Balance outstanding at start of year 33,227 50,894
Amounts advanced 56,185 72,333
Amounts repaid (60,000 ) (90,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,412 33,227

Interest was charged at market rates on the balance owed.