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COMPANY REGISTRATION NUMBER: 11653968
Precision Automation Systems Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Precision Automation Systems Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
64,367
69,653
Current assets
Stocks
3,000
3,000
Debtors
6
76,952
219,862
Cash at bank and in hand
121,802
20,479
---------
---------
201,754
243,341
Creditors: amounts falling due within one year
7
41,516
42,980
---------
---------
Net current assets
160,238
200,361
---------
---------
Total assets less current liabilities
224,605
270,014
Creditors: amounts falling due after more than one year
8
26,617
36,476
Provisions
Deferred taxation
9,260
10,134
---------
---------
Net assets
188,728
223,404
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
188,726
223,402
---------
---------
Shareholders funds
188,728
223,404
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Precision Automation Systems Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
R Critchley
Director
Company registration number: 11653968
Precision Automation Systems Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Marston Business Park, Lower Hazeldines, Marston Moretaine, Bedfordshire, MK43 0XT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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 costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Plant and machinery
-
20% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022
19,134
46,800
32,596
98,530
Additions
2,696
11,677
3,207
17,580
--------
--------
--------
---------
At 31 March 2023
21,830
58,477
35,803
116,110
--------
--------
--------
---------
Depreciation
At 1 April 2022
3,806
9,339
15,732
28,877
Charge for the year
2,004
9,369
11,493
22,866
--------
--------
--------
---------
At 31 March 2023
5,810
18,708
27,225
51,743
--------
--------
--------
---------
Carrying amount
At 31 March 2023
16,020
39,769
8,578
64,367
--------
--------
--------
---------
At 31 March 2022
15,328
37,461
16,864
69,653
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
136,432
Other debtors
76,952
83,430
--------
---------
76,952
219,862
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,849
9,606
Trade creditors
14,226
19,233
Social security and other taxes
2,421
4,739
Other creditors
15,020
9,402
--------
--------
41,516
42,980
--------
--------
The bank loan is secured by way of a debenture charge held over the assets of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
26,617
36,476
--------
--------
The bank loan is secured by way of a debenture charge held over the assets of the company.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
9,260
10,134
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
9,260
10,134
-------
--------
10. Director's advances, credits and guarantees
The director maintains a loan account with the company. At the beginning of the year, the director owed the company £58,195. During the year there were advances to the director of £42,572 (2022: £108,299) and the loan account was credited with £45,500 (2022: £31,000). At the reporting date, the director owed the company £55,267. Interest at a rate of 2% was charged to the director's loan which is unsecured and repayable on demand.