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Registered Number: 12253422
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 October 2023

for

PRECISE INSTALLATIONS LIMITED

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 4,000    8,000 
Tangible fixed assets 4 27,364    53,193 
31,364    61,193 
Current assets      
Debtors 5 87,107    41,903 
Cash at bank and in hand (927)   65,782 
86,180    107,685 
Creditors: amount falling due within one year 6 (64,781)   (45,421)
Net current assets 21,399    62,264 
 
Total assets less current liabilities 52,763    123,457 
Creditors: amount falling due after more than one year 7 (41,657)   (55,693)
Provisions for liabilities 8 (6,841)   (10,107)
Net assets 4,265    57,657 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 4,165    57,557 
Shareholders' funds 4,265    57,657 
 


For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 06 June 2024 and were signed on its behalf by:


-------------------------------
Ian Fenwick
Director
1
General Information
Precise Installations Limited is a private company, limited by shares, registered in England and Wales, registration number 12253422, registration address 13 The Close, Norwich, Norfolk, NR1 4DS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2022 : 3).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 November 2022 20,000    20,000 
Additions  
Disposals  
At 31 October 2023 20,000    20,000 
Amortisation
At 01 November 2022 12,000    12,000 
Charge for year 4,000    4,000 
On disposals  
At 31 October 2023 16,000    16,000 
Net book values
At 31 October 2023 4,000    4,000 
At 31 October 2022 8,000    8,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 November 2022 1,082    77,225    204    78,511 
Additions      
Disposals   (29,555)     (29,555)
At 31 October 2023 1,082    47,670    204    48,956 
Depreciation
At 01 November 2022 368    24,848    102    25,318 
Charge for year 216    8,938    51    9,205 
On disposals   (12,931)     (12,931)
At 31 October 2023 584    20,855    153    21,592 
Net book values
Closing balance as at 31 October 2023 498    26,815    51    27,364 
Opening balance as at 01 November 2022 714    52,377    102    53,193 


5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 62,959    19,692 
Other Debtors 20,723    22,211 
Directors' Current Accounts 3,425   
87,107    41,903 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 31,540    7,492 
Bank Loans & Overdrafts 10,800    10,800 
Corporation Tax 17,398    17,398 
Obligations under HP/Financial Leases 4,632    4,634 
Directors' Current Accounts   3,387 
VAT 411    1,710 
64,781    45,421 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 13,140    23,496 
Obligations Under HP/Financial Leases 28,517    32,197 
41,657    55,693 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 10,107   
Charged to Profit & Loss (3,266)   10,107 
6,841    10,107 

9.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

2