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Registered number: 3576758
Precision Inks (UK) Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Ravenwood Business Solutions Limited
Sherbrook Enterprise
100 Sherbrook Road
Nottingham
NG5 6AB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 3576758
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 70,107 94,171
70,107 94,171
CURRENT ASSETS
Stocks 5 1,149,750 1,245,876
Debtors 6 778,360 752,940
Cash at bank and in hand 86,154 129,342
2,014,264 2,128,158
Creditors: Amounts Falling Due Within One Year 7 (1,468,529 ) (1,590,615 )
NET CURRENT ASSETS (LIABILITIES) 545,735 537,543
TOTAL ASSETS LESS CURRENT LIABILITIES 615,842 631,714
Creditors: Amounts Falling Due After More Than One Year 8 (70,475 ) (115,665 )
NET ASSETS 545,367 516,049
CAPITAL AND RESERVES
Called up share capital 10 40,005 40,005
Revaluation reserve 12 21,623 25,137
Profit and Loss Account 483,739 450,907
SHAREHOLDERS' FUNDS 545,367 516,049
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Sally Carnelley
Director
23 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Precision Inks (UK) Limited (Registered number 3576758 ) is a limited by shares company incorporated in England & Wales. The Registered Office is 5 Little Tennis Street, Nottingham, NG2 4EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 5)
6 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 157,989 101,794 33,552 293,335
Disposals (1,650 ) (37,789 ) (19,689 ) (59,128 )
As at 30 November 2023 156,339 64,005 13,863 234,207
Depreciation
As at 1 December 2022 115,284 57,544 26,336 199,164
Provided during the period 4,193 9,089 900 14,182
Disposals (879 ) (29,895 ) (18,472 ) (49,246 )
As at 30 November 2023 118,598 36,738 8,764 164,100
Net Book Value
As at 30 November 2023 37,741 27,267 5,099 70,107
As at 1 December 2022 42,705 44,250 7,216 94,171
5. Stocks
2023 2022
£ £
Materials 1,149,750 1,245,876
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6. Debtors
2023 2022
£ £
Due within one year
Factored debts outstanding 778,360 752,940
778,360 752,940
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 10,190 11,631
Trade creditors 524,636 663,431
Bank loans and overdrafts 722,034 704,722
Corporation tax 65,856 45,432
Other taxes and social security 1,060 1,526
VAT 84,753 73,873
Directors' loan accounts 60,000 90,000
1,468,529 1,590,615
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 17,975 28,165
Bank loans 52,500 87,500
70,475 115,665
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,190 11,631
Later than one year and not later than five years 17,975 28,165
28,165 39,796
28,165 39,796
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 40,005 40,005
11. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 110,931 98,807
110,931 98,807
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12. Reserves
Revaluation Reserve
£
As at 1 December 2022 25,137
Transfer to profit and loss (3,514 )
As at 30 November 2023 21,623
13. Controlling Party
The company's controlling party is Sally Carnelley by virtue of her ownership of 99.9% of the issued share capital in the company.
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