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REGISTERED NUMBER: 00861746 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Precision Somers Limited

Precision Somers Limited (Registered number: 00861746)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Precision Somers Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: E A Kolodner
J L Frewin
T D Brooksbank





REGISTERED OFFICE: 38 Somers Road
Rugby
Warwickshire
CV22 7DH





REGISTERED NUMBER: 00861746 (England and Wales)





AUDITORS: Rusling & Co, Statutory Auditor
F6 The Bloc
Anlaby
East Yorkshire
HU10 6RJ

Precision Somers Limited (Registered number: 00861746)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 79,843 99,794

CURRENT ASSETS
Debtors 5 571,803 571,803
Cash at bank - 1,568
571,803 573,371
CREDITORS
Amounts falling due within one year 6 360,137 352,270
NET CURRENT ASSETS 211,666 221,101
TOTAL ASSETS LESS CURRENT
LIABILITIES

291,509

320,895

PROVISIONS FOR LIABILITIES 9,430 15,646
NET ASSETS 282,079 305,249

CAPITAL AND RESERVES
Called up share capital 1,751 1,751
Capital redemption reserve 480 480
Retained earnings 279,848 303,018
282,079 305,249

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 13 August 2024 and were signed on its behalf by:





T D Brooksbank - Director


Precision Somers Limited (Registered number: 00861746)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Precision Somers 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

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

Precision Somers Limited (Registered number: 00861746)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 1,270,016
DEPRECIATION
At 1 January 2023 1,170,222
Charge for year 19,951
At 31 December 2023 1,190,173
NET BOOK VALUE
At 31 December 2023 79,843
At 31 December 2022 99,794

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 108,520
Transfer to ownership (108,520 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 94,242
Transfer to ownership (94,242 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 14,278

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 571,572 571,572
Other debtors 231 231
571,803 571,803

Precision Somers Limited (Registered number: 00861746)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 12,250
Trade creditors 1 17
Amounts owed to group undertakings 347,606 333,493
Other creditors 12,530 6,510
360,137 352,270

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Rusling FCA (Senior Statutory Auditor)
for and on behalf of Rusling & Co, Statutory Auditor

8. RELATED PARTY DISCLOSURES

At the period end the company owed £347,606 (2022 - £333,493) to a company under common control. The loan is non-interest bearing and there are no formal terms of repayment.

At the period end the company was owed £571,572 (2022 - £571,572) by a company under common control. The loan is non-interest bearing and there are no formal terms of repayment.