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REGISTERED NUMBER: 06246353 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Precise Solutions GPS Limited

Precise Solutions GPS Limited (Registered number: 06246353)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Precise Solutions GPS Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Mr D G Johnston





SECRETARY: Mr D G Johnston





REGISTERED OFFICE: Cote House Farm
Wetheral
Carlisle
Cumbria
CA4 8HZ





REGISTERED NUMBER: 06246353 (England and Wales)





ACCOUNTANTS: Marrs Accountancy
Chartered Accountants
Warwick Mill Business Centre
Warwick Bridge
Carlisle
Cumbria
CA4 8RR

Precise Solutions GPS Limited (Registered number: 06246353)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,016,332 798,087
Investment property 5 105,545 105,545
1,121,877 903,632

CURRENT ASSETS
Stocks 230,000 450,000
Debtors 6 996,537 678,699
Cash at bank 583,923 448,637
1,810,460 1,577,336
CREDITORS
Amounts falling due within one year 7 737,003 661,900
NET CURRENT ASSETS 1,073,457 915,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,195,334

1,819,068

PROVISIONS FOR LIABILITIES 79,391 145,283
NET ASSETS 2,115,943 1,673,785

CAPITAL AND RESERVES
Called up share capital 90 90
Retained earnings 2,115,853 1,673,695
SHAREHOLDERS' FUNDS 2,115,943 1,673,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

Precise Solutions GPS Limited (Registered number: 06246353)

Balance Sheet - continued
30 November 2023


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 director and authorised for issue on 30 August 2024 and were signed by:





Mr D G Johnston - Director


Precise Solutions GPS Limited (Registered number: 06246353)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Precise Solutions GPS 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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.

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.

Precise Solutions GPS Limited (Registered number: 06246353)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 461,419 453,498 197,771 66,528 1,179,216
Additions 208,861 44,932 46,490 2,926 303,209
At 30 November 2023 670,280 498,430 244,261 69,454 1,482,425
DEPRECIATION
At 1 December 2022 - 237,524 95,513 48,092 381,129
Charge for year - 39,136 37,187 8,641 84,964
At 30 November 2023 - 276,660 132,700 56,733 466,093
NET BOOK VALUE
At 30 November 2023 670,280 221,770 111,561 12,721 1,016,332
At 30 November 2022 461,419 215,974 102,258 18,436 798,087


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 105,545
NET BOOK VALUE
At 30 November 2023 105,545
At 30 November 2022 105,545

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 557,656 412,337
Other debtors 438,881 266,362
996,537 678,699

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts - 332
Trade creditors 463,178 490,166
Taxation and social security 271,575 171,402
Other creditors 2,250 -
737,003 661,900

Precise Solutions GPS Limited (Registered number: 06246353)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. SECURED DEBTS

HSBC Bank hold a debenture dated 6th August 2007 secured on the home of the director, Mr D G Johnston.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the company made advances to the director amounting to £270,095 (2022 - £260,764) and the company received repayments of £105,820 (2022 - £339,170).

At the reporting date £360,662 (2022 - £196,388) was owed to the company. The loan was unsecured and repayable on demand.

10. RELATED PARTY DISCLOSURES

A deed of guarantee has been given by the company in respect of Mr Johnston's personal mortgage held with AMC.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Precise Solutions GPS Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Precise Solutions GPS Limited for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Precise Solutions GPS Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Precise Solutions GPS Limited and state those matters that we have agreed to state to the director of Precise Solutions GPS Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Precise Solutions GPS Limited and its director for our work or for this report.

It is your duty to ensure that Precise Solutions GPS Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Precise Solutions GPS Limited. You consider that Precise Solutions GPS Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Precise Solutions GPS Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Marrs Accountancy
Chartered Accountants
Warwick Mill Business Centre
Warwick Bridge
Carlisle
Cumbria
CA4 8RR


30 August 2024