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REGISTERED NUMBER: 09870623 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

PRECISION MORTGAGES LIMITED

PRECISION MORTGAGES LIMITED (REGISTERED NUMBER: 09870623)






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


PRECISION MORTGAGES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: D Michael





REGISTERED OFFICE: Unit S06, Kestrel Court,
Waterwells Drive, Waterwells Business Pa
Quedgeley
Gloucester
Gloucestershire
GL2 2AT





REGISTERED NUMBER: 09870623 (England and Wales)





ACCOUNTANTS: Shiner Mitchell Fisher & Co Ltd
Smith House
George Street
Nailsworth
Stroud
Gloucestershire
GL6 0AG

PRECISION MORTGAGES LIMITED (REGISTERED NUMBER: 09870623)

BALANCE SHEET
30 NOVEMBER 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,517 43,006

CURRENT ASSETS
Stocks 30,000 -
Debtors 5 1,445 4,203
Cash at bank 3,887 11,345
35,332 15,548
CREDITORS
Amounts falling due within one year 6 74,175 10,928
NET CURRENT (LIABILITIES)/ASSETS (38,843 ) 4,620
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,674

47,626

CREDITORS
Amounts falling due after more than one
year

7

4,500

43,605
NET ASSETS 6,174 4,021

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 6,173 4,020
6,174 4,021

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.

PRECISION MORTGAGES LIMITED (REGISTERED NUMBER: 09870623)

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 29 August 2024 and were signed by:





D Michael - Director


PRECISION MORTGAGES LIMITED (REGISTERED NUMBER: 09870623)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Precision Mortgages 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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

PRECISION MORTGAGES LIMITED (REGISTERED NUMBER: 09870623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 53,949
Additions 55,011
Disposals (55,011 )
At 30 November 2023 53,949
DEPRECIATION
At 1 December 2022 10,943
Charge for year 12,497
Eliminated on disposal (19,008 )
At 30 November 2023 4,432
NET BOOK VALUE
At 30 November 2023 49,517
At 30 November 2022 43,006

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 1,350 1,796
Other debtors 95 2,407
1,445 4,203

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 3,000 3,000
Hire purchase contracts - 7,157
Trade creditors 1,475 1,139
Taxation and social security - (368 )
Other creditors 69,700 -
74,175 10,928

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 4,500 7,500
Hire purchase contracts - 36,105
4,500 43,605

PRECISION MORTGAGES LIMITED (REGISTERED NUMBER: 09870623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
D Michael
Balance outstanding at start of year 2,000 6,478
Amounts repaid (71,700 ) (4,478 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (69,700 ) 2,000