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REGISTERED NUMBER: 04058462









PRECISE SAW AND TOOL CO LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






PRECISE SAW AND TOOL CO LTD. (REGISTERED NUMBER: 04058462)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRECISE SAW AND TOOL CO LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: D Eastelow
A Eastelow
D Eastelow





REGISTERED OFFICE: Unit 3,
Deykin Park Industrial Estate,
Deykin Avenue
Birmingham
West Midlands
B6 7HN





REGISTERED NUMBER: 04058462





ACCOUNTANTS: UHY Hacker Young (Bham) LLP
9-11 Vittoria Street
Birmingham
B1 3ND

PRECISE SAW AND TOOL CO LTD. (REGISTERED NUMBER: 04058462)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 225,884 269,146

CURRENT ASSETS
Stocks 16,425 17,013
Debtors 5 87,757 85,944
Cash at bank 3,917 6,803
108,099 109,760
CREDITORS
Amounts falling due within one year 6 173,201 178,115
NET CURRENT LIABILITIES (65,102 ) (68,355 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

160,782

200,791

CREDITORS
Amounts falling due after more than
one year

7

102,616

145,961
NET ASSETS 58,166 54,830

CAPITAL AND RESERVES
Called up share capital 133 133
Retained earnings 58,033 54,697
SHAREHOLDERS' FUNDS 58,166 54,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 SAW AND TOOL CO LTD. (REGISTERED NUMBER: 04058462)

BALANCE SHEET - continued
31 AUGUST 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





D Eastelow - Director


PRECISE SAW AND TOOL CO LTD. (REGISTERED NUMBER: 04058462)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Precise Saw and Tool Co Ltd. is a private company, limited by shares , registered in Not specified/Other. 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.

The presentational and functional currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Measurement convention
The financial statements are prepared on the historical cost basis except in the instance where assets and liabilities are stated at their fair value.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they have adopted the going concern basis of accounting in preparing these financial statements.

Basic financial instruments

Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.

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.

PRECISE SAW AND TOOL CO LTD. (REGISTERED NUMBER: 04058462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other income, in which case it is recognised directly in equity or other income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

PRECISE SAW AND TOOL CO LTD. (REGISTERED NUMBER: 04058462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 738,895
Additions 11,860
At 31 August 2023 750,755
DEPRECIATION
At 1 September 2022 469,749
Charge for year 55,122
At 31 August 2023 524,871
NET BOOK VALUE
At 31 August 2023 225,884
At 31 August 2022 269,146

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 87,757 83,059
Other debtors - 2,885
87,757 85,944

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 23,781 20,607
Hire purchase contracts 35,954 59,051
Trade creditors 92,478 81,426
Taxation and social security 15,898 3,602
Other creditors 5,090 13,429
173,201 178,115

PRECISE SAW AND TOOL CO LTD. (REGISTERED NUMBER: 04058462)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,596 25,850
Hire purchase contracts 86,020 120,111
102,616 145,961