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REGISTERED NUMBER: 11119990 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st December 2023

for

Precious Automotive Limited

Precious Automotive Limited (Registered number: 11119990)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Precious Automotive Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: Mrs C Neal
K Neal





REGISTERED OFFICE: Unit 5, Waterhouse Mill
Albert Street
Lockwood
Huddersfield
HD1 3PR





REGISTERED NUMBER: 11119990 (England and Wales)

Precious Automotive Limited (Registered number: 11119990)

Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,789 40,619

CURRENT ASSETS
Stocks 43,493 37,256
Debtors 5 19,539 20,359
Cash at bank and in hand 16,178 10,333
79,210 67,948
CREDITORS
Amounts falling due within one year 6 47,835 50,073
NET CURRENT ASSETS 31,375 17,875
TOTAL ASSETS LESS CURRENT
LIABILITIES

60,164

58,494

CREDITORS
Amounts falling due after more than one
year

7

(42,152

)

(50,272

)

PROVISIONS FOR LIABILITIES (5,471 ) (4,268 )
NET ASSETS 12,541 3,954

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 12,441 3,854
SHAREHOLDERS' FUNDS 12,541 3,954

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st December 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.

Precious Automotive Limited (Registered number: 11119990)

Balance Sheet - continued
31st December 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 Board of Directors and authorised for issue on 9th September 2024 and were signed on its behalf by:





K Neal - Director


Precious Automotive Limited (Registered number: 11119990)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Precious Automotive 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on Reducing Balance
Plant and machinery - 20% on Reducing Balance
Fixtures and fittings - 25% on Reducing Balance
Motor vehicles - 25% on Reducing Balance, 25% Straight Line Basis and 20% on Reducing Balance
Computer equipment - 25% Straight Line Basis

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

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statements if financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are recognised at amortised cost with changes recognised in the income statement.

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.


Precious Automotive Limited (Registered number: 11119990)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued
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.

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 4 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2023
and 31st December 2023 5,713 8,487 830
DEPRECIATION
At 1st January 2023 3,842 3,755 357
Charge for year 374 946 119
At 31st December 2023 4,216 4,701 476
NET BOOK VALUE
At 31st December 2023 1,497 3,786 354
At 31st December 2022 1,871 4,732 473

Precious Automotive Limited (Registered number: 11119990)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 47,604 1,793 64,427
DEPRECIATION
At 1st January 2023 14,423 1,431 23,808
Charge for year 10,193 198 11,830
At 31st December 2023 24,616 1,629 35,638
NET BOOK VALUE
At 31st December 2023 22,988 164 28,789
At 31st December 2022 33,181 362 40,619

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023
and 31st December 2023 34,659
DEPRECIATION
At 1st January 2023 8,665
Charge for year 8,665
At 31st December 2023 17,330
NET BOOK VALUE
At 31st December 2023 17,329
At 31st December 2022 25,994

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 16,740 16,410
Other debtors 2,799 3,949
19,539 20,359

Precious Automotive Limited (Registered number: 11119990)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 3,889 3,889
Hire purchase contracts (see note 8) 4,616 4,616
Trade creditors 5,777 10,653
Taxation and social security 9,221 1,797
Other creditors 24,332 29,118
47,835 50,073

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 21,064 24,953
Hire purchase contracts (see note 8) 21,088 25,319
42,152 50,272

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments 5,509 9,398

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 5,634 5,634
Between one and five years 23,209 28,373
28,843 34,007

Finance charges repayable:
Within one year 1,018 1,018
Between one and five years 2,121 3,054
3,139 4,072

Net obligations repayable:
Within one year 4,616 4,616
Between one and five years 21,088 25,319
25,704 29,935

Precious Automotive Limited (Registered number: 11119990)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 11,400 6,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
50 Ordinary A 1 50 50
50 Ordinary B 1 50 50
100 100

10. ULTIMATE CONTROLLING PARTY

The controlling party is the directors.