Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31162023-01-01falseNo description of principal activity18truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12744535 2023-01-01 2023-12-31 12744535 2022-01-01 2022-12-31 12744535 2023-12-31 12744535 2022-12-31 12744535 c:Director4 2023-01-01 2023-12-31 12744535 d:PlantMachinery 2023-01-01 2023-12-31 12744535 d:PlantMachinery 2023-12-31 12744535 d:PlantMachinery 2022-12-31 12744535 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12744535 d:OfficeEquipment 2023-01-01 2023-12-31 12744535 d:OfficeEquipment 2023-12-31 12744535 d:OfficeEquipment 2022-12-31 12744535 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12744535 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12744535 d:CurrentFinancialInstruments 2023-12-31 12744535 d:CurrentFinancialInstruments 2022-12-31 12744535 d:Non-currentFinancialInstruments 2023-12-31 12744535 d:Non-currentFinancialInstruments 2022-12-31 12744535 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12744535 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12744535 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12744535 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12744535 d:ShareCapital 2023-12-31 12744535 d:ShareCapital 2022-12-31 12744535 d:RetainedEarningsAccumulatedLosses 2023-12-31 12744535 d:RetainedEarningsAccumulatedLosses 2022-12-31 12744535 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12744535 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 12744535 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 12744535 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 12744535 d:OtherDeferredTax 2023-12-31 12744535 d:OtherDeferredTax 2022-12-31 12744535 c:OrdinaryShareClass1 2023-01-01 2023-12-31 12744535 c:OrdinaryShareClass1 2023-12-31 12744535 c:OrdinaryShareClass1 2022-12-31 12744535 c:OrdinaryShareClass2 2023-01-01 2023-12-31 12744535 c:OrdinaryShareClass2 2023-12-31 12744535 c:OrdinaryShareClass2 2022-12-31 12744535 c:OrdinaryShareClass3 2023-01-01 2023-12-31 12744535 c:OrdinaryShareClass3 2023-12-31 12744535 c:OrdinaryShareClass3 2022-12-31 12744535 c:OrdinaryShareClass4 2023-01-01 2023-12-31 12744535 c:OrdinaryShareClass4 2023-12-31 12744535 c:OrdinaryShareClass4 2022-12-31 12744535 c:FRS102 2023-01-01 2023-12-31 12744535 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12744535 c:FullAccounts 2023-01-01 2023-12-31 12744535 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12744535 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 12744535 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 12744535 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 12744535 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 12744535 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 12744535








PRECISION DOOR SOLUTIONS LIMITED

FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023







































 
PRECISION DOOR SOLUTIONS LIMITED
REGISTERED NUMBER: 12744535

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
141,918
152,491

Current assets
  

Stocks
 5 
192,155
86,696

Debtors: amounts falling due within one year
 6 
87,580
178,677

Cash at bank and in hand
 7 
10,411
3,703

  
290,146
269,076

Creditors: amounts falling due within one year
 8 
(369,743)
(375,454)

Net current liabilities
  
 
 
(79,597)
 
 
(106,378)

Total assets less current liabilities
  
62,321
46,113

Creditors: amounts falling due after more than one year
 9 
(18,450)
(42,807)

Provisions for liabilities
  

Deferred tax
 11 
(16,344)
-

  
 
 
(16,344)
 
 
-

Net assets
  
27,527
3,306

Page 1

 
PRECISION DOOR SOLUTIONS LIMITED
REGISTERED NUMBER: 12744535
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
27,427
3,206

  
27,527
3,306


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mr M O'Toole
Director

Date: 19 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Precision Door Solutions Limited is a private company limited by shares and is incorporated in England and Wales. The address of the registered office is 400 Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the accounts on the going concern basis. They have considered the 12 months following the date of signing the accounts and consider the company to be a going concern.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Research and development

Expenditure on research and development is written off against profit in the year in which it is incurred. 

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance
Office equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 16).

Page 8

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
188,626
7,128
195,754


Additions
8,303
3,041
11,344



At 31 December 2023

196,929
10,169
207,098



Depreciation


At 1 January 2023
40,015
3,248
43,263


Charge for the year on owned assets
20,600
1,317
21,917



At 31 December 2023

60,615
4,565
65,180



Net book value



At 31 December 2023
136,314
5,604
141,918



At 31 December 2022
148,611
3,879
152,490

Page 9

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
192,155
86,696



6.


Debtors

2023
2022
£
£


Trade debtors
87,480
136,735

Other debtors
-
41,256

Called up share capital not paid
100
100

Deferred taxation
-
586

87,580
178,677



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,411
3,703



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
243,067
251,461

Other taxation and social security
54,833
72,325

Obligations under finance lease and hire purchase contracts
24,317
34,753

Other creditors
45,349
14,915

Accruals and deferred income
2,177
2,000

369,743
375,454


Obligations under hire purchase and finance leases are secured on the assets concerned.
Bank overdrafts, hire purchase and finance leases are secured by way of a guarantee provided by a company in which a director has significant influence.

Page 10

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
18,450
42,807



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
27,850
39,510

Between 1-5 years
21,154
49,004

49,004
88,514

11.


Deferred taxation




2023


£






At beginning of year
586


Charged to profit or loss
(16,930)



At end of year
(16,344)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(35,480)
(38,123)

Tax losses carried forward
18,212
37,665

Short term timing differences
924
1,044

(16,344)
586

Page 11

 
PRECISION DOOR SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and partly paid



25 (2022 - 25) A Ordinary shares of £1 each
25
25
25 (2022 - 25) B Ordinary shares of £1 each
25
25
25 (2022 - 25) C Ordinary shares of £1 each
25
25
25 (2022 - 25) D Ordinary shares of £1 each
25
25

100

100



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,937 (2022: £9,158). Contributions totalling £3,694 (2022: £4,175) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

During the year, sales of £2,604,527 (2022: £1,896,238) and purchases of £1,176,644 (2022: £642,138) were made with a company in which a director has significant influence. At the year end, there was a trade debtor balance of £87,483 (2022: £136,735), a trade creditor balance of £101,374 (2022: £133,780) and a loan creditor balance of £25,897 (2022: debtor £2,256) which is interest free and has no fixed repayment terms.

 
Page 12