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REGISTERED NUMBER: 08517073 (England and Wales)
















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

FOR

PRECISE CONSULTANTS LIMITED

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30TH SEPTEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


PRECISE CONSULTANTS LIMITED

COMPANY INFORMATION
for the Year Ended 30TH SEPTEMBER 2023







DIRECTORS: A G T Sumner
P Thompson



REGISTERED OFFICE: 4th Floor
14 Devonshire Square
London
EC2M 4YT



REGISTERED NUMBER: 08517073 (England and Wales)



AUDITORS: HJS (Reading) Limited
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ



BANKERS: HSBC
The Helicon
1 South Place
London
EC2M 2UP

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

STRATEGIC REPORT
for the Year Ended 30TH SEPTEMBER 2023

The directors present their strategic report for the year ended 30th September 2023.

REVIEW OF BUSINESS
Turnover for the year ended 30 September 2023 was £37,752,081 (2022: £38,794,002). Profit for the year ended 30 September 2023 was £1,064,559 (2022: £1,145,560). The Company's Balance Sheet Position, as at 30 September 2023 shows a positive net asset position amounting to £153,704 (2022: £169,145).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties are the Company's ability to secure and retain clients.

The Company has no significant exposure to market (price, interest rate or foreign currency) risk, or to legal or operation risks.

GOING CONCERN
The Directors have undertaken an assessment of the general worldwide factors on the ability of the Company to continue as a going concern for the next 12 months from the date of approval of these financial statements. The Directors consider that the Company can maintain sufficient income generating assets under management to provide the Company with sufficient revenue and liquid resources so that the Company can cover its costs, pay its liabilities for the next 12 months from the date of approval of these financial statements.

Currently some Directors and employees are working from home with full remote access functionality hence Directors
consider that the Company has, and can, maintain full operational capabilities.

The Directors have assessed the going concern status of the Company and concluded that there are no material
uncertainties that may cast significant doubt about the Company's ability to continue as a going concern. Accordingly, the financial statements are prepared on the going concern basis.

ON BEHALF OF THE BOARD:





A G T Sumner - Director


10th September 2024

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

REPORT OF THE DIRECTORS
for the Year Ended 30TH SEPTEMBER 2023

The directors present their report with the financial statements of the company for the year ended 30th September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of management of human resources.

DIVIDENDS
Interim dividends totalling £10.80 per share were paid on the B Ordinary 0.00001p 0.001p shares during the year. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 30th September 2023 will be £ 1,080,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st October 2022 to the date of this report.

A G T Sumner
P Thompson

CHARITABLE DONATIONS AND EXPENDITURE
Charitable donations of £3,301 (2022 - £425) were made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, HJS (Reading) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A G T Sumner - Director


10th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRECISE CONSULTANTS LIMITED

Opinion
We have audited the financial statements of Precise Consultants Limited (the 'company') for the year ended 30th September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th September 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRECISE CONSULTANTS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant construction authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.

Audit procedures performed by the audit engagement team included:

- Discussions with senior management, including consideration of known or suspected instances of noncompliance with laws and regulations or instances of fraud;
- Identifying and testing journal entries based on risk criteria;
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
- Testing transactions entered into outside of the normal course of the company's business;
- Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Rogers (Senior Statutory Auditor)
for and on behalf of HJS (Reading) Limited
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ

11th September 2024

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

INCOME STATEMENT
for the Year Ended 30TH SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   

TURNOVER 3 37,752,081 38,794,002

Cost of sales 33,846,967 35,072,160
GROSS PROFIT 3,905,114 3,721,842

Administrative expenses 2,519,369 2,329,964
1,385,745 1,391,878

Other operating income 8,393 46,988
OPERATING PROFIT 5 1,394,138 1,438,866

Interest receivable and similar income 8,456 16,388
1,402,594 1,455,254

Interest payable and similar expenses 6 13,384 29,924
PROFIT BEFORE TAXATION 1,389,210 1,425,330

Tax on profit 7 324,651 279,770
PROFIT FOR THE FINANCIAL YEAR 1,064,559 1,145,560

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

BALANCE SHEET
30TH SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 22,130 28,058
22,130 28,058

CURRENT ASSETS
Debtors 12 9,823,617 9,390,985
Cash at bank 150,332 229,279
9,973,949 9,620,264
CREDITORS
Amounts falling due within one year 13 9,741,010 9,329,084
NET CURRENT ASSETS 232,939 291,180
TOTAL ASSETS LESS CURRENT
LIABILITIES

255,069

319,238

CREDITORS
Amounts falling due after more than one
year

14

(95,833

)

(145,833

)

PROVISIONS FOR LIABILITIES 18 (5,532 ) (4,260 )
NET ASSETS 153,704 169,145

CAPITAL AND RESERVES
Called up share capital 19 2 2
Retained earnings 20 153,702 169,143
SHAREHOLDERS' FUNDS 153,704 169,145

The financial statements were approved by the Board of Directors and authorised for issue on 10th September 2024 and were signed on its behalf by:




P Thompson - Director



A G T Sumner - Director


PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30TH SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st October 2021 2 1,223,583 1,223,585

Changes in equity
Dividends - (2,200,000 ) (2,200,000 )
Total comprehensive income - 1,145,560 1,145,560
Balance at 30th September 2022 2 169,143 169,145

Changes in equity
Dividends - (1,080,000 ) (1,080,000 )
Total comprehensive income - 1,064,559 1,064,559
Balance at 30th September 2023 2 153,702 153,704

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

CASH FLOW STATEMENT
for the Year Ended 30TH SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 288,507 589,526
Interest paid (13,384 ) (29,924 )
Tax paid (357,559 ) (238,227 )
Net cash from operating activities (82,436 ) 321,375

Cash flows from investing activities
Purchase of tangible fixed assets (9,026 ) (23,825 )
Interest received 8,456 16,388
Net cash from investing activities (570 ) (7,437 )

Cash flows from financing activities
Loan repayments in year (50,000 ) (50,000 )
Amount introduced by directors 490,553 1,842,823
Amount withdrawn by directors (58,000 ) (1,375,833 )
Equity dividends paid (1,080,000 ) (2,200,000 )
Net cash from financing activities (697,447 ) (1,783,010 )

Decrease in cash and cash equivalents (780,453 ) (1,469,072 )
Cash and cash equivalents at beginning
of year

2

(3,904,852

)

(2,435,780

)

Cash and cash equivalents at end of year 2 (4,685,305 ) (3,904,852 )

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 30TH SEPTEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.9.23 30.9.22
£    £   
Profit before taxation 1,389,210 1,425,330
Depreciation charges 14,261 11,827
Loss on disposal of fixed assets 692 1,788
Amounts owed by/to the Group (907,927 ) (47,645 )
Finance costs 13,384 29,924
Finance income (8,456 ) (16,388 )
501,164 1,404,836
Increase in trade and other debtors (31,661 ) (1,225,468 )
(Decrease)/increase in trade and other creditors (180,996 ) 410,158
Cash generated from operations 288,507 589,526

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 150,332 229,279
Bank overdrafts (4,835,637 ) (4,134,131 )
(4,685,305 ) (3,904,852 )
Year ended 30th September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 229,279 212,489
Bank overdrafts (4,134,131 ) (2,648,269 )
(3,904,852 ) (2,435,780 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank 229,279 (78,947 ) 150,332
Bank overdrafts (4,134,131 ) (701,506 ) (4,835,637 )
(3,904,852 ) (780,453 ) (4,685,305 )
Debt
Debts falling due within 1 year (50,000 ) - (50,000 )
Debts falling due after 1 year (145,833 ) 50,000 (95,833 )
(195,833 ) 50,000 (145,833 )
Total (4,100,685 ) (730,453 ) (4,831,138 )

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30TH SEPTEMBER 2023

1. STATUTORY INFORMATION

Precise Consultants 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the income derived from the ordinary activities of the company, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 20% on cost

Financial instruments
Financial assets

The Company's financial assets comprise basic financial instruments, being trade and other receivables and cash balances, that are categorised as being debt instruments measured at amortized cost.

Trade and other receivables are measured initially at transaction price and thereafter at the undiscounted amount expected to be received, which is net of any impairment.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or are settled, or when substantially all the risks and rewards of ownership have been transferred.

An impairment loss is measured as the difference between an asset's carrying amount and the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities

The Company's financial liabilities comprise basic financial instruments, being trade and other payables that are categorised as financial liabilities measured at amortised cost. These are initially recognised at transaction price and thereafter at the undiscounted amount expected to be paid.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Loans payable are measured at amortised cost using the effective interest rate method. The unwinding of any discount is taken to profit or loss as interest expense and the unamortised balance is included in reserves.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.


PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Operating leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.9.23 30.9.22
£    £   
United Kingdom 9,838,988 27,448,152
Europe 26,638,073 10,226,563
International 1,275,020 1,119,287
37,752,081 38,794,002

4. EMPLOYEES AND DIRECTORS
30.9.23 30.9.22
£    £   
Wages and salaries 1,282,748 1,218,566
Social security costs 148,200 133,511
Other pension costs 18,769 16,046
1,449,717 1,368,123

The average number of employees during the year was as follows:
30.9.23 30.9.22

Average number of employees 24 20

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH SEPTEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

30.9.23 30.9.22
£    £   
Directors' remuneration 25,140 25,140

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.23 30.9.22
£    £   
Depreciation - owned assets 14,262 11,827
Loss on disposal of fixed assets 692 1,788
Foreign exchange differences 16,015 (29,761 )
Auditor's remuneration 11,000 10,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.23 30.9.22
£    £   
Bank loan interest 13,384 10,284
Interest on taxation - 19,640
13,384 29,924

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.23 30.9.22
£    £   
Current tax:
UK corporation tax 323,378 278,901

Deferred tax 1,273 869
Tax on profit 324,651 279,770

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.23 30.9.22
£    £   
Profit before tax 1,389,210 1,425,330
Profit multiplied by the standard rate of corporation tax in the UK of
22.008% (2022 - 19%)

305,737

270,813

Effects of:
Expenses not deductible for tax purposes 20,148 11,466
Income not taxable for tax purposes (672 ) -
Depreciation in excess of capital allowances - 869
Capital allowances (1,986 ) (2,960 )
Group relief - (418 )
Asset disposal 152 -
Deferred tax 1,272 -
Total tax charge 324,651 279,770

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH SEPTEMBER 2023

8. DIVIDENDS
30.9.23 30.9.22
£    £   
'A' Ordinary shares of £1 each
Interim - 1,520,000
'B' Ordinary shares of £1 each
Interim - 680,000
B Ordinary 0.00001p shares of 0.001p each
Interim 1,080,000 -
1,080,000 2,200,000

9. JUDGEMENTS IN ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAIN

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the date of the Balance Sheet and the amounts reported for revenue and expenses during the year.

Critical judgements in applying the entity's accounting policies

The Directors have not been required to apply any critical judgements in applying the accounting policies.

Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates may not equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year are addressed below.

Useful economic lives and residual values of non-financial assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic
lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, economic utilization and the physical condition of the assets. See note 11 for the carrying amount of the non-financial assets, and note 2 for the useful economic lives for each class of assets.

Impairment of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing
impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience.

10. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st October 2022
and 30th September 2023 7,000
AMORTISATION
At 1st October 2022
and 30th September 2023 7,000
NET BOOK VALUE
At 30th September 2023 -
At 30th September 2022 -

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH SEPTEMBER 2023

11. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1st October 2022 8,248 10,935 38,044 57,227
Additions - - 9,026 9,026
Disposals - - (1,238 ) (1,238 )
At 30th September 2023 8,248 10,935 45,832 65,015
DEPRECIATION
At 1st October 2022 2,610 7,339 19,220 29,169
Charge for year 2,610 1,517 10,135 14,262
Eliminated on disposal - - (546 ) (546 )
At 30th September 2023 5,220 8,856 28,809 42,885
NET BOOK VALUE
At 30th September 2023 3,028 2,079 17,023 22,130
At 30th September 2022 5,638 3,596 18,824 28,058

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 7,385,429 7,243,163
Amounts owed by group undertakings 955,572 47,645
Other debtors 29,365 42,143
Directors' current accounts - 432,553
Tax 145,470 219,873
Accrued income 1,222,363 1,326,344
Prepayments 85,418 79,264
9,823,617 9,390,985

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts (see note 15) 4,885,637 4,184,131
Trade creditors 3,425,690 3,406,665
Corporation tax 561,787 670,371
Social security and other taxes 48,645 50,257
Pension liability 9,752 9,510
VAT 43,226 114,836
Other creditors 11,306 17,422
Credit card 10,228 22,168
Accrued expenses 744,739 853,724
9,741,010 9,329,084

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans (see note 15) 95,833 145,833

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH SEPTEMBER 2023

15. LOANS

An analysis of the maturity of loans is given below:

30.9.23 30.9.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 4,835,637 4,134,131
Bank loans 50,000 50,000
4,885,637 4,184,131

Amounts falling due between one and two years:
Bank loans - 1-2 years 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 45,833 95,833

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.23 30.9.22
£    £   
Within one year 55,154 55,154
Between one and five years 10,628 65,181
65,782 120,335

The rent lease agreement has a 6 months break clause.

17. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Bank overdrafts 4,835,637 4,134,131
Bank loans 145,833 195,833
4,981,470 4,329,964

ABN Amro Commercial Finance PLC has a fixed and floating charge over the company.

HSBC coronavirus business interruption loan has a fixed charge over the company.

18. PROVISIONS FOR LIABILITIES
30.9.23 30.9.22
£    £   
Deferred tax
Accelerated capital allowances 5,532 4,260

Deferred
tax
£   
Balance at 1st October 2022 4,260
Provided during year 1,272
Accelerated capital allowances
Balance at 30th September 2023 5,532

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH SEPTEMBER 2023

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.09.22
value: £ £
100,000 'A' Ordinary 0.00001p 1 1
100,000 'B' Ordinary 0.00001p 1 1
5,000 VN 0.00001p 0.05 -
2.05 2.05

The following shares were issued during the year for cash at par:

5,000 VN shares of 0.00001p

20. RESERVES
Retained
earnings
£   

At 1st October 2022 169,143
Profit for the year 1,064,559
Dividends (1,080,000 )
At 30th September 2023 153,702

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th September 2023 and 30th September 2022:

30.9.23 30.9.22
£    £   
A G T Sumner
Balance outstanding at start of year - 238,057
Amounts advanced 47,708 804,528
Amounts repaid (47,708 ) (1,042,585 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

P Thompson
Balance outstanding at start of year 432,553 661,486
Amounts advanced 10,292 571,306
Amounts repaid (442,845 ) (800,239 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 432,553

The terms agreed are that the advances are repayable on demand and interest is to be charged on all advances at the official rate where the balance exceeds £10,000 at any time during the year.

Interest of £Nil (2022 : £16,388) has been charged during the year.

22. CONTROLLING PARTY

The controlling party is TE Investment Group Holdings Limited.

There is no ultimate controlling party.

PRECISE CONSULTANTS LIMITED (REGISTERED NUMBER: 08517073)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30TH SEPTEMBER 2023

23. LOANS

The Company received a coronavirus business interruption loan from HSBC Ltd dated 6 July 2020 for the amount of £250,000. The loan was interest free for the first 12 months and has a term of 6 years. See note 15.

24. RELATED PARTY

At the balance sheet date TE Investment Group Holdings Limited (Holding Company) owed, Precise Consultants Limited £950,572 (2022 : £47,645) as an inter-company loan.

At the balance sheet date Precise Consulting SG PTE Ltd (Owned by TE Investment Group Holdings Limited) owed, Precise Consultants Limited £5,000 (2022 : £Nil) as an inter-company loan.

25. KEY MANAGEMENT PERSONNEL

There are no individuals other than the Directors who are considered to be key management personnel.