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REGISTERED NUMBER: 10779851 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Precision Solicitors Limited

Precision Solicitors Limited (Registered number: 10779851)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Precision Solicitors Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: C Daniels
N B Stevenson





REGISTERED OFFICE: The Old Police Station
Hind Hill Street
Heywood
Lancashire
OL10 1AQ





REGISTERED NUMBER: 10779851 (England and Wales)





ACCOUNTANTS: Lucas Reis Ltd
Chartered Accountants
Lansdowne House
85 Buxton Road
Stockport
Cheshire
SK2 6LR

Precision Solicitors Limited (Registered number: 10779851)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £   
CURRENT ASSETS
Stocks 71,000 77,500
Debtors 4 55,083 82,144
Cash at bank and in hand 71,215 54,300
197,298 213,944
CREDITORS
Amounts falling due within one year 5 190,502 190,090
NET CURRENT ASSETS 6,796 23,854
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,796

23,854

CREDITORS
Amounts falling due after more than one
year

6

5,334

23,581
NET ASSETS 1,462 273

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 1,312 123
SHAREHOLDERS' FUNDS 1,462 273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

Precision Solicitors Limited (Registered number: 10779851)

Balance Sheet - continued
31 May 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





C Daniels - Director


Precision Solicitors Limited (Registered number: 10779851)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Precision Solicitors 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 Statement of Income and Retained Earnings, 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.

Precision Solicitors Limited (Registered number: 10779851)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

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 5 (2023 - 5 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 21,571 23,731
Other debtors 31,609 47,609
Directors' current accounts - 8,939
Prepayments and accrued income 1,903 1,865
55,083 82,144

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other loans (see note 7) 38,011 100,176
Trade creditors (1 ) (1 )
Tax 64,165 45,238
Social security and other taxes 9,187 1,614
Pension Control Account 240 211
VAT 69,275 38,191
Other creditors 1,000 1,000
Directors' current accounts 3,140 -
Accruals and deferred income 5,485 3,661
190,502 190,090

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Other loans (see note 7) 5,334 23,581

Precision Solicitors Limited (Registered number: 10779851)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Other loans 38,011 100,176

Amounts falling due between one and two years:
Other loans - 1-2 years 4,000 18,248

Amounts falling due between two and five years:
Other loans - 2-5 years 1,334 5,333

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
C Daniels
Balance outstanding at start of year 4,469 -
Amounts advanced - 4,469
Amounts repaid (4,469 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 4,469

N B Stevenson
Balance outstanding at start of year 4,470 -
Amounts advanced - 4,470
Amounts repaid (4,470 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 4,470