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Registered number: 00611593
Precise Electro-Plating Works Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
SPD Accounting Services Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00611593
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,771 18,142
Investments 5 1,550 1,550
17,321 19,692
CURRENT ASSETS
Stocks 6 - 1,896
Debtors 7 65,017 68,940
Cash at bank and in hand 34,798 62,571
99,815 133,407
Creditors: Amounts Falling Due Within One Year 8 (2,573 ) (6,208 )
NET CURRENT ASSETS (LIABILITIES) 97,242 127,199
TOTAL ASSETS LESS CURRENT LIABILITIES 114,563 146,891
NET ASSETS 114,563 146,891
CAPITAL AND RESERVES
Called up share capital 9 118 118
Profit and Loss Account 114,445 146,773
SHAREHOLDERS' FUNDS 114,563 146,891
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Adrian Samways
Director
22/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Precise Electro-Plating Works Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00611593 . The registered office is Pitt Road, Freemantle, Southampton, SO15 3FQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Plant & Machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 15,591 15,065 21,495 52,151
As at 31 December 2023 15,591 15,065 21,495 52,151
Depreciation
As at 1 January 2023 6,656 14,663 12,690 34,009
Provided during the period 208 402 1,761 2,371
As at 31 December 2023 6,864 15,065 14,451 36,380
...CONTINUED
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Net Book Value
As at 31 December 2023 8,727 - 7,044 15,771
As at 1 January 2023 8,935 402 8,805 18,142
Inlcuded in the cost of freehold land and buildings is freehold land of £5,197 (2021:£5,197) which is not depreciated.
5. Investments
Listed
£
Cost
As at 1 January 2023 1,550
As at 31 December 2023 1,550
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 1,550
As at 1 January 2023 1,550
6. Stocks
2023 2022
£ £
Stock - 1,896
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 7,589 12,446
Other debtors 46,678 45,744
54,267 58,190
Due after more than one year
Other debtors 10,750 10,750
65,017 68,940
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 333 532
Other creditors 2,240 2,700
Taxation and social security - 2,976
2,573 6,208
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 118 118
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Adrian Samways 43,000 - - - 43,000
The above loan is unsecured, interest free and repayable on demand.
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