IRIS Accounts Production v24.2.0.383 SC589578 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5895782023-02-28SC5895782024-02-29SC5895782023-03-012024-02-29SC5895782022-02-28SC5895782022-03-012023-02-28SC5895782023-02-28SC589578ns15:Scotland2023-03-012024-02-29SC589578ns14:PoundSterling2023-03-012024-02-29SC589578ns10:Director12023-03-012024-02-29SC589578ns10:PrivateLimitedCompanyLtd2023-03-012024-02-29SC589578ns10:SmallEntities2023-03-012024-02-29SC589578ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC589578ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-29SC589578ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-29SC589578ns10:FullAccounts2023-03-012024-02-29SC589578ns10:Director22023-03-012024-02-29SC589578ns10:CompanySecretary12023-03-012024-02-29SC589578ns10:RegisteredOffice2023-03-012024-02-29SC589578ns5:CurrentFinancialInstruments2024-02-29SC589578ns5:CurrentFinancialInstruments2023-02-28SC589578ns5:Non-currentFinancialInstruments2024-02-29SC589578ns5:Non-currentFinancialInstruments2023-02-28SC589578ns5:ShareCapital2024-02-29SC589578ns5:ShareCapital2023-02-28SC589578ns5:RetainedEarningsAccumulatedLosses2024-02-29SC589578ns5:RetainedEarningsAccumulatedLosses2023-02-28SC589578ns5:PlantMachinery2023-03-012024-02-29SC589578ns5:MotorVehicles2023-03-012024-02-29SC589578ns5:ComputerEquipment2023-03-012024-02-29SC589578ns5:PlantMachinery2023-02-28SC589578ns5:MotorVehicles2023-02-28SC589578ns5:ComputerEquipment2023-02-28SC589578ns5:PlantMachinery2024-02-29SC589578ns5:MotorVehicles2024-02-29SC589578ns5:ComputerEquipment2024-02-29SC589578ns5:PlantMachinery2023-02-28SC589578ns5:MotorVehicles2023-02-28SC589578ns5:ComputerEquipment2023-02-28SC589578ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-29SC589578ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-28SC589578ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-02-29SC589578ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-28SC589578ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-02-29SC589578ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-02-28SC589578ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-29SC589578ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-28SC589578ns5:HirePurchaseContracts2024-02-29SC589578ns5:HirePurchaseContracts2023-02-28SC589578ns10:Director222023-02-28SC589578ns10:Director222022-02-28SC589578ns10:Director222023-03-012024-02-29SC589578ns10:Director222022-03-012023-02-28SC589578ns10:Director222024-02-29SC589578ns10:Director222023-02-28
REGISTERED NUMBER: SC589578 (Scotland)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Precision Vehicle Movements Ltd

Precision Vehicle Movements Ltd (Registered number: SC589578)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Precision Vehicle Movements Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr Y Singh
Mrs J Schraader-Pearson





SECRETARY: Mrs J Schraader-Pearson





REGISTERED OFFICE: Flat 1 Block 3 Allanfield Place
Edinburgh
EH7 5AJ





REGISTERED NUMBER: SC589578 (Scotland)





ACCOUNTANTS: One Accounting Ltd
Chartered Management Accountants
Drumsheugh Toll
2 Belford Road
Edinburgh
Midlothian
EH4 3BL

Precision Vehicle Movements Ltd (Registered number: SC589578)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 185,440 161,093

CURRENT ASSETS
Debtors 5 53,492 71,087
Cash at bank and in hand 64,876 62,819
118,368 133,906
CREDITORS
Amounts falling due within one year 6 100,369 133,118
NET CURRENT ASSETS 17,999 788
TOTAL ASSETS LESS CURRENT
LIABILITIES

203,439

161,881

CREDITORS
Amounts falling due after more than one year 7 (163,984 ) (124,464 )

PROVISIONS FOR LIABILITIES (37,266 ) (30,599 )
NET ASSETS 2,189 6,818

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,188 6,817
2,189 6,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

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 21 October 2024 and were signed on its behalf by:




Mrs J Schraader-Pearson - Director


Precision Vehicle Movements Ltd (Registered number: SC589578)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Precision Vehicle Movements Ltd is a private company, limited by shares , registered in Scotland. 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.
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost
Computer equipments - 33% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method.

Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. Debtors receivable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received.

Precision Vehicle Movements Ltd (Registered number: SC589578)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipments Totals
£    £    £    £   
COST
At 1 March 2023 180,153 20,995 1,859 203,007
Additions 89,800 - 2,600 92,400
Disposals (29,330 ) - - (29,330 )
At 29 February 2024 240,623 20,995 4,459 266,077
DEPRECIATION
At 1 March 2023 27,740 12,684 1,490 41,914
Charge for year 42,768 5,249 483 48,500
Eliminated on disposal (9,777 ) - - (9,777 )
At 29 February 2024 60,731 17,933 1,973 80,637
NET BOOK VALUE
At 29 February 2024 179,892 3,062 2,486 185,440
At 28 February 2023 152,413 8,311 369 161,093

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 45,764 61,778
Other debtors 5,688 9,309
Directors' current accounts 2,040 -
53,492 71,087

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 43,797 28,503
Trade creditors - 37,898
Tax 688 -
Social security and other taxes 1,226 8,541
VAT 20,034 21,758
Other creditors 16,104 13,861
Directors' current accounts 5,036 9,072
Accrued expenses 3,484 3,485
100,369 133,118

Precision Vehicle Movements Ltd (Registered number: SC589578)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans - 2-5 years 12,240 22,240
Hire purchase contracts (see note 8) 151,744 102,224
163,984 124,464

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 43,797 28,503
Between one and five years 151,744 102,224
195,541 130,727

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
Mr Y Singh
Balance outstanding at start of year (696 ) (796 )
Amounts advanced 5,683 100
Amounts repaid (2,948 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,039 (696 )

This loan is interest free and repayable on demand.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £38,326 (2023 - £35,322) were paid to the directors .