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REGISTERED NUMBER: 09854381 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Precise Control Systems Limited

Precise Control Systems Limited (Registered number: 09854381)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Precise Control Systems Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: A J Hunt
N P E Hunt





REGISTERED OFFICE: 24 The Grove
Coulsdon
Surrey
CR5 2BH





REGISTERED NUMBER: 09854381 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Precise Control Systems Limited (Registered number: 09854381)

Balance Sheet
31 January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 98 130

CURRENT ASSETS
Debtors 5 99,308 85,026
Cash at bank 4 6,882
99,312 91,908
CREDITORS
Amounts falling due within one year 6 (61,227 ) (68,277 )
NET CURRENT ASSETS 38,085 23,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,183

23,761

CREDITORS
Amounts falling due after more than one year 7 (18,911 ) (23,152 )

PROVISIONS FOR LIABILITIES 8 (19 ) (25 )
NET ASSETS 19,253 584

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 19,153 484
19,253 584

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

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

Precise Control Systems Limited (Registered number: 09854381)

Balance Sheet - continued
31 January 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 23 October 2024 and were signed on its behalf by:





N P E Hunt - Director


Precise Control Systems Limited (Registered number: 09854381)

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

1. STATUTORY INFORMATION

Precise Control Systems 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 (£).


The principal activity of the company continued to be that of electrical engineer.

2. ACCOUNTING POLICIES

ACCOUNTING CONVENTION
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 represents amounts receivable for goods and services net of VAT and trade discounts.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 25% reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Precise Control Systems Limited (Registered number: 09854381)

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

2. ACCOUNTING POLICIES - continued

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 February 2023
and 31 January 2024 733
DEPRECIATION
At 1 February 2023 603
Charge for year 32
At 31 January 2024 635
NET BOOK VALUE
At 31 January 2024 98
At 31 January 2023 130

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,215 30,998
Other debtors 64,093 54,028
99,308 85,026

The directors consider the carrying value of trade and other receivables approximate to their fair value.

Precise Control Systems Limited (Registered number: 09854381)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,104 6,500
Trade creditors 248 1,200
Taxation and social security 50,762 59,378
Other creditors 1,113 1,199
61,227 68,277

The directors consider the carrying amounts of current liabilities approximate to their fair values.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 18,911 23,152

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 19 25

Deferred
tax
£   
Balance at 1 February 2023 25
Provided during year (6 )
Balance at 31 January 2024 19

9. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

Precise Control Systems Limited (Registered number: 09854381)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
N P E Hunt and A J Hunt
Balance outstanding at start of year 36,597 51,616
Amounts advanced 9,842 -
Amounts repaid - (15,019 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 46,439 36,597

The company had an outstanding directors loan of £46,439 (2023: £36,597) at the year end. This is included in other debtors in note-6. This loan is interest free and repayable on demand.