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REGISTERED NUMBER: 07524402 (England and Wales)















Unaudited Financial Statements for the Year Ended 29th February 2024

for

Precision Joint Replacement Ltd

Precision Joint Replacement Ltd (Registered number: 07524402)






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




Page

Balance Sheet 1

Notes to the Financial Statements 2


Precision Joint Replacement Ltd (Registered number: 07524402)

Balance Sheet
29th February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,755 38,867

CURRENT ASSETS
Debtors 5 67,585 25,352
Cash at bank 634,908 232,550
702,493 257,902
CREDITORS
Amounts falling due within one year 6 195,215 81,183
NET CURRENT ASSETS 507,278 176,719
TOTAL ASSETS LESS CURRENT
LIABILITIES

540,033

215,586

PROVISIONS FOR LIABILITIES 6,224 7,531
NET ASSETS 533,809 208,055

CAPITAL AND RESERVES
Called up share capital 7 101 101
Retained earnings 533,708 207,954
SHAREHOLDERS' FUNDS 533,809 208,055

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

The members have not required the company to obtain an audit of its financial statements for the year ended 29th 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 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 4th November 2024 and were signed on its behalf by:





Dr E T Davis - Director


Precision Joint Replacement Ltd (Registered number: 07524402)

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

1. COMPANY INFORMATION

Precision Joint Replacement Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07524402

Registered office: The Lexicon
Mount Street
Manchester
M2 5NT

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" 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.

Revenue from the provision of professional services is recognised on delivery of the service.

Tangible fixed assets
Tangible Fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment loss.

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 basis:

Fixtures and Fittings - 25% on cost
Motor Vehicles - 25 % on reducing balance

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 the profit or loss.

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.


Precision Joint Replacement Ltd (Registered number: 07524402)

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

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st March 2023 14,528 53,754 68,282
Additions 2,369 - 2,369
At 29th February 2024 16,897 53,754 70,651
DEPRECIATION
At 1st March 2023 11,777 17,638 29,415
Charge for year 1,258 7,223 8,481
At 29th February 2024 13,035 24,861 37,896
NET BOOK VALUE
At 29th February 2024 3,862 28,893 32,755
At 28th February 2023 2,751 36,116 38,867

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 49,660 7,034
Directors' current accounts - 2,800
Prepayments and accrued income 17,925 15,518
67,585 25,352

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Corporation tax 185,066 77,502
Paye control 1,760 567
Directors' current accounts 5,246 -
Accrued expenses 3,143 3,114
195,215 81,183

Precision Joint Replacement Ltd (Registered number: 07524402)

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

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
60 Ordinary A £1 60 60
40 Ordinary B £1 40 40
1 Ordinary C 1 1 1
101 101

The A Shares confer on the holders the right to vote upon any resolution proposed at any general meeting of the company.

The B and C Shares do not confer on the holders the right to vote upon any resolution proposed at any general meeting of the company.

The A, B and C Shares rank pari passu in respect of dividend and capital distribution rights.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

29.2.24 28.2.23
£    £   
Dr E T Davis
Balance outstanding at start of year 2,799 (8,669 )
Amounts advanced 242,594 11,780
Amounts repaid (250,639 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,246 ) 2,799

The loan is repayable on demand and no interest was charged during the year.

9. CONTROL

The ultimate controlling party is Dr Davis by virtue of holding 100% of the voting share capital.