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REGISTERED NUMBER: 09584946 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

PRECISE PACKAGING LIMITED

PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRECISE PACKAGING LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2024







Director: Mr M P Hibbert





Registered office: 1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ





Registered number: 09584946 (England and Wales)





Accountants: NRB
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)

Balance Sheet
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 218,239 173,369

CURRENT ASSETS
Stocks 168,811 157,873
Debtors 5 499,727 400,662
Cash at bank 369,307 362,585
1,037,845 921,120
CREDITORS
Amounts falling due within one year 6 890,383 735,776
NET CURRENT ASSETS 147,462 185,344
TOTAL ASSETS LESS CURRENT
LIABILITIES

365,701

358,713

CREDITORS
Amounts falling due after more than one year 7 190,400 143,219
NET ASSETS 175,301 215,494

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 175,101 215,294
SHAREHOLDERS' FUNDS 175,301 215,494

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 director acknowledges his 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 director and authorised for issue on 13 November 2024 and were signed by:




Mr M P Hibbert - Director


PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Precise Packaging 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.

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the cost incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over the life of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33.3% on cost and 15% on reducing balance
Motor vehicles - 25% straight line

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)

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 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 2,500 54,619 17,667 158,583 233,369
Additions - 104,291 1,639 - 105,930
At 31 May 2024 2,500 158,910 19,306 158,583 339,299
DEPRECIATION
At 1 June 2023 2,500 15,521 14,505 27,474 60,000
Charge for year - 27,105 1,178 32,777 61,060
At 31 May 2024 2,500 42,626 15,683 60,251 121,060
NET BOOK VALUE
At 31 May 2024 - 116,284 3,623 98,332 218,239
At 31 May 2023 - 39,098 3,162 131,109 173,369

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 431,553 349,457
Other debtors 68,174 51,205
499,727 400,662

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts 34,561 13,346
Trade creditors 379,211 364,340
Taxation and social security 61,727 26,574
Other creditors 374,884 291,516
890,383 735,776

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans 56,667 100,000
Hire purchase contracts 133,733 43,219
190,400 143,219

PRECISE PACKAGING LIMITED (REGISTERED NUMBER: 09584946)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 168,294 56,565

The Hire Purchase Loan is secured against the specific asset on finance.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
200 Ordinary £1 200 200