Registered number
09421153
PRECISE FINANCIAL ADVICE LTD
Filleted Accounts
29 February 2024
PRECISE FINANCIAL ADVICE LTD
Registered number: 09421153
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 48,250 56,442
Current assets
Debtors 4 32,355 34,513
Cash at bank and in hand 13,412 39,999
45,767 74,512
Creditors: amounts falling due within one year 5 (26,658) (27,575)
Net current assets 19,109 46,937
Total assets less current liabilities 67,359 103,379
Creditors: amounts falling due after more than one year 6 (57,930) (72,684)
Net assets 9,429 30,695
Capital and reserves
Called up share capital 2 2
Profit and loss account 9,427 30,693
Shareholders' funds 9,429 30,695
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms. Miny Thomas
Director
Approved by the board on 26 November 2024
PRECISE FINANCIAL ADVICE LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture and fixtures 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 8
3 Tangible fixed assets
Furniture and fixtures Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 2,985 16,730 56,890 76,605
Additions - 1,443 - 1,443
At 29 February 2024 2,985 18,173 56,890 78,048
Depreciation
At 1 March 2023 1,854 9,775 8,534 20,163
Charge for the year 283 2,099 7,253 9,635
At 29 February 2024 2,137 11,874 15,787 29,798
Net book value
At 29 February 2024 848 6,299 41,103 48,250
At 28 February 2023 1,131 6,955 48,356 56,442
4 Debtors 2024 2023
£ £
Other debtors 32,355 34,513
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 7,951 7,951
Taxation and social security costs 9,131 16,609
Directors' current accounts 6,383 -
Other creditors 3,193 3,015
26,658 27,575
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,806 31,464
Obligations under finance lease and hire purchase contracts 36,124 41,220
57,930 72,684
7 Other information
PRECISE FINANCIAL ADVICE LTD is a private company limited by shares and incorporated in England. Its registered office is: 81 Tempest Street, Wolverhampton WV2 1AA.
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