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REGISTERED NUMBER: SC249381 (Scotland)















Precision Blinds Limited

Financial Statements For The Year Ended 31 May 2024






Precision Blinds Limited (Registered number: SC249381)






Contents of the Financial Statements
For The Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Precision Blinds Limited

Company Information
For The Year Ended 31 May 2024







DIRECTOR: N Mackay



SECRETARY: Mrs L Mackay



REGISTERED OFFICE: 19 Traill Street
Thurso
Caithness
KW14 8EG



REGISTERED NUMBER: SC249381 (Scotland)



ACCOUNTANTS: The Long Partnership
Chartered Accountants
Chartered Tax Advisers
1 Sir John's Square
Thurso
Caithness
KW14 7AN



BANKERS: The Royal Bank of Scotland
11 Olrig Street
Thurso
Caithness
KW14 7BL

Precision Blinds Limited (Registered number: SC249381)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 79,967 84,592
79,967 84,592

CURRENT ASSETS
Stocks 6,831 4,929
Debtors 6 25,710 31,143
Cash at bank and in hand 635 77
33,176 36,149
CREDITORS
Amounts falling due within one year 7 80,826 73,735
NET CURRENT LIABILITIES (47,650 ) (37,586 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,317

47,006

CREDITORS
Amounts falling due after more than one
year

8

(22,997

)

(41,390

)

PROVISIONS FOR LIABILITIES (1,081 ) (1,857 )
NET ASSETS 8,239 3,759

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 8,139 3,659
SHAREHOLDERS' FUNDS 8,239 3,759

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.

Precision Blinds Limited (Registered number: SC249381)

Balance Sheet - continued
31 May 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 December 2024 and were signed by:





N Mackay - Director


Precision Blinds Limited (Registered number: SC249381)

Notes to the Financial Statements
For The Year Ended 31 May 2024

1. STATUTORY INFORMATION

Precision Blinds Limited 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Equipment - 25% on reducing balance

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 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 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.

Precision Blinds Limited (Registered number: SC249381)

Notes to the Financial Statements - continued
For The Year Ended 31 May 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.

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

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 NIL (2023 - 4 ).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 6,000
AMORTISATION
At 1 June 2023
and 31 May 2024 6,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

Precision Blinds Limited (Registered number: SC249381)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Land and
buildings Equipment Totals
£    £    £   
COST
At 1 June 2023 65,759 55,885 121,644
Additions - 99 99
At 31 May 2024 65,759 55,984 121,743
DEPRECIATION
At 1 June 2023 - 37,052 37,052
Charge for year - 4,724 4,724
At 31 May 2024 - 41,776 41,776
NET BOOK VALUE
At 31 May 2024 65,759 14,208 79,967
At 31 May 2023 65,759 18,833 84,592

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Equipment
£   
COST
At 1 June 2023
and 31 May 2024 16,998
DEPRECIATION
At 1 June 2023 5,053
Charge for year 2,986
At 31 May 2024 8,039
NET BOOK VALUE
At 31 May 2024 8,959
At 31 May 2023 11,945

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 25,710 25,710
Other debtors - 5,433
25,710 31,143

Precision Blinds Limited (Registered number: SC249381)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 35,229 30,567
Hire purchase contracts 2,858 2,858
Trade creditors 3,976 10,510
Taxation and social security 14,293 13,676
Other creditors 24,470 16,124
80,826 73,735

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 17,756 33,290
Hire purchase contracts 5,241 8,100
22,997 41,390

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary 1 100 100

10. RESERVES
Retained
earnings
£   

At 1 June 2023 3,659
Profit for the year 4,980
Dividends (500 )
At 31 May 2024 8,139

11. ULTIMATE CONTROLLING PARTY

The company is controlled by N Mackay.