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Company Registration No. 05684668 (England and Wales)
Precision Ltd Unaudited accounts for the year ended 31 January 2024
Precision Ltd Unaudited accounts Contents
Page
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Precision Ltd Company Information for the year ended 31 January 2024
Director
Jacob Silver
Company Number
05684668 (England and Wales)
Registered Office
32 Castlewood Road London N16 6DW United Kingdom
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Precision Ltd Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
83,792 
70,151 
Investments
5,000 
5,000 
88,792 
75,151 
Current assets
Debtors
1,564,295 
1,249,171 
Cash at bank and in hand
69,839 
34,636 
1,634,134 
1,283,807 
Creditors: amounts falling due within one year
(337,181)
(310,990)
Net current assets
1,296,953 
972,817 
Total assets less current liabilities
1,385,745 
1,047,968 
Creditors: amounts falling due after more than one year
(38,245)
(43,750)
Net assets
1,347,500 
1,004,218 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,347,400 
1,004,118 
Shareholders' funds
1,347,500 
1,004,218 
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 January 2026 and were signed on its behalf by
Jacob Silver Director Company Registration No. 05684668
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Precision Ltd Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Precision Ltd is a private company, limited by shares, registered in England and Wales, registration number 05684668. The registered office is 32 Castlewood Road, London, N16 6DW, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15%
Computer equipment
15%
4
Tangible fixed assets
Land & buildings 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 February 2023
18,281 
1,580 
70,671 
29,404 
119,936 
Additions
- 
- 
22,490 
2,861 
25,351 
At 31 January 2024
18,281 
1,580 
93,161 
32,265 
145,287 
Depreciation
At 1 February 2023
- 
- 
33,776 
16,009 
49,785 
Charge for the year
- 
284 
8,988 
2,438 
11,710 
At 31 January 2024
- 
284 
42,764 
18,447 
61,495 
Net book value
At 31 January 2024
18,281 
1,296 
50,397 
13,818 
83,792 
At 31 January 2023
18,281 
1,580 
36,895 
13,395 
70,151 
5
Investments
Other investments 
£ 
Valuation at 1 February 2023
5,000 
Valuation at 31 January 2024
5,000 
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Precision Ltd Notes to the Accounts for the year ended 31 January 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
172,010 
145,641 
Other debtors
1,392,285 
1,103,530 
1,564,295 
1,249,171 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
58,741 
52,904 
Trade creditors
17,520 
17,210 
Taxes and social security
260,920 
172,866 
Other creditors
- 
68,010 
337,181 
310,990 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
38,245 
43,750 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Average number of employees
During the year the average number of employees was 26 (2023: 21).
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