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COMPANY REGISTRATION NUMBER: 07501540
Precision Trading Limited
Filleted Unaudited Financial Statements
31 January 2024
Precision Trading Limited
Balance Sheet
31 January 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
60,413
65,376
Cash at bank and in hand
4,632
5,415
--------
--------
65,045
70,791
Creditors: amounts falling due within one year
6
229,116
217,673
---------
---------
Net current liabilities
164,071
146,882
---------
---------
Total assets less current liabilities
( 164,071)
( 146,882)
---------
---------
Net liabilities
( 164,071)
( 146,882)
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 165,071)
( 147,882)
---------
---------
Shareholders deficit
( 164,071)
( 146,882)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mr E Arees
Director
Company registration number: 07501540
Precision Trading Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents profits arising on trading on the futures markets.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Debtors
2024
2023
£
£
Other debtors
60,413
65,376
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,800
78
Social security and other taxes
396
292
Other creditors
226,920
217,303
---------
---------
229,116
217,673
---------
---------
7. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
65,045
70,591
--------
--------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
229,972
218,381
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr E Arees
( 215,443)
( 9,557)
( 225,000)
---------
-------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr E Arees
( 106,106)
( 109,337)
( 215,443)
---------
---------
---------