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Company registration number: 05180627
Precision Labelling Systems Limited
Unaudited filleted financial statements
30 June 2024
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Precision Labelling Systems Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Precision Labelling Systems Limited
Directors and other information
Directors Mr P M Laverick
Mr B J Hodgson
Company number 05180627
Registered office Plews Way
Leeming Bar Industrial Estate
Leeming Bar
Northallerton, North Yorkshire
DL7 9UL
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Precision Labelling Systems Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Precision Labelling Systems Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Precision Labelling Systems Limited for the year ended 30 June 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Precision Labelling Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Precision Labelling Systems Limited and state those matters that we have agreed to state to the board of directors of Precision Labelling Systems Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Precision Labelling Systems Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Precision Labelling Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Precision Labelling Systems Limited. You consider that Precision Labelling Systems Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Precision Labelling Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
3 March 2025
Precision Labelling Systems Limited
Balance sheet
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 210,484 222,603
_______ _______
210,484 222,603
Current assets
Stocks 148,032 194,171
Debtors 6 1,122,554 942,257
Cash at bank and in hand 217,485 332,308
_______ _______
1,488,071 1,468,736
Creditors: amounts falling due
within one year 7 ( 369,223) ( 404,213)
_______ _______
Net current assets 1,118,848 1,064,523
_______ _______
Total assets less current liabilities 1,329,332 1,287,126
Creditors: amounts falling due
after more than one year 8 ( 329,929) ( 414,658)
Provisions for liabilities ( 2,987) ( 4,290)
_______ _______
Net assets 996,416 868,178
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 996,414 868,176
_______ _______
Shareholders funds 996,416 868,178
_______ _______
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 03 March 2025 , and are signed on behalf of the board by:
Mr P M Laverick Mr B J Hodgson
Director Director
Company registration number: 05180627
Precision Labelling Systems Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Plews Way, Leeming Bar Industrial Estate, Leeming Bar, Northallerton, North Yorkshire, DL7 9UL.
The principal activity of the company is the design and manufacture of precision labelling machines.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 19 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 July 2023 and 30 June 2024 323,100 126,788 4,586 38,066 492,540
_______ _______ _______ _______ _______
Depreciation
At 1 July 2023 123,078 114,417 4,586 27,856 269,937
Charge for the year 5,262 3,029 - 3,828 12,119
_______ _______ _______ _______ _______
At 30 June 2024 128,340 117,446 4,586 31,684 282,056
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 194,760 9,342 - 6,382 210,484
_______ _______ _______ _______ _______
At 30 June 2023 200,022 12,371 - 10,210 222,603
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 492,705 312,523
Amounts owed by group undertakings 629,682 629,682
Other debtors 167 52
_______ _______
1,122,554 942,257
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 83,400 83,400
Trade creditors 92,476 77,308
Corporation tax 66,937 63,088
Social security and other taxes 67,877 60,665
Other creditors 58,533 119,752
_______ _______
369,223 404,213
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 329,929 411,769
Other creditors - 2,889
_______ _______
329,929 414,658
_______ _______
Certain bank loans are secured on the company's assets.
9. Related party transactions
Included with debtors is an amount of £629,682 (2023: £629,682) due from Precision Labelling Holdings Limited, this company's immediate parent.At the year end an amount of £5,132 (2023: £32,100) was owed to the directors.
10. Controlling party
The company is controlled by P Laverick and B Hodgson via their control of the parent company.