Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30PMCK Holdings Limited2023-07-01falsethe manufacture of electricity distribution and control apparatus.1514falsetruefalse NI653443 2023-07-01 2024-06-30 NI653443 2022-07-01 2023-06-30 NI653443 2024-06-30 NI653443 2023-06-30 NI653443 c:Director1 2023-07-01 2024-06-30 NI653443 c:Director2 2023-07-01 2024-06-30 NI653443 d:OfficeEquipment 2023-07-01 2024-06-30 NI653443 d:OfficeEquipment 2024-06-30 NI653443 d:OfficeEquipment 2023-06-30 NI653443 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI653443 d:CurrentFinancialInstruments 2024-06-30 NI653443 d:CurrentFinancialInstruments 2023-06-30 NI653443 d:Non-currentFinancialInstruments 2024-06-30 NI653443 d:Non-currentFinancialInstruments 2023-06-30 NI653443 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 NI653443 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 NI653443 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 NI653443 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 NI653443 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 NI653443 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 NI653443 d:ShareCapital 2024-06-30 NI653443 d:ShareCapital 2023-06-30 NI653443 d:RetainedEarningsAccumulatedLosses 2024-06-30 NI653443 d:RetainedEarningsAccumulatedLosses 2023-06-30 NI653443 c:FRS102 2023-07-01 2024-06-30 NI653443 c:Audited 2023-07-01 2024-06-30 NI653443 c:FullAccounts 2023-07-01 2024-06-30 NI653443 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI653443 c:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI653443 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: NI653443










PRECISION SWITCHGEAR & CONTROLS LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
PRECISION SWITCHGEAR & CONTROLS LTD
REGISTERED NUMBER: NI653443

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,158
16,180

  
14,158
16,180

Current assets
  

Stocks
  
329,105
269,868

Debtors: amounts falling due within one year
 6 
1,700,461
1,286,290

Cash at bank and in hand
 7 
4,508
3,577

  
2,034,074
1,559,735

Creditors: amounts falling due within one year
 8 
(1,792,298)
(1,503,582)

Net current assets
  
 
 
241,776
 
 
56,153

Total assets less current liabilities
  
255,934
72,333

Creditors: amounts falling due after more than one year
 9 
(260,753)
(270,737)

  

Net liabilities
  
(4,819)
(198,404)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(4,820)
(198,405)

  
(4,819)
(198,404)


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2025.




................................................
Peter McKearney
................................................
Paul McKearney
Director
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
PRECISION SWITCHGEAR & CONTROLS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Precision Switchgear & Controls Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 47 Grange Road, Moy, Dungannon, Co. Tyrone, Northern Ireland, BT71 7FQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year the company made a profit of £193,585 (2023: loss of £24,688) and has net liabilities of £4,819 (2023: £198,404). The company continued to have the support from the directors and other group companies which will allow the company to meet its obligations during the course of the 12 months following the date of signing the financial statements. The company has taken steps to ensure they will continue to be in operation for the next 12 months. 

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
PRECISION SWITCHGEAR & CONTROLS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 
PRECISION SWITCHGEAR & CONTROLS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
PRECISION SWITCHGEAR & CONTROLS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods
Key sources of estimation uncertanity
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Amounts recoverable on contracts
When the outcome of a construction project contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and accruals/costs are recognised over the period of the contract by reference to the stage of completion using the 'percentage-of-completion-method' to determine the appropriate amount to recognise in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately.


4.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 14).

Page 5

 
PRECISION SWITCHGEAR & CONTROLS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2023
18,921


Additions
2,123



At 30 June 2024

21,044



Depreciation


At 1 July 2023
2,741


Charge for the year on owned assets
4,145



At 30 June 2024

6,886



Net book value



At 30 June 2024
14,158



At 30 June 2023
16,180


6.


Debtors

2024
2023
£
£


Trade debtors
1,093,551
642,227

Other debtors
24,411
15,724

Prepayments and accrued income
12,811
8,253

Amounts recoverable on long-term contracts
569,688
620,086

1,700,461
1,286,290



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,508
3,577

Less: bank overdrafts
(171,574)
(156,725)

(167,066)
(153,148)


Page 6

 
PRECISION SWITCHGEAR & CONTROLS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
171,574
156,725

Bank loans
10,000
10,000

Trade creditors
510,352
722,411

Amounts owed to group undertakings
623,541
492,347

Corporation tax
16,512
-

Other taxation and social security
23,270
52,783

Accruals and deferred income
437,049
69,316

1,792,298
1,503,582


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 
Amounts included in bank overdrafts are secured by a fixed and floating charge over the assets of the company.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,753
20,737

Amounts owed to group undertakings
250,000
250,000

260,753
270,737


Amounts owed to group undertakings falling due after one year bears an interest charge of 2.5%.

Page 7

 
PRECISION SWITCHGEAR & CONTROLS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,753
20,737


10,753
20,737



20,753
30,737



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £11,602 (2023 - £9,697). Contributions totalling £2,314 (2023 - £803) were payable to the fund at the balance sheet date and are included in creditors.


12.


Controlling party

The immediate and ultimate parent undertaking of the company is PMCK Holdings Limited, a company registered in Northern Ireland.
The smallest and largest undertaking of which the company is a member, and for which group financial statements are prepared is PMCK Holdings Limited, a company incorporated in the Northern Ireland. Group financial statements for this company are prepared and are available to the public from the company's registered office.
There is deemed no ultimate controlling party by virtue of a split in the shareholdings. 


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 4 March 2025 by Deborah Mullen (Senior statutory auditor) on behalf of AAB Group Accountants Limited.


Page 8