Precision Products (Portsmouth) Limited 31/12/2024 iXBRL

Company registration number: 03916238

Precision Products (Portsmouth) Limited

Unaudited filleted financial statements

31 December 2024

Precision Products (Portsmouth) Limited

Contents

Statement of financial position

Notes to the financial statements

Precision Products (Portsmouth) Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	698,044		642,141
Investments	6	1		-
		_______		_______
			698,045		642,141

Current assets
Stocks		214,248		238,586
Debtors	7	357,254		302,689
Cash at bank and in hand		91,598		196,800
		_______		_______
		663,100		738,075
Creditors: amounts falling due
within one year	8	( 194,258)		( 207,654)
		_______		_______
Net current assets			468,842		530,421
			_______		_______
Total assets less current liabilities			1,166,887		1,172,562

Creditors: amounts falling due
after more than one year	9		( 52,969)		-

Provisions for liabilities			( 28,642)		( 14,466)

			_______		_______
Net assets			1,085,276		1,158,096
			_______		_______

Capital and reserves
Called up share capital			4		4
Profit and loss account			1,085,272		1,158,092
			_______		_______
Shareholders funds			1,085,276		1,158,096
			_______		_______

For the year ending 31 December 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 statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 22 March 2025 , and are signed on behalf of the board by:

Mr H Booth Mr B Dent

Director Director

Company registration number: 03916238

Precision Products (Portsmouth) Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 2A, Alexandria Park, 1 Penner Road, Havant, Hants, PO9 1QY.

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, 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services rendered, stated net of discounts and Value Added Tax.

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.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Long leasehold property	-	Straight line over the lease term.
Plant and machinery	-	20 %	reducing balance
Fittings fixtures and equipment	-	20 %	reducing balance

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted bas

Financial instruments

Financial instruments are classified by the Directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised costs using the effective interest method. The only advanced instruments recognised by the company are derivatives being interest rate swaps and forward foreign exchange contracts. Derivate financial instruments are initially recorded at cost and thereafter at fair value with charges recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.

Defined contribution plans

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2023: 19 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	588,156	417,189	10,735	11,500	1,027,580
Additions	-	84,616	3,749	-	88,365
Disposals	-	( 59,086)	( 5,705)	-	( 64,791)
	_______	_______	_______	_______	_______
At 31 December 2024	588,156	442,719	8,779	11,500	1,051,154
	_______	_______	_______	_______	_______
Depreciation
At 1 January 2024	5,017	362,999	8,939	8,486	385,441
Charge for the year	596	27,418	855	603	29,472
Disposals	-	( 57,367)	( 4,436)	-	( 61,803)
	_______	_______	_______	_______	_______
At 31 December 2024	5,613	333,050	5,358	9,089	353,110
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2024	582,543	109,669	3,421	2,411	698,044
	_______	_______	_______	_______	_______
At 31 December 2023	583,139	54,190	1,796	3,014	642,139
	_______	_______	_______	_______	_______

6. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2024	-	-
Additions	1	1
	_______	_______
At 31 December 2024	1	1
	_______	_______
Impairment
At 1 January 2024 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	1	1
	_______	_______
At 31 December 2023	-	-
	_______	_______

7. Debtors

	2024	2023
	£	£
Trade debtors	350,870	298,202
Amounts owed by group undertakings and undertakings in which the company has a participating interest	33	-
Other debtors	6,351	4,487
	_______	_______
	357,254	302,689
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	3,676	-
Trade creditors	124,937	150,922
Social security and other taxes	48,483	51,242
Other creditors	17,162	5,490
	_______	_______
	194,258	207,654
	_______	_______

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	52,969	-
	_______	_______

A Hire Purchase Loan was advanced for £75,680, which is being repaid over 5 years from March 2024.

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr H Booth	240	34	274
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr H Booth	240	-	240
		_______	_______	_______

11. Controlling party

The Issued Shares of the Company are beneficially controlled equally by the two Directors.