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COMPANY REGISTRATION NUMBER: 11474832
Precise Performance Ltd
Filleted Unaudited Financial Statements
31 July 2024
Precise Performance Ltd
Financial Statements
Year ended 31 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Precise Performance Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
( 1)
Tangible assets
6
8,853
5,483
-------
-------
8,853
5,482
Current assets
Stocks
1,000
1,000
Debtors
7
2,778
2,969
Cash at bank and in hand
60,158
63,914
--------
--------
63,936
67,883
Creditors: amounts falling due within one year
8
70,532
68,960
--------
--------
Net current liabilities
6,596
1,077
-------
-------
Total assets less current liabilities
2,257
4,405
-------
-------
Net assets
2,257
4,405
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,157
4,305
-------
-------
Shareholders funds
2,257
4,405
-------
-------
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.
For the year ending 31 July 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 .
Precise Performance Ltd
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 7 April 2025 , and are signed on behalf of the board by:
Mr J A Yarranton
Director
Company registration number: 11474832
Precise Performance Ltd
Notes to the Financial Statements
Year ended 31 July 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 18 Woodville Close, Darby Green, Camberley, Surrey, GU17 0BN, 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and machinery
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
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 stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Website
£
Cost
At 1 August 2023 and 31 July 2024
609
----
Amortisation
At 1 August 2023
610
Charge for the year
( 1)
----
At 31 July 2024
609
----
Carrying amount
At 31 July 2024
----
At 31 July 2023
( 1)
----
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 August 2023
19,270
573
19,843
Additions
5,445
5,445
--------
-------
--------
At 31 July 2024
19,270
6,018
25,288
--------
-------
--------
Depreciation
At 1 August 2023
14,303
57
14,360
Charge for the year
1,941
134
2,075
--------
-------
--------
At 31 July 2024
16,244
191
16,435
--------
-------
--------
Carrying amount
At 31 July 2024
3,026
5,827
8,853
--------
-------
--------
At 31 July 2023
4,967
516
5,483
--------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
2,778
2,969
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,696
Corporation tax
3,579
2,191
Social security and other taxes
2,107
2,962
Other creditors
58,150
63,807
--------
--------
70,532
68,960
--------
--------
9. Director's advances, credits and guarantees
At the year end the company owed £56,350 (2023: £62,007) to the director.
10. Related party transactions
During the year the company paid dividends of £20,000 (2023: £35,000) to the director.