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REGISTERED NUMBER: SC399507 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2024

FOR

PRECISION ENGINE SERVICES LTD

PRECISION ENGINE SERVICES LTD (REGISTERED NUMBER: SC399507)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRECISION ENGINE SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







DIRECTORS: Mrs N M Morrison
A Morrison





SECRETARY:





REGISTERED OFFICE: 23 Henderson Drive
Inverness
IV1 1TR





REGISTERED NUMBER: SC399507 (Scotland)





ACCOUNTANTS: Goldwells Ltd
25 Baron Taylors Street
Inverness
Highland
IV1 1QG

PRECISION ENGINE SERVICES LTD (REGISTERED NUMBER: SC399507)

BALANCE SHEET
31ST JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 19,600 26,900
Tangible assets 5 121,075 86,403
140,675 113,303

CURRENT ASSETS
Stocks 21,500 27,500
Debtors 6 106,078 97,860
Prepayments and accrued income - 14,543
Cash at bank and in hand 59,092 61,917
186,670 201,820
CREDITORS
Amounts falling due within one year 7 258,519 242,070
NET CURRENT LIABILITIES (71,849 ) (40,250 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

68,826

73,053

CREDITORS
Amounts falling due after more than one
year

8

(10,043

)

(20,064

)

PROVISIONS FOR LIABILITIES (15,992 ) (9,404 )
NET ASSETS 42,791 43,585

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 42,691 43,485
42,791 43,585

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRECISION ENGINE SERVICES LTD (REGISTERED NUMBER: SC399507)

BALANCE SHEET - continued
31ST JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th April 2025 and were signed on its behalf by:





A Morrison - Director


PRECISION ENGINE SERVICES LTD (REGISTERED NUMBER: SC399507)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024

1. STATUTORY INFORMATION

Precision Engine Services Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PRECISION ENGINE SERVICES LTD (REGISTERED NUMBER: SC399507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st August 2023
and 31st July 2024 73,000
AMORTISATION
At 1st August 2023 46,100
Charge for year 7,300
At 31st July 2024 53,400
NET BOOK VALUE
At 31st July 2024 19,600
At 31st July 2023 26,900

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st August 2023 40,416 291,259 331,675
Additions - 63,313 63,313
Disposals - (550 ) (550 )
At 31st July 2024 40,416 354,022 394,438
DEPRECIATION
At 1st August 2023 3,507 241,765 245,272
Charge for year - 28,229 28,229
Eliminated on disposal - (138 ) (138 )
At 31st July 2024 3,507 269,856 273,363
NET BOOK VALUE
At 31st July 2024 36,909 84,166 121,075
At 31st July 2023 36,909 49,494 86,403

PRECISION ENGINE SERVICES LTD (REGISTERED NUMBER: SC399507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 89,427 95,660
Other debtors 16,651 2,200
106,078 97,860

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 86,626 64,306
Taxation and social security 34,465 26,868
Other creditors 127,428 140,896
258,519 242,070

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 10,043 20,064

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 21,220
Between one and five years - 84,880
In more than five years - 106,100
- 212,200

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st July 2024 and 31st July 2023:

2024 2023
£    £   
A Morrison
Balance outstanding at start of year (67,314 ) (76,862 )
Amounts advanced 47,804 49,860
Amounts repaid (41,486 ) (40,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (60,996 ) (67,314 )

PRECISION ENGINE SERVICES LTD (REGISTERED NUMBER: SC399507)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs N M Morrison
Balance outstanding at start of year (67,314 ) (76,862 )
Amounts advanced 47,804 49,860
Amounts repaid (41,486 ) (40,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (60,996 ) (67,314 )