Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Mrs A J Kick 14/06/1992 Mr S S Kick 14/06/1992 Mrs A J Kick 12 May 2025 The principal activity of the Company during the financial year was that of process control, instrument calibration and computer systems specialists. 02077066 2024-12-31 02077066 bus:Director1 2024-12-31 02077066 bus:Director2 2024-12-31 02077066 2023-12-31 02077066 core:CurrentFinancialInstruments 2024-12-31 02077066 core:CurrentFinancialInstruments 2023-12-31 02077066 core:Non-currentFinancialInstruments 2024-12-31 02077066 core:Non-currentFinancialInstruments 2023-12-31 02077066 core:ShareCapital 2024-12-31 02077066 core:ShareCapital 2023-12-31 02077066 core:RetainedEarningsAccumulatedLosses 2024-12-31 02077066 core:RetainedEarningsAccumulatedLosses 2023-12-31 02077066 core:LeaseholdImprovements 2023-12-31 02077066 core:PlantMachinery 2023-12-31 02077066 core:Vehicles 2023-12-31 02077066 core:OfficeEquipment 2023-12-31 02077066 core:LeaseholdImprovements 2024-12-31 02077066 core:PlantMachinery 2024-12-31 02077066 core:Vehicles 2024-12-31 02077066 core:OfficeEquipment 2024-12-31 02077066 2024-01-01 2024-12-31 02077066 bus:FilletedAccounts 2024-01-01 2024-12-31 02077066 bus:SmallEntities 2024-01-01 2024-12-31 02077066 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02077066 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02077066 bus:Director1 2024-01-01 2024-12-31 02077066 bus:Director2 2024-01-01 2024-12-31 02077066 bus:CompanySecretary1 2024-01-01 2024-12-31 02077066 core:PlantMachinery 2024-01-01 2024-12-31 02077066 core:Vehicles 2024-01-01 2024-12-31 02077066 core:OfficeEquipment 2024-01-01 2024-12-31 02077066 2023-01-01 2023-12-31 02077066 core:LeaseholdImprovements 2024-01-01 2024-12-31 02077066 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 02077066 (England and Wales)

PRESET CALIBRATION SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PRESET CALIBRATION SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PRESET CALIBRATION SERVICES LIMITED

BALANCE SHEET

As at 31 December 2024
PRESET CALIBRATION SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 243,359 300,478
243,359 300,478
Current assets
Stocks 4 17,500 17,500
Debtors 5 225,572 270,522
Cash at bank and in hand 10,523 8,295
253,595 296,317
Creditors: amounts falling due within one year 6 ( 267,645) ( 244,370)
Net current (liabilities)/assets (14,050) 51,947
Total assets less current liabilities 229,309 352,425
Creditors: amounts falling due after more than one year 7 ( 52,875) ( 95,967)
Provision for liabilities ( 42,354) ( 59,848)
Net assets 134,080 196,610
Capital and reserves
Called-up share capital 6,000 6,000
Profit and loss account 128,080 190,610
Total shareholders' funds 134,080 196,610

For the financial 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 financial statements of Preset Calibration Services Limited (registered number: 02077066) were approved and authorised for issue by the Board of Directors on 12 May 2025. They were signed on its behalf by:

Mrs A J Kick
Director
Mr S S Kick
Director
PRESET CALIBRATION SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PRESET CALIBRATION SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Preset Calibration Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 94a East Street, Bridport, Dorset, DT6 3LL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 10 - 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 79,491 216,922 172,517 50,932 519,862
Additions 0 5,968 65,040 4,184 75,192
Disposals 0 ( 2,831) ( 137,515) 0 ( 140,346)
At 31 December 2024 79,491 220,059 100,042 55,116 454,708
Accumulated depreciation
At 01 January 2024 3,698 129,631 46,877 39,178 219,384
Charge for the financial year 366 11,981 28,850 3,509 44,706
Disposals 0 ( 1,347) ( 51,394) 0 ( 52,741)
At 31 December 2024 4,064 140,265 24,333 42,687 211,349
Net book value
At 31 December 2024 75,427 79,794 75,709 12,429 243,359
At 31 December 2023 75,793 87,291 125,640 11,754 300,478

4. Stocks

2024 2023
£ £
Stocks 17,500 17,500

5. Debtors

2024 2023
£ £
Trade debtors 129,147 151,377
Other debtors 96,425 119,145
225,572 270,522

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 25,112 23,913
Taxation and social security 100,229 81,787
Obligations under finance leases and hire purchase contracts 13,829 28,251
Other creditors 128,475 110,419
267,645 244,370

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 52,875 95,967

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

9. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2024, the balance owed by the directors was £119,145. During the year, £22,789 was repaid by the directors. At 31 December 2024, the balance owed by the directors was £96,356.

At 1 January 2023, the balance owed by the directors was £79,060. During the year, £40,085 was advanced to the directors. At 31 December 2023, the balance owed by the directors was £119,145.