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COMPANY REGISTRATION NUMBER: SC324942
Precision Construction Consultants Ltd.
Filleted Unaudited Abridged Financial Statements
For the year ended
30 June 2024
Precision Construction Consultants Ltd.
Abridged Financial Statements
Year ended 30 June 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Precision Construction Consultants Ltd.
Abridged Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
682,355
682,355
Current assets
Debtors
2,099
740
Cash at bank and in hand
5,674
14,225
-------
--------
7,773
14,965
Creditors: amounts falling due within one year
194,569
210,885
---------
---------
Net current liabilities
186,796
195,920
---------
---------
Total assets less current liabilities
495,559
486,435
---------
---------
Net assets
495,559
486,435
---------
---------
Precision Construction Consultants Ltd.
Abridged Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
495,558
486,434
---------
---------
Shareholders funds
495,559
486,435
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:
Mr W Gisbey
Director
Company registration number: SC324942
Precision Construction Consultants Ltd.
Notes to the Abridged Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB, Lanarkshire.
2. Statement of compliance
These abridged 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.
Going concern
The accounts have been prepared on the going concern basis reflecting the continuing support of the director, who intends to ensure there are sufficient funds to meet the company's working capital requirement for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred 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.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
£
Cost
At 1 July 2023 and 30 June 2024
682,355
---------
Depreciation
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
682,355
---------
At 30 June 2023
682,355
---------
The director has considered that the valuation is in line with market rates of similar properties at the end of each reporting period.
6. Director's advances, credits and guarantees
The director's loan account was not in debit at any time during the year.