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REGISTERED NUMBER: SC196657 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

PRECISION RIFLE SERVICES LIMITED

PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRECISION RIFLE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr J M Buchanan
Mr C A Ferguson



SECRETARY: Mrs Y V Ferguson



REGISTERED OFFICE: Logie Cottage
Ballindalloch
Banffshire
AB37 9BA



REGISTERED NUMBER: SC196657 (Scotland)



ACCOUNTANTS: Ross + Co Accountancy Limited
31 Strathspey Avenue
Aviemore
PH22 1SN



BANKERS: The Royal Bank of Scotland
29 Harbour Road
Inverness
IV1 1NU

PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 91,620 52,632
91,620 52,632

CURRENT ASSETS
Stocks 347,124 301,187
Debtors 6 122,270 160,120
Cash at bank and in hand 18,711 27,019
488,105 488,326
CREDITORS
Amounts falling due within one year 7 129,971 130,737
NET CURRENT ASSETS 358,134 357,589
TOTAL ASSETS LESS CURRENT LIABILITIES 449,754 410,221

CREDITORS
Amounts falling due after more than one
year

8

(8,133

)

(18,153

)

PROVISIONS FOR LIABILITIES 9 (16,976 ) (9,474 )
NET ASSETS 424,645 382,594

CAPITAL AND RESERVES
Allotted, called up and fully
paid share capital 10 160,608 160,608
Profit and loss account - distributable 264,037 221,986
SHAREHOLDERS' FUNDS 424,645 382,594

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657)

BALANCE SHEET - continued
31 AUGUST 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by:





Mr C A Ferguson - Director


PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Precision Rifle Services Limited 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 represents revenue earned, excluding value added tax, under a wide variety of contracts to provide construction, repair and maintenance of rifles and other sporting guns.

Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under those contracts.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty 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 - 10% on cost
Plant and machinery etc - 25% on cost, 20% on cost and 15% on reducing balance

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

TAXATION
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657)

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


2. ACCOUNTING POLICIES - continued

DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR
Debtors and creditors with no stated interest 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 75,058
AMORTISATION
At 1 September 2023
and 31 August 2024 75,058
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2023 6,644 211,472 218,116
Additions - 53,850 53,850
Disposals - (52,981 ) (52,981 )
At 31 August 2024 6,644 212,341 218,985
DEPRECIATION
At 1 September 2023 6,644 158,840 165,484
Charge for year - 8,171 8,171
Eliminated on disposal - (46,290 ) (46,290 )
At 31 August 2024 6,644 120,721 127,365
NET BOOK VALUE
At 31 August 2024 - 91,620 91,620
At 31 August 2023 - 52,632 52,632

PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 82,540 97,797
Other debtors 39,730 62,323
122,270 160,120

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,809 1,595
Trade creditors 24,921 21,787
Taxation and social security 13,115 26,284
Other creditors 83,126 81,071
129,971 130,737

Included in other creditors is a loan from the Directors. At the balance sheet date this loan amounted to £55,328 (2023: £54,410). The loan is granted free of interest and is repayable when the company has the funds to do so. Also included is £10,000 (2023: £10,000) relating to a Bounce Back Loan.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 8,133 18,153

This is made up of £8,133 (2023: £18,153) relating to a Bounce Back Loan.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 16,976 9,474

Deferred
tax
£   
Balance at 1 September 2023 9,474
Provided during year 7,502
Balance at 31 August 2024 16,976

10. ALLOTTED, CALLED UP AND FULLY
PAID SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
160,608 Ordinary £1 160,608 160,608