2023-09-012024-08-312024-08-31false13543746PRECISION LOGISTICAL SERVICES 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PRECISION LOGISTICAL SERVICES LTD

Registered Number
13543746
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

PRECISION LOGISTICAL SERVICES LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

Joseph Kennedy

Registered Address

Parkes & Co Accountants Ltd The Coach House
Greensforge
Kingswinford
DY6 0AH

Registered Number

13543746 (England and Wales)
PRECISION LOGISTICAL SERVICES LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets397,10746,400
97,10746,400
Current assets
Debtors4164,914423
Cash at bank and on hand113,84358,372
278,75758,795
Creditors amounts falling due within one year5(252,114)(35,101)
Net current assets (liabilities)26,64323,694
Total assets less current liabilities123,75070,094
Creditors amounts falling due after one year6(120,311)(73,920)
Net assets3,439(3,826)
Capital and reserves
Profit and loss account3,439(3,826)
Shareholders' funds3,439(3,826)
The financial statements were approved and authorised for issue by the Director on 27 May 2025, and are signed on its behalf by:
Joseph Kennedy
Director
Registered Company No. 13543746
PRECISION LOGISTICAL SERVICES LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 September 234,81569,10573,920
Additions-72,20572,205
At 31 August 244,815141,310146,125
Depreciation and impairment
At 01 September 231,61525,90527,520
Charge for year64020,85821,498
At 31 August 242,25546,76349,018
Net book value
At 31 August 242,56094,54797,107
At 31 August 233,20043,20046,400
4.Debtors: amounts due within one year

2024

2023

££
Other debtors164,914423
Total164,914423
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables168,110-
Taxation and social security6,71428,990
Finance lease and HP contracts9,266-
Other creditors68,0246,111
Total252,11435,101
6.Creditors: amounts due after one year

2024

2023

££
Other creditors120,31173,920
Total120,31173,920
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts46,391-
8.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Joseph Kennedy(86)76,91671,2305,600
(86)76,91671,2305,600