2023-09-012024-08-312024-08-31false12174618Precision Industrial Doors 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Precision Industrial Doors Ltd

Registered Number
12174618
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

Precision Industrial Doors Ltd
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

Joseph Kennedy

Registered Address

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

Registered Number

12174618 (England and Wales)
Precision Industrial Doors Ltd
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets427,27333,740
27,27333,740
Current assets
Stocks536,5002,000
Debtors6282,647125,275
Cash at bank and on hand51,6766,970
370,823134,245
Creditors amounts falling due within one year7(335,104)(148,702)
Net current assets (liabilities)35,719(14,457)
Total assets less current liabilities62,99219,283
Creditors amounts falling due after one year8(61,523)(79,407)
Net assets1,469(60,124)
Capital and reserves
Profit and loss account1,469(60,124)
Shareholders' funds1,469(60,124)
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. 12174618
Precision Industrial Doors 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Staff Costs
The aggregate payroll costs incurred during the year were: 2024 2023 £ £ Wages and salaries 54,414 50,269 Social security costs 5,451 4,026 Other pension costs 948 900 Total 60,813 55,195
3.Average number of employees

20242023
Average number of employees during the year22
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 September 2317,34126,8621,65845,861
Additions--324324
At 31 August 2417,34126,8621,98246,185
Depreciation and impairment
At 01 September 235,6326,08940012,121
Charge for year2,3424,1542956,791
At 31 August 247,97410,24369518,912
Net book value
At 31 August 249,36716,6191,28727,273
At 31 August 2311,70920,7731,25833,740
5.Stocks

2024

2023

££
Finished goods36,5002,000
Total36,5002,000
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables271,458111,263
Other debtors11,18914,012
Total282,647125,275
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables26,13042,459
Bank borrowings and overdrafts24,98665,111
Taxation and social security119,06633,022
Other creditors156,657-
Accrued liabilities and deferred income8,2658,110
Total335,104148,702
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts61,52379,407
Total61,52379,407
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Joseph Kennedy14,013116,059120,6829,390
14,013116,059120,6829,390