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REGISTERED NUMBER: 03157700 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

PREECE & COMPANY LIMITED

PREECE & COMPANY LIMITED (REGISTERED NUMBER: 03157700)

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


PREECE & COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr MW Preece
Mrs C Preece





REGISTERED OFFICE: Granville Hall
Granville Road
Leicester
Leicestershire
LE1 7RU





REGISTERED NUMBER: 03157700 (England and Wales)

PREECE & COMPANY LIMITED (REGISTERED NUMBER: 03157700)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 47,538 61,025
Investments 5 17,080 17,080
64,618 78,105

CURRENT ASSETS
Stocks 1,667 1,785
Debtors 6 199,855 130,404
Cash at bank 49,400 50,071
250,922 182,260
CREDITORS
Amounts falling due within one year 7 178,858 108,288
NET CURRENT ASSETS 72,064 73,972
TOTAL ASSETS LESS CURRENT
LIABILITIES

136,682

152,077

CREDITORS
Amounts falling due after more than one
year

8

(10,555

)

(26,799

)

PROVISIONS FOR LIABILITIES (10,642 ) (11,077 )
NET ASSETS 115,485 114,201

CAPITAL AND RESERVES
Called up share capital 114,101 114,101
Retained earnings 1,384 100
SHAREHOLDERS' FUNDS 115,485 114,201

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.

PREECE & COMPANY LIMITED (REGISTERED NUMBER: 03157700)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





Mr MW Preece - Director


PREECE & COMPANY LIMITED (REGISTERED NUMBER: 03157700)

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


1. STATUTORY INFORMATION

Preece & Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Revenue comprises the fair value of the sale of services, excluding value added tax. The company provides services to customers under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on completion of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is computed on a first in first out basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PREECE & COMPANY LIMITED (REGISTERED NUMBER: 03157700)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2023 19,066 37,839 251,923 308,828
Additions 1,416 - - 1,416
At 31 August 2024 20,482 37,839 251,923 310,244
DEPRECIATION
At 1 September 2023 15,470 35,772 196,561 247,803
Charge for year 752 310 13,841 14,903
At 31 August 2024 16,222 36,082 210,402 262,706
NET BOOK VALUE
At 31 August 2024 4,260 1,757 41,521 47,538
At 31 August 2023 3,596 2,067 55,362 61,025

PREECE & COMPANY LIMITED (REGISTERED NUMBER: 03157700)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023
and 31 August 2024 46,790
DEPRECIATION
At 1 September 2023 18,343
Charge for year 7,112
At 31 August 2024 25,455
NET BOOK VALUE
At 31 August 2024 21,335
At 31 August 2023 28,447

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Brought forward 17,080 17,080

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 147,821 72,066
Bad debt provision - (3,160 )
Other debtors 52,034 22,479
Directors' current accounts - 38,459
VAT - 560
199,855 130,404

PREECE & COMPANY LIMITED (REGISTERED NUMBER: 03157700)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 6,245 12,142
Trade creditors 21,338 18,663
Taxation 22,395 16,782
Paye/Ni payable 7,705 6,599
VAT 35,089 -
Other creditors 2,453 4,802
Accruals and deferred income 73,633 39,300
178,858 108,288

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 8,333 10,000
Bank loans - 2-5 years - 8,333
Hire purchase contracts 2,222 8,466
10,555 26,799

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 18,333 28,333
Hire purchase contracts 8,467 20,608
26,800 48,941

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Mr MW Preece
Balance outstanding at start of year 38,459 9,644
Amounts advanced - 36,063
Amounts repaid (8,904 ) (7,248 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,555 38,459