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REGISTERED NUMBER: 01571224 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024

FOR

PRECISION LAPPING LIMITED

PRECISION LAPPING LIMITED (REGISTERED NUMBER: 01571224)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRECISION LAPPING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2024







DIRECTORS: P T Brooks
Mrs C A Brooks
Mrs K S Stent
D Hazeldine





SECRETARY: P T Brooks





REGISTERED OFFICE: Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR





REGISTERED NUMBER: 01571224 (England and Wales)





ACCOUNTANTS: Compass Accountants Limited
Chartered Accountants
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR

PRECISION LAPPING LIMITED (REGISTERED NUMBER: 01571224)

BALANCE SHEET
31ST AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 56,867 62,836

CURRENT ASSETS
Stocks 15,000 19,403
Debtors 5 172,349 168,321
Cash at bank and in hand 100,729 88,267
288,078 275,991
CREDITORS
Amounts falling due within one year 6 134,624 107,904
NET CURRENT ASSETS 153,454 168,087
TOTAL ASSETS LESS CURRENT
LIABILITIES

210,321

230,923

CREDITORS
Amounts falling due after more than one
year

7

(10,833

)

(25,872

)

PROVISIONS FOR LIABILITIES (13,100 ) -
NET ASSETS 186,388 205,051

CAPITAL AND RESERVES
Called up share capital 8 10,100 10,100
Retained earnings 176,288 194,951
SHAREHOLDERS' FUNDS 186,388 205,051

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th May 2025 and were signed on its behalf by:



P T Brooks - Director


PRECISION LAPPING LIMITED (REGISTERED NUMBER: 01571224)

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


1. STATUTORY INFORMATION

Precision Lapping 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Motor vehicles - 20% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

PRECISION LAPPING LIMITED (REGISTERED NUMBER: 01571224)

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


2. ACCOUNTING POLICIES - continued

Basic financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st September 2023 18,804 394,549 35,557 448,910
Additions - 11,826 - 11,826
Disposals - (37,320 ) - (37,320 )
At 31st August 2024 18,804 369,055 35,557 423,416
DEPRECIATION
At 1st September 2023 18,803 343,974 23,297 386,074
Charge for year - 8,474 7,012 15,486
Eliminated on disposal - (35,011 ) - (35,011 )
At 31st August 2024 18,803 317,437 30,309 366,549
NET BOOK VALUE
At 31st August 2024 1 51,618 5,248 56,867
At 31st August 2023 1 50,575 12,260 62,836

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 164,036 157,340
Other debtors 8,313 10,981
172,349 168,321

PRECISION LAPPING LIMITED (REGISTERED NUMBER: 01571224)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 14,225 13,205
Trade creditors 43,034 40,949
Taxation and social security 67,825 46,710
Other creditors 9,540 7,040
134,624 107,904

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,833 25,872

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000
100 Ordinary B £1 100 100
10,100 10,100