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Company registration number: 12777653
Precision Balancing Limited
Unaudited filleted financial statements
31 October 2024
Precision Balancing Limited
Contents
Statement of financial position
Notes to the financial statements
Precision Balancing Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 4 700,000 700,000
_______ _______
700,000 700,000
Current assets
Debtors 5 62,200 69,600
Cash at bank and in hand 2,332 51
_______ _______
64,532 69,651
Creditors: amounts falling due
within one year 6 ( 27,692) ( 52,443)
_______ _______
Net current assets 36,840 17,208
_______ _______
Total assets less current liabilities 736,840 717,208
_______ _______
Net assets 736,840 717,208
_______ _______
Capital and reserves
Called up share capital 81 81
Share premium account 699,929 699,929
Profit and loss account 36,830 17,198
_______ _______
Shareholders funds 736,840 717,208
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 February 2025 , and are signed on behalf of the board by:
J.L. Innocent
Director
Company registration number: 12777653
Precision Balancing Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 169 New London Road, Chelmsford, Essex, CM2 0AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 November 2023 and 31 October 2024 700,000 700,000
_______ _______
Impairment
At 1 November 2023 and 31 October 2024 - -
_______ _______
Carrying amount
At 31 October 2024 700,000 700,000
_______ _______
At 31 October 2023 700,000 700,000
_______ _______
5. Debtors
2024 2023
£ £
Other debtors 62,200 69,600
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 609 -
Other creditors 27,083 52,443
_______ _______
27,692 52,443
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J.L. Innocent ( 49,706) ( 200) 26,185 ( 23,721)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J.L. Innocent ( 12,000) ( 59,000) 21,294 ( 49,706)
_______ _______ _______ _______