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REGISTERED NUMBER: 08038880 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Precision Facilities Management Limited

Precision Facilities Management Limited (Registered number: 08038880)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Precision Facilities Management Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: B Thankey





REGISTERED OFFICE: 27 Old Gloucester Street
London
WC1N 3AX





REGISTERED NUMBER: 08038880 (England and Wales)





ACCOUNTANTS: torr waterfield
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

Precision Facilities Management Limited (Registered number: 08038880)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 281,075 222,736

CURRENT ASSETS
Stocks 30,950 30,950
Debtors 5 1,015,240 964,646
Cash at bank 16,680 20,814
1,062,870 1,016,410
CREDITORS
Amounts falling due within one year 6 (1,120,825 ) (971,187 )
NET CURRENT (LIABILITIES)/ASSETS (57,955 ) 45,223
TOTAL ASSETS LESS CURRENT
LIABILITIES

223,120

267,959

CREDITORS
Amounts falling due after more than one
year

7

(274,044

)

(113,404

)

PROVISIONS FOR LIABILITIES (26,336 ) (25,830 )
NET (LIABILITIES)/ASSETS (77,260 ) 128,725

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings (82,260 ) 123,725
(77,260 ) 128,725

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Precision Facilities Management Limited (Registered number: 08038880)

Balance Sheet - continued
31 July 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 June 2025 and were signed by:





B Thankey - Director


Precision Facilities Management Limited (Registered number: 08038880)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Precision Facilities Management 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.
Improvements to property - 20% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

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.

Precision Facilities Management Limited (Registered number: 08038880)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those 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.

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.

Government grants
Government Grants receivable in relation to expenditure is recognised when the expenditure is charged to the profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 29 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2023 83,792 47,417 157,609 125,484 414,302
Additions - 41,440 63,779 40,540 145,759
Disposals - - - (5,850 ) (5,850 )
At 31 July 2024 83,792 88,857 221,388 160,174 554,211
DEPRECIATION
At 1 August 2023 21,227 37,933 51,085 81,321 191,566
Charge for year 15,693 9,892 33,562 26,739 85,886
Eliminated on disposal - - - (4,316 ) (4,316 )
At 31 July 2024 36,920 47,825 84,647 103,744 273,136
NET BOOK VALUE
At 31 July 2024 46,872 41,032 136,741 56,430 281,075
At 31 July 2023 62,565 9,484 106,524 44,163 222,736

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 310,791 458,120
Other debtors 704,449 506,526
1,015,240 964,646

Other debtors includes prepayments and accrued income of £390,711 (2023 - £262,148).

Precision Facilities Management Limited (Registered number: 08038880)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 154,688 25,792
Hire purchase contracts 20,213 12,725
Trade creditors 457,753 416,524
Taxation and social security 26,864 79,284
Other creditors 461,307 436,862
1,120,825 971,187

Other creditors includes accruals and deferred income of £100,244 (2023 - £66,635).

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 229,604 81,532
Hire purchase contracts 44,440 31,872
274,044 113,404

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 5 years 10,118 -

8. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 384,292 107,324
Hire purchase contracts 64,653 44,597
Factoring account 169,849 289,336
618,794 441,257

The bank loans are secured on the assets of the company.

The factoring account is secured on the company's sales ledger.

The hire purchase and finance lease are secured on the related assets included in the financial statements.

9. OTHER FINANCIAL COMMITMENTS

The total amount of commitments, guarantees and contingencies that are not included in the balance sheet is £18,812 (2023 - £37,676).

Precision Facilities Management Limited (Registered number: 08038880)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31.7.24 31.7.23
£    £   
B Thankey
Balance outstanding at start of year - -
Amounts advanced - 46,924
Amounts repaid - (46,924 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The above loan was subject to HMRC's official rate of interest and was repayable on demand.