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Company No: 07889150 (England and Wales)

PDQ PRECISION LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PDQ PRECISION LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PDQ PRECISION LIMITED

BALANCE SHEET

As at 31 December 2024
PDQ PRECISION LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 435,437 342,608
435,437 342,608
Current assets
Stocks 4 10,000 36,000
Debtors 5 132,680 158,685
Cash at bank and in hand 49,877 10
192,557 194,695
Creditors: amounts falling due within one year 6 ( 249,871) ( 245,960)
Net current liabilities (57,314) (51,265)
Total assets less current liabilities 378,123 291,343
Creditors: amounts falling due after more than one year 7 ( 199,604) ( 156,372)
Provision for liabilities 8 ( 108,621) ( 83,107)
Net assets 69,898 51,864
Capital and reserves
Called-up share capital 110 110
Profit and loss account 69,788 51,754
Total shareholders' funds 69,898 51,864

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of PDQ Precision Limited (registered number: 07889150) were approved and authorised for issue by the Director on 18 July 2025. They were signed on its behalf by:

M W Thrower
Director
PDQ PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PDQ PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PDQ Precision Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Units 1-3 Limber Road, Lufton Trading Estate, Yeovil, Somerset, BA22 8RR.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 - 10 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 14 15

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 787,157 10,000 2,190 10,463 809,810
Additions 154,681 15,000 2,784 7,756 180,221
At 31 December 2024 941,838 25,000 4,974 18,219 990,031
Accumulated depreciation
At 01 January 2024 450,682 7,380 1,120 8,020 467,202
Charge for the financial year 83,355 1,024 698 2,315 87,392
At 31 December 2024 534,037 8,404 1,818 10,335 554,594
Net book value
At 31 December 2024 407,801 16,596 3,156 7,884 435,437
At 31 December 2023 336,475 2,620 1,070 2,443 342,608

4. Stocks

2024 2023
£ £
Stocks 5,000 26,000
Work in progress 5,000 10,000
10,000 36,000

5. Debtors

2024 2023
£ £
Trade debtors 115,580 118,751
Amounts owed by director 8,942 34,206
Prepayments 5,888 5,023
Other debtors 2,270 705
132,680 158,685

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 5,000 7,875
Trade creditors 58,057 47,487
Other loans (secured) 5,819 5,294
Accruals 5,305 4,742
Taxation and social security 95,530 102,370
Obligations under finance leases and hire purchase contracts (secured) 77,340 73,375
Other creditors 2,820 4,817
249,871 245,960

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 27,084 32,084
Other loans (secured) 15,854 15,529
Obligations under finance leases and hire purchase contracts (secured) 156,666 108,759
199,604 156,372

Bank overdrafts are secured by fixed and floating charges over all property and assets. They are also secured by way of a personal guarantee from the director over his private residence.

Within bank loans is a balance of £32,084 (2023 - £37,084) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan.

Within other loans is a balance of £15,529 (2023 - £20,824) relating to an outstanding amount due from the Recovery Loan Scheme. The UK government have guaranteed 80% of the value of the loan, the remaining 20% is unsecured.

Obligations under hire purchase contracts are secured against the assets concerned, which are included within plant and machinery and vehicles. At the balance sheet date the assets concerned had a combined net book value of £377,025 (2023 - £252,469).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 7,084 12,084

8. Provision for liabilities

2024 2023
£ £
Deferred tax 108,621 83,107

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 26,100 26,100

The total commitments noted above relate to non-cancellable operating leases over business premises.

10. Related party transactions

Transactions with the entity's director

Advances

The joint shareholders' loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per person at the official HMRC rate.

At 1 January 2024, the balance owed by the shareholders was £34,206. During the year, the company made advances to shareholders amounting to £77,028 and received repayments of £102,292 leaving a balance due by shareholders of £8,942.

At 1 January 2023, the balance owed by the shareholders was £48,807. During the year, the company made advances to shareholders amounting to £48,270 and received repayments of £62,871 leaving a balance due by shareholders of £34,206.

11. Government Grants

During the year other government grants totalling £1,000 (2023 - £1,000) were received.