Company registration number SC050448 (Scotland)
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
S McCartan
A McCartan
(Appointed 28 October 2024)
C Holt
(Appointed 28 October 2024)
Secretary
S McCartan
Company number
SC050448
Registered office
Unit 3
Highbank Park Industrial Estate
Lochgilphead
Argyll
PA31 8NN
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Precision Photofabrication Developments Limited for the year ended 31 March 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Precision Photofabrication Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Precision Photofabrication Developments Limited and state those matters that we have agreed to state to the board of directors of Precision Photofabrication Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Precision Photofabrication Developments Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Precision Photofabrication Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Precision Photofabrication Developments Limited. You consider that Precision Photofabrication Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Precision Photofabrication Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
7 August 2025
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
517,825
532,716
Investment property
4
164,725
164,725
Investments
5
45,027
43,426
727,577
740,867
Current assets
Stocks
30,345
29,750
Debtors
6
80,276
92,182
Cash at bank and in hand
177,135
324,467
287,756
446,399
Creditors: amounts falling due within one year
7
(106,069)
(91,623)
Net current assets
181,687
354,776
Total assets less current liabilities
909,264
1,095,643
Provisions for liabilities
(110,610)
(111,933)
Net assets
798,654
983,710
Capital and reserves
Called up share capital
8
2,000
2,000
Revaluation reserve
19,363
23,428
Other reserves
4,000
4,000
Profit and loss reserves
773,291
954,282
Total equity
798,654
983,710
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 3 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 August 2025 and are signed on its behalf by:
S McCartan
Director
Company registration number SC050448 (Scotland)
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information

Precision Photofabrication Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 3, Highbank Park Industrial Estate, Lochgilphead, Argyll, PA31 8NN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and machinery
5% straight line
Fixtures, fittings and equipment
25% reducing balance
Computer equipment
30% reducing balance

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
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 in the company's balance sheet 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, when 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
15
16
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
72,173
763,849
38,224
57,507
931,753
Additions
-
0
28,171
124
-
0
28,295
Disposals
-
0
(9,323)
-
0
(11,808)
(21,131)
At 31 March 2025
72,173
782,697
38,348
45,699
938,917
Depreciation and impairment
At 1 April 2024
6,183
320,423
28,622
43,809
399,037
Depreciation charged in the year
847
35,109
2,418
4,102
42,476
Eliminated in respect of disposals
-
0
(8,636)
-
0
(11,785)
(20,421)
At 31 March 2025
7,030
346,896
31,040
36,126
421,092
Carrying amount
At 31 March 2025
65,143
435,801
7,308
9,573
517,825
At 31 March 2024
65,990
443,426
9,602
13,698
532,716
4
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
164,725

The investment property was acquired on 2 March 2017 at fair value. The director's have assessed the fair value of the investment property at the balance sheet date and consider the acquisition value to still be appropriate.

5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
45,027
43,426
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
43,426
Fair value adjustments
1,601
At 31 March 2025
45,027
Carrying amount
At 31 March 2025
45,027
At 31 March 2024
43,426
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
63,253
59,014
Other debtors
14,023
27,168
77,276
86,182
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
3,000
6,000
Total debtors
80,276
92,182
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
6,083
28,552
Taxation and social security
84,030
48,233
Other creditors
15,956
14,838
106,069
91,623
PRECISION PHOTOFABRICATION DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Ordinary A shares of £1 each
500
500
500
500
Ordinary B shares of £1 each
300
300
300
300
Ordinary C shares of £1 each
200
200
200
200
2,000
2,000
2,000
2,000
9
Non adjusting events after the financial period

After the balance sheet date dividends totalling £89,050 were voted.

10
Financial commitments, guarantees and contingent liabilities

The total amount of financial commitments not included in the balance sheet is £108,201 (2024 - £127,551).

11
Directors' transactions

During the year the following movements took place in respect of loans made to directors:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Interest free loans repayable on demand
-
13,747
16,575
(30,199)
123
13,747
16,575
(30,199)
123

At the balance sheet date the amounts owed to directors amounted to £3,600 (2024 - £Nil). The loans are provided interest free and are repayable on demand.

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