Precision Cargo Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02486904 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2019

FOR

PRECISION CARGO SERVICES LIMITED

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTORS:

Mr L W Taylor

Mr G K Green

SECRETARY:

Mr L W Taylor

REGISTERED OFFICE:

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

REGISTERED NUMBER:

02486904 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

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 Cargo Services Limited for the year ended 30 April 2019 which comprise the

Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Precision Cargo Services 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 Cargo Services Limited. You consider that Precision Cargo Services 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 Cargo Services 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.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

18 October 2019

FIXED ASSETS

Tangible assets

4

13,272

16,706

CURRENT ASSETS

Debtors

5

460,313

557,126

Cash at bank

780

1,416

461,093

558,542

CREDITORS

Amounts falling due within one year

6

558,938

610,895

NET CURRENT LIABILITIES

(97,845

)

(52,353

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(84,573

)

(35,647

)

CREDITORS

Amounts falling due after more than one year

7

(32,751

)

(109,195

)

PROVISIONS FOR LIABILITIES

(2,522

)

(3,174

)

NET LIABILITIES

(119,846

)

(148,016

)

CAPITAL AND RESERVES

Called up share capital

9

1,002

1,002

Share premium

14

14

Retained earnings

(120,862

)

(149,032

)

SHAREHOLDERS' FUNDS

(119,846

)

(148,016

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 October 2019 and were signed on its behalf by:

Mr G K Green - Director

1.	STATUTORY INFORMATION

Precision Cargo Services Limited is a private company, limited by shares, registered in England and Wales.

The address of the company's registered office is 57 London Road, High Wycombe, Buckinghamshire, HP11

1BS. The principal place of business is Pinewood Road, Iver, Buckinghamshire, SL0 0NH. The registered

number is 02486904.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary

economic market in which the entity operates (its functional currency). All amounts in these financial

statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

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.

The financial statements have been prepared on the going concern basis. Although at the statement of

financial position date the company had net current liabilities of £97,845 and total net liabilities of £119,846,

the directors believe it is appropriate for the financial statements to be prepared on this basis. The company

is able to rely on the support of its shareholders.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during

the year, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual

value of each asset over its estimate useful life:

Fixtures & Fittings - 25% and 15% reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Foreign currencies

Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at

the date of the transaction. Monetary assets and liabilities at the period end denominated in a foreign

currency are translated into Sterling at the rate of exchange ruling at the statement of financial position date.

Exchange differences are taken into account when arriving at the operating profit.

Hire purchase and leasing commitments

Assets acquired and held under finance lease or hire purchase contracts are capitalised in the statement of

financial position. Those held under finance leases are depreciated over the shorter of the lease term and

the estimated useful life of the asset. Those held under hire purchase contracts are depreciated over the

estimated useful life of the asset.

Minimum lease payments are apportioned between the finance charge and the reduction and the

outstanding lease liability using effective interest method. The related obligation, exclusive of finance

charges allocated to future periods, is recognised as a liability with the finance element charged to the profit

and loss account over the relevant period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain

with the lessor are charged against profits on a straight line basis over the period of the lease.

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.

Financial instruments

The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other

Financial Instrument Issues" of FRS 102 to its financial statements.

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar

debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are

presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are

included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of

return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial

liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments

are debited direct to equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2018 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 May 2018

and 30 April 2019

43,254

DEPRECIATION

At 1 May 2018

26,548

Charge for year

3,434

At 30 April 2019

29,982

NET BOOK VALUE

At 30 April 2019

13,272

At 30 April 2018

16,706

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

448,116

538,551

Other debtors

12,197

18,575

460,313

557,126

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

77,582

68,199

Trade creditors

350,553

405,555

Taxation and social security

43,066

28,639

Other creditors

87,737

108,502

558,938

610,895

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

-

14,609

Other creditors

32,751

94,586

32,751

109,195

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

15,762

41,574

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,002

Ordinary shares

1

1,002

1,002

10.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies not included in the balance sheet amount to

£51,223 (2018 - £49,054).