Precision Facades Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10235750 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2019

for

Precision Facades Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

S McGowan

J E Lovell

Secretary:

K McGowan

Registered office:

Bridgewater House

North Road Industrial Estate

Ellesmere Port

CH65 1AF

Registered number:

10235750 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Tangible assets

4

68,477

72,321

Investments

5

50,743

30,603

119,220

102,924

Current assets

Debtors

6

2,047,418

1,712,740

Cash at bank

536,894

743,984

2,584,312

2,456,724

Creditors

Amounts falling due within one year

7

1,826,653

2,154,495

Net current assets

757,659

302,229

Total assets less current liabilities

876,879

405,153

Creditors

Amounts falling due after more than one year

8

-

(6,341

)

Provisions for liabilities

(13,011

)

-

Net assets

863,868

398,812

Capital and reserves

Called up share capital

10

83

83

Capital redemption reserve

21

21

Retained earnings

863,764

398,708

Shareholders' funds

863,868

398,812

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 2 December 2019 and were signed on its behalf by:

S McGowan - Director

1.	Statutory information

Precision Facades Ltd 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of

ownership have transferred to the buyer, usually on despatch of the goods; the amount of

revenue can be measured reliably; it is probable that the associated economic benefits will

flow to the entity and the costs incurred or to be incurred in respect of the transactions can

be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion

of the service transaction at the end of the reporting period provided that the outcome can

be reliably estimated. When the outcome cannot be reliably estimated, revenue is

recognised only to the extent that expenses recognised are recoverable.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue

and contract costs are recognised by reference to the stage of completion of the contract

activity as at the year end.

Where the outcome of construction contracts cannot be estimated reliably, revenue is

recognised to the extent of contract costs incurred that it is probable will be recoverable, and

contract costs are recognised as an expense in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected

loss is expensed immediately, with a corresponding provision for an onerous contract being

recognised.

Where the collectability of an amount already recognised as contract revenue is no longer

probable, the uncollectible amount is expensed rather than recognised as an adjustment to

the amount of contract revenue.

The entity uses the percentage of completion method to determine the amounts to be

recognised in the period. The stage of completion is measured by reference to the contract

costs incurred up to the end of the reporting period as a percentage of total estimated costs

for each contract. Costs incurred for work performed to date do not include costs relating to

future activity, such as for materials or prepayments.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

50% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as

tangible assets and depreciated over their useful lives. Obligations under such agreements

are included in creditors net of the finance charge allocated to future periods. Finance

charges are allocated to each period so as to produce a constant rate of interest on the

remaining balance of the liability.

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.

3.	Employees and directors

The average number of employees during the year was 20 (2018 - 12 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 October 2018

2,009

22,010

56,679

12,367

93,065

Additions

-

-

38,429

-

38,429

Disposals

-

-

(16,784

)

-

(16,784

)

At 30 September 2019

2,009

22,010

78,324

12,367

114,710

Depreciation

At 1 October 2018

1,255

4,677

12,364

2,448

20,744

Charge for year

754

7,341

22,016

3,770

33,881

Eliminated on disposal

-

-

(8,392

)

-

(8,392

)

At 30 September 2019

2,009

12,018

25,988

6,218

46,233

Net book value

At 30 September 2019

-

9,992

52,336

6,149

68,477

At 30 September 2018

754

17,333

44,315

9,919

72,321

5.	Fixed asset investments

Other

investments

£

Cost

At 1 October 2018

30,603

Additions

20,140

At 30 September 2019

50,743

Net book value

At 30 September 2019

50,743

At 30 September 2018

30,603

Fixed asset investments were included in last year's financial statements as current asset

investments. This reclassification more accurately reflects the nature of the assets.

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

1,871,799

1,374,093

Amounts recoverable on contracts

72,259

39,890

Other debtors

103,360

298,757

2,047,418

1,712,740

Amounts recoverable on contracts were included in last year's financial statements as

stocks. This reclassification more accurately reflects the nature of these balances.

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Hire purchase contracts

-

4,349

Trade creditors

691,338

321,611

Taxation and social security

264,451

535,754

Other creditors

870,864

1,292,781

1,826,653

2,154,495

8.

Creditors: amounts falling due after more than one year

2019

2018

£

£

Hire purchase contracts

-

6,341

9.	Secured debts

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

-

10,690

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

80

Ordinary

£1

80

80

1

B Ordinary

£1

1

1

1

C Ordinary

£1

1

1

1

E Ordinary

£1

1

1

83

83