Precision Facades Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10235750 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2022

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:

Unit 2 The Oaks

Stanney Mill Lane

Ellesmere Port

CH2 4HY

Registered number:

10235750 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Tangible assets

4

51,811

80,821

Investments

5

46,750

18,000

98,561

98,821

Current assets

Debtors

6

2,306,390

3,116,888

Cash at bank and in hand

1,145,302

733,284

3,451,692

3,850,172

Creditors

Amounts falling due within one year

7

1,683,431

2,411,421

Net current assets

1,768,261

1,438,751

Total assets less current liabilities

1,866,822

1,537,572

Creditors

Amounts falling due after more than one year

8

(161,458

)

(218,750

)

Provisions for liabilities

(9,844

)

(15,356

)

Net assets

1,695,520

1,303,466

Capital and reserves

Called up share capital

9

100

100

Capital redemption reserve

24

24

Retained earnings

1,695,396

1,303,342

Shareholders' funds

1,695,520

1,303,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2023 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.

Improvements to property

-

20% on cost

Plant and machinery

-

50% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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 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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

3.	Employees and directors

The average number of employees during the year was 26 (2021 - 30 ) .

4.	Tangible fixed assets

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 October 2021

and 30 September 2022

40,665

2,009

22,010

Depreciation

At 1 October 2021

2,176

2,009

22,010

Charge for year

8,134

-

-

At 30 September 2022

10,310

2,009

22,010

Net book value

At 30 September 2022

30,355

-

-

At 30 September 2021

38,489

-

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 October 2021

and 30 September 2022

120,284

12,367

197,335

Depreciation

At 1 October 2021

77,952

12,367

116,514

Charge for year

20,876

-

29,010

At 30 September 2022

98,828

12,367

145,524

Net book value

At 30 September 2022

21,456

-

51,811

At 30 September 2021

42,332

-

80,821

5.	Fixed asset investments

Other

investments

£

Cost

At 1 October 2021

18,000

Additions

36,750

Disposals

(8,000

)

At 30 September 2022

46,750

Net book value

At 30 September 2022

46,750

At 30 September 2021

18,000

6.

Debtors: amounts falling due within one year

30/9/22

30/9/21

£

£

Trade debtors

1,819,565

2,344,419

Amounts recoverable on contracts

7,821

6,038

Other debtors

479,004

766,431

2,306,390

3,116,888

7.

Creditors: amounts falling due within one year

30/9/22

30/9/21

£

£

Trade creditors

415,837

645,700

Taxation and social security

244,502

225,126

Other creditors

1,023,092

1,540,595

1,683,431

2,411,421

8.

Creditors: amounts falling due after more than one year

30/9/22

30/9/21

£

£

Other creditors

161,458

218,750

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/22

30/9/21

value:

£

£

65

A Ordinary

£1

65

65

25

B Ordinary

£1

25

25

10

C Ordinary

£1

10

10

100

100

10.	Operating lease commitments

At 30 September 2022 the company had commitments under non-cancellable operating leases over the remaining life of these leases of £329,746 (2021: £nil). The amount payable within one year in respect of these leases was £37,800 (2021: £nil).