Precision Technology Consulting Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 07397178

Unaudited Financial Statements for the Year Ended 31 October 2023

for

Precision Technology Consulting Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

C O Bajomo

SECRETARY:

C O Bajomo

REGISTERED OFFICE:

Kemp House

152 City Road

London

EC1V 2NX

REGISTERED NUMBER:

07397178

FIXED ASSETS

Tangible assets

5

1,107

1,975

CURRENT ASSETS

Debtors

6

43,984

61,028

Cash at bank

2

2

43,986

61,030

CREDITORS

Amounts falling due within one year

7

31,998

34,677

NET CURRENT ASSETS

11,988

26,353

TOTAL ASSETS LESS CURRENT LIABILITIES

13,095

28,328

CREDITORS

Amounts falling due after more than one year

8

(20,267

)

(27,867

)

PROVISIONS FOR LIABILITIES

(221

)

(361

)

NET (LIABILITIES)/ASSETS

(7,393

)

100

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(7,493

)

-

SHAREHOLDERS' FUNDS

(7,393

)

100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 17 November 2023 and were signed by:

C O Bajomo - Director

1.	STATUTORY INFORMATION

Precision Technology Consulting Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting estimates and judgements

No significant judgements have had to be made by the directors in preparing these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc

-

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2022

and 31 October 2023

4,499

DEPRECIATION

At 1 November 2022

2,524

Charge for year

868

At 31 October 2023

3,392

NET BOOK VALUE

At 31 October 2023

1,107

At 31 October 2022

1,975

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Other debtors

43,984

61,028

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Bank loans and overdrafts

20,830

18,198

Trade creditors

210

120

Taxation and social security

9,769

13,545

Other creditors

1,189

2,814

31,998

34,677

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.23

31.10.22

£

£

Other creditors

20,267

27,867

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23

31.10.22

£

£

C O Bajomo

Balance outstanding at start of year

43,732

39,423

Amounts advanced

(17,044

)

20,767

Amounts repaid

-

(16,458

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

26,688

43,732

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C O Bajomo.