Precision Cargo Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02486904 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

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

10

DIRECTOR:

Mr G K Green

REGISTERED OFFICE:

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

REGISTERED NUMBER:

02486904 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Limited

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

The following reproduces the text of the report prepared for the director 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 Director 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 2023 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 director of Precision Cargo Services Limited 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 director of Precision Cargo Services Limited 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 director 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 Limited

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

16 January 2024

FIXED ASSETS

Tangible assets

4

221,083

11,957

CURRENT ASSETS

Debtors

5

853,591

654,543

Cash at bank

544,043

119,492

1,397,634

774,035

CREDITORS

Amounts falling due within one year

6

541,824

569,670

NET CURRENT ASSETS

855,810

204,365

TOTAL ASSETS LESS CURRENT LIABILITIES

1,076,893

216,322

CREDITORS

Amounts falling due after more than one year

7

(334,739

)

(30,833

)

PROVISIONS FOR LIABILITIES

(5,847

)

(2,272

)

NET ASSETS

736,307

183,217

CAPITAL AND RESERVES

Called up share capital

10

1,002

1,002

Share premium

14

14

Retained earnings

735,291

182,201

SHAREHOLDERS' FUNDS

736,307

183,217

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 16 January 2024 and were signed 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 40 Oxford Road, High Wycombe, Buckinghamshire, HP11 2EE. 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 director has assessed expected future cashflows, giving due consideration to all relevant factors affecting the company. The director has considered the potential impact on the company as well as its capital resources and believes that the company has adequate resources in place to continue in operation for at least twelve months from the date of approval of the financial statements. Consequently, the company continues to adopt the going concern basis in preparing these financial statements.

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

Motor vehicles - 25% reducing balance

Plant & machinery - 15% reducing balance

Computer equipment - 33% straight line

Leasehold improvements - over the length of the lease

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 statement of financial position. Finance costs and gains or losses relating to financial liabilities are included in the income statement. 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 16 (2022 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 May 2022

-

-

51,755

Additions

18,795

2,791

1,205

At 30 April 2023

18,795

2,791

52,960

DEPRECIATION

At 1 May 2022

-

-

39,798

Charge for year

704

138

6,047

At 30 April 2023

704

138

45,845

NET BOOK VALUE

At 30 April 2023

18,091

2,653

7,115

At 30 April 2022

-

-

11,957

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2022

-

-

51,755

Additions

204,445

1,497

228,733

At 30 April 2023

204,445

1,497

280,488

DEPRECIATION

At 1 May 2022

-

-

39,798

Charge for year

12,501

217

19,607

At 30 April 2023

12,501

217

59,405

NET BOOK VALUE

At 30 April 2023

191,944

1,280

221,083

At 30 April 2022

-

-

11,957

5.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

490,750

630,588

Amounts owed by group undertakings

278,780

-

Other debtors

64,036

23,955

833,566

654,543

Amounts falling due after more than one year:

Other debtors

20,025

-

Aggregate amounts

853,591

654,543

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

55,160

10,000

Hire purchase contracts (see note 8)

38,687

-

Trade creditors

265,576

441,779

Taxation and social security

165,477

92,302

Other creditors

16,924

25,589

541,824

569,670

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

227,457

30,833

Hire purchase contracts (see note 8)

107,282

-

334,739

30,833

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

38,687

-

Between one and five years

107,282

-

145,969

-

Non-cancellable

operating leases

2023

2022

£

£

Within one year

145,148

99,854

Between one and five years

305,404

11,603

In more than five years

37,511

-

488,063

111,457

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

145,969

-

Bank loans

251,783

-

397,752

-

The above liabilities are secured by a fixed and floating charge over the company's assets.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,002

Ordinary shares

£1

1,002

1,002

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

2023

2022

£

£

Mr G K Green

Balance outstanding at start of year

-

-

Amounts advanced

15,258

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15,258

-

The amount owed by the director at the year end is interest free and repayable on demand.

12.	RELATED PARTY DISCLOSURES

During the year the company gave a loan to its parent company, this loan is interest free and repayable on demand. The balance at the year end was £278,780.

13.	ULTIMATE CONTROLLING PARTY

The director considers Classic Freight Holdings Limited to be both the immediate parent and the ultimate parent company. The registered office of Classic Freight Holdings Limited is 40 Oxford Road, High Wycombe, Buckinghamshire, HP11 2EE.