Precision Rifle Services Limited - Accounts to registrar (filleted) - small 23.2.5
Precision Rifle Services Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
| FOR |
| PRECISION RIFLE SERVICES LIMITED |
| PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PRECISION RIFLE SERVICES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 31 Strathspey Avenue |
| Aviemore |
| PH22 1SN |
| BANKERS: |
| 29 Harbour Road |
| Inverness |
| IV1 1NU |
| PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657) |
| BALANCE SHEET |
| 31 AUGUST 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Allotted, called up and fully |
| paid share capital | 10 |
| Profit and loss account - distributable |
| SHAREHOLDERS' FUNDS |
| 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. |
| PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657) |
| BALANCE SHEET - continued |
| 31 AUGUST 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 1. | STATUTORY INFORMATION |
| Precision Rifle Services Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover represents revenue earned, excluding value added tax, under a wide variety of contracts to provide construction, repair and maintenance of rifles and other sporting guns. |
| Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under those contracts. |
| GOODWILL |
| 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 |
| Land and buildings | - |
| Plant and machinery etc | - |
| STOCKS |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| TAXATION |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| DEFERRED TAX |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
| PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Debtors and creditors with no stated interest and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 September 2022 |
| and 31 August 2023 |
| AMORTISATION |
| At 1 September 2022 |
| and 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 |
| At 31 August 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2022 |
| Additions |
| At 31 August 2023 |
| DEPRECIATION |
| At 1 September 2022 |
| Charge for year |
| At 31 August 2023 |
| NET BOOK VALUE |
| At 31 August 2023 |
| At 31 August 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| PRECISION RIFLE SERVICES LIMITED (REGISTERED NUMBER: SC196657) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Included in other creditors is a loan from the Directors. At the balance sheet date this loan amounted to £54,410 (2022: £45,230). The loan is granted free of interest and is repayable when the company has the funds to do so. Also included is £10,000 (2022: £10,000) relating to a Bounce Back Loan. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Other creditors |
| This is made up of £18,153 (2022: £27,926) relating to a Bounce Back Loan. |
| 9. | PROVISIONS FOR LIABILITIES |
| 2023 | 2022 |
| £ | £ |
| Deferred tax | 9,474 | 9,668 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2022 |
| Provided during year | ( |
) |
| Balance at 31 August 2023 |
| 10. | ALLOTTED, CALLED UP AND FULLY |
| PAID SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 160,608 | 160,608 |