Precision Motion (Cofil) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02227822 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

PRECISION MOTION (COFIL) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S A Smith

Mrs K L Smith

SECRETARY:

Mrs K L Smith

REGISTERED OFFICE:

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

REGISTERED NUMBER:

02227822 (England and Wales)

ACCOUNTANTS:

Whitehead & Howarth

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

BANKERS:

Barclays Bank Plc

38 Fishergate

Preston

Lancashire

PR1 2DD

FIXED ASSETS

Tangible assets

4

18,140

22,794

Investments

5

315,348

305,262

333,488

328,056

CURRENT ASSETS

Stocks

9,273

1,435

Debtors

2,024

4,303

Cash at bank

350,650

492,298

361,947

498,036

CREDITORS

Amounts falling due within one year

6,238

23,735

NET CURRENT ASSETS

355,709

474,301

TOTAL ASSETS LESS CURRENT LIABILITIES

689,197

802,357

PROVISIONS FOR LIABILITIES

6

1,134

563

NET ASSETS

688,063

801,794

CAPITAL AND RESERVES

Called up share capital

40,001

40,001

Retained earnings

648,062

761,793

688,063

801,794

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 28th February 2024 and were signed on its behalf by:

Mr S A Smith - Director

1.	STATUTORY INFORMATION

Precision Motion (Cofil) Limited 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.

Tangible fixed assets

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

Motor vehicles

-

20% on reducing balance

Office equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 recognised at their transaction price (including transaction costs) and subsequently at fair value. Any changes in fair value are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st January 2023

and 31st December 2023

82,722

DEPRECIATION

At 1st January 2023

59,928

Charge for year

4,654

At 31st December 2023

64,582

NET BOOK VALUE

At 31st December 2023

18,140

At 31st December 2022

22,794

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31/12/23

31/12/22

£

£

Investment bond

857

857

Revaluation

(55

)

-

802

857

Information on loans is as follows:

Totals

£

At 1st January 2023

304,405

Additions

10,141

At 31st December 2023

314,546

Fixed assets investments are initially recognised at fair value. Realised and unrealised gains and losses arising from changes in the fair value are included in the income statement in the period in which they arise.

6.	PROVISIONS FOR LIABILITIES

31/12/23

31/12/22

£

£

Deferred tax

1,134

563

Deferred

tax

£

Balance at 1st January 2023

563

Provided during year

571

Balance at 31st December 2023

1,134

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr S A Smith.