Precision Home Interiors Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13141152 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Precision Home Interiors Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

A W Gillespie

REGISTERED OFFICE:

HATS Gloucester Ltd

48 Hucclecote Road

Gloucester

GL3 3RS

REGISTERED NUMBER:

13141152 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

48 Hucclecote Road

Gloucester

Gloucestershire

GL3 3RS

FIXED ASSETS

Tangible assets

4

-

2,693

CURRENT ASSETS

Stocks

-

3,000

Debtors

5

19,446

122,436

Cash at bank and in hand

7,589

37,738

27,035

163,174

CREDITORS

Amounts falling due within one year

6

60,726

111,717

NET CURRENT (LIABILITIES)/ASSETS

(33,691

)

51,457

TOTAL ASSETS LESS CURRENT LIABILITIES

(33,691

)

54,150

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(33,791

)

54,050

SHAREHOLDERS' FUNDS

(33,691

)

54,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 11 June 2024 and were signed by:

A W Gillespie - Director

1.	STATUTORY INFORMATION

Precision Home Interiors 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 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.

As explained in the Report of the Directors, the directors do not consider Precision Home Interiors Ltd to be a going concern as the company has ceased to trade, and have therefore prepared the financial statements on a break up basis. There has been no financial impairment of Precision Home Interiors Ltd's assets as a result of the break up basis of valuation.

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.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33% on cost

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

Cost

At 1 February 2023

3,157

488

3,645

Additions

8,000

-

8,000

Disposals

(11,157

)

(488

)

(11,645

)

At 31 January 2024

-

-

-

Depreciation

At 1 February 2023

789

163

952

Eliminated on disposal

(789

)

(163

)

(952

)

At 31 January 2024

-

-

-

Net book value

At 31 January 2024

-

-

-

At 31 January 2023

2,368

325

2,693

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/24

31/1/23

£

£

Trade debtors

5,650

39,328

Other debtors

13,796

83,108

19,446

122,436

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/24

31/1/23

£

£

Trade creditors

1,884

37,179

Taxation and social security

38,680

58,024

Other creditors

20,162

16,514

60,726

111,717

7.	RELATED PARTY DISCLOSURES

Precision Green Energy Solutions Ltd

A company controlled by A W Gillespie

During the year, Precision Green Energy Solutions Ltd provided goods and services amounting to £115,475 (2023 - £20,768) to Precision Home Interiors Ltd. Precision Green Energy Solutions Ltd also purchased goods and services from Precision Home Interiors Ltd amounting to £5,732 (2023 - £1,924). A loan of £nil (2023 - £9,000) was advanced to Precision Green Energy Solutions Ltd. At the year end Precision Green Energy Solutions Ltd owed Precision Home Interiors Ltd £nil (2023 - £4,000).

Precision Builders Ltd

A company controlled by A W Gillespie

During the year, Precision Builders Ltd provided goods and services amounting to £17,674 (2023 - £28,537) to Precision Home Interiors Ltd. Precision Builders Ltd also purchased goods and services from Precision Homes Interiors Ltd amounting to £11,515 (2023 - £74,196). A loan of £37,000 (2023 - £nil) was received from Precision Builders Ltd. At the year end Precision Home Interiors Ltd owed Precision Builders Ltd £18,816 (2023 - £23,463).