PRECISE_SPECIFICATIONS_LI

PRECISE SPECIFICATIONS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1

Notes to the abbreviated accounts

2 - 4

PRECISE SPECIFICATIONS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2015

- 1 -

2015

2014

Notes

£

Fixed assets

Tangible assets

2

-

1,044

Investments

2

100,042

101,086

Current assets

Debtors

205,786

204,677

Cash at bank and in hand

20,309

27,100

226,095

231,777

Creditors: amounts falling due within one year

(251,484)

(274,700)

Net current liabilities

(25,389)

(42,923)

Total assets less current liabilities

74,653

58,163

Capital and reserves

Called up share capital

3

50

Other reserves

(169,950)

Profit and loss account

244,553

228,063

Shareholders' funds

74,653

58,163

For the financial year ended 30 April 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

-

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

-

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 January 2016

Mr L Joyce

Director

Company Registration No. 03410606

PRECISE SPECIFICATIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2015

- 2 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents commission received. The company is not registered for VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

33.33% on cost

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Group accounts

Consolidation

The financial statements contain information about Precise Specifications Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company is exempt under section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the group it heads qualifies as a small group.

PRECISE SPECIFICATIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2015

- 3 -

2

Fixed assets

Tangible assets

Investments

Total

£

Cost

At 1 May 2014 & at 30 April 2015

35,045

100,042

135,087

Depreciation

At 1 May 2014

34,001

-

34,001

Charge for the year

1,044

-

1,044

At 30 April 2015

35,045

-

35,045

Net book value

At 30 April 2015

-

100,042

At 30 April 2014

1,044

100,042

101,086

The company's investments at the balance sheet date in the share capital of companies include the following:

Subsidiary

ABG Construction & Mineral Tools Limited

Nature of business: Mineral tool engineers

%

Class of shares: holding

Ordinary 77.68

2015 2014

£ £

Aggregate capital and reserves 580,234 662,026

(Loss)/Profit for the year (65,994) 34,578

Associated Company

Mills Forgings Limited

Nature of business: Steel press forgings manufacturers

%

Class of shares: holding

Ordinary 45.13

2015 2014

£ £

Aggregate capital and reserves 382,631 358,980

Profit for the year 69,894 99,053

PRECISE SPECIFICATIONS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2015

- 4 -

3

Share capital

2015

2014

£

Allotted, called up and fully paid

50 of £1 each

50

PRECISE_SPECIFICATIONS_LI - Accounts

PRECISE_SPECIFICATIONS_LI - Accounts