Precision Financial Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08708324 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Precision Financial Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

Mr B S Sidhu

Mr J Owen

REGISTERED OFFICE:

5th Floor

West Glamorgan House

12 Orchard Street

Swansea

SA1 5AD

REGISTERED NUMBER:

08708324 (England and Wales)

ACCOUNTANTS:

Macario Lewin

Chartered Accountants

Bellarmine House

14 Upper Church Street

Chepstow

Monmouthshire

NP16 5EX

The following reproduces the text of the report prepared for the directors and members 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 Balance

Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the

Directors 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 Financial Limited for the year ended 31 March 2017 which comprise the Profit and Loss Account, Abridged

Balance Sheet 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 Board of Directors of Precision Financial Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Precision Financial Limited and state those matters that we have agreed to state to the Board of Directors of Precision Financial Limited, as a body, 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 Financial Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Precision Financial 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 loss of Precision Financial Limited. You consider that Precision Financial 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 Financial 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.

Macario Lewin

Chartered Accountants

Bellarmine House

14 Upper Church Street

Chepstow

Monmouthshire

NP16 5EX

11 December 2017

FIXED ASSETS

Tangible assets

4

26,541

-

CURRENT ASSETS

Debtors

96,074

10,639

Cash at bank

-

8,914

96,074

19,553

CREDITORS

Amounts falling due within one year

412,279

190,308

NET CURRENT LIABILITIES

(316,205

)

(170,755

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(289,664

)

(170,755

)

CREDITORS

Amounts falling due after more than one year

5

(220,269

)

(100,000

)

PROVISIONS FOR LIABILITIES

-

(20,000

)

NET LIABILITIES

(509,933

)

(290,755

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(510,033

)

(290,855

)

SHAREHOLDERS' FUNDS

(509,933

)

(290,755

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 11 December 2017 and were signed on its behalf by:

Mr B S Sidhu - Director

1.	STATUTORY INFORMATION

Precision Financial 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and other

similar allowances. Turnover is recognised when the right to consideration arises which occurs when the services provided

to the customer commence. Amounts due not invoiced until after the year end are included within accrued income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on cost, 15% on reducing balance and over lease term

At each Balance Sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether

there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable

amount of an asset is estimated in order to determine the extent of the impairment loss, if any. If the recoverable amount of

an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount and the

impairment loss recognised as an expense immediately.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the

end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial

statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax

assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient

taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability

is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantially enacted by the

end of the reporting period.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated

over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments

Basic financial instruments are recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2016 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

Additions

36,235

At 31 March 2017

36,235

DEPRECIATION

Charge for year

9,694

At 31 March 2017

9,694

NET BOOK VALUE

At 31 March 2017

26,541

Fixed assets, included in the above, which are held under finance leases are as follows:

Totals

£

COST

Additions

22,130

At 31 March 2017

22,130

DEPRECIATION

Charge for year

7,377

At 31 March 2017

7,377

NET BOOK VALUE

At 31 March 2017

14,753

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.17

31.3.16

£

£

Repayable by instalments

Other loans

14,581

-

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Finance leases

15,821

-

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

7.	OTHER COMMITMENTS

At 31 March 2017, the company had total commitments under non-cancellable operating leases over the remaining life of

those leases of £195,572 (2016 - £15,696).

8.	RELATED PARTY DISCLOSURES

9.	GOING CONCERN

After making enquiries, the directors have a reasonable expectation that the company has adequate support and financial

resources available to continue in operational existence for the foreseeable future. The directors have introduced finance

regarded as sufficient to support the working capital of the business.