Precision Hygiene Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02888042 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2017

for

Precision Hygiene Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M C Gallagher

S Gallagher

SECRETARY:

S Gallagher

REGISTERED OFFICE:

Southgate House

59 Magdalen Street

Exeter

Devon

EX2 4HY

REGISTERED NUMBER:

02888042 (England and Wales)

ACCOUNTANTS:

Prydis Accounts Limited

Chartered Accountants

Southgate House

59 Magdalen Street

Exeter

Devon

EX2 4HY

FIXED ASSETS

Tangible assets

4

70,956

47,210

CURRENT ASSETS

Stocks

19,357

25,508

Debtors

5

100,784

110,708

Cash in hand

-

39

120,141

136,255

CREDITORS

Amounts falling due within one year

6

129,144

131,756

NET CURRENT (LIABILITIES)/ASSETS

(9,003

)

4,499

TOTAL ASSETS LESS CURRENT LIABILITIES

61,953

51,709

CREDITORS

Amounts falling due after more than one year

7

(9,347

)

-

PROVISIONS FOR LIABILITIES

(12,504

)

(8,274

)

NET ASSETS

40,102

43,435

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

40,100

43,433

SHAREHOLDERS' FUNDS

40,102

43,435

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

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors on 6 March 2018 and were signed on its behalf by:

M C Gallagher - Director

1.	STATUTORY INFORMATION

Precision Hygiene 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.

The director has assessed going concern and considers that there are no material uncertainties which may cast

significant doubt about the company's ability to continue. As a result, the financial statements have been

prepared using the going concern basis of accounting.

Turnover

Turnover represents net invoiced sales of goods and leasing of equipment, excluding value added tax.

Turnover from the sale of goods is recognised in the period when the risks and rewards of ownership of the

goods have been transferred from the vendor, it is probable that the economic benefit will flow to the entity and

the revenue and associated costs can be reliably measured.

Turnover from leasing of equipment is recognised when it is probable that an economic benefit will flow to the

entity and the revenue and costs can be reliably measured. Where a lease period has been only partially

completed, revenue is recognised when the stage of completion can be reliably measured using a percentage of

completion method.

Tangible fixed assets

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

Improvements to property

-

over the period of the lease

Plant and machinery

-

15% on reducing balance

Rental equipment

-

10% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Rental

property

machinery

equipment

£

£

£

COST

At 1 September 2016

-

10,732

332,196

Additions

4,560

150

16,598

At 31 August 2017

4,560

10,882

348,794

DEPRECIATION

At 1 September 2016

-

10,497

289,129

Charge for year

912

58

7,766

At 31 August 2017

912

10,555

296,895

NET BOOK VALUE

At 31 August 2017

3,648

327

51,899

At 31 August 2016

-

235

43,067

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2016

22,066

14,864

379,858

Additions

15,590

990

37,888

At 31 August 2017

37,656

15,854

417,746

DEPRECIATION

At 1 September 2016

19,121

13,901

332,648

Charge for year

4,633

773

14,142

At 31 August 2017

23,754

14,674

346,790

NET BOOK VALUE

At 31 August 2017

13,902

1,180

70,956

At 31 August 2016

2,945

963

47,210

Fixed assets with a gross cost of £348,794 (2016 - £332,196) and accumulated depreciation of £296,895 (2016

- £289,130) are held for use in operating leases.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

73,812

97,534

Other debtors

26,972

13,174

100,784

110,708

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

26,877

30,815

Hire purchase contracts

5,098

-

Trade creditors

51,564

30,809

Taxation and social security

19,439

41,196

Other creditors

26,166

28,936

129,144

131,756

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.17

31.8.16

£

£

Hire purchase contracts

9,347

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.17

31.8.16

£

£

Bank overdrafts

26,877

30,815

Hire purchase contracts

14,445

-

41,322

30,815

The overdraft is secured by fixed and floating charges over the assets of the company.

The hire purchase is secured by a charge over the asset to which the hire purchase relates.

9.	OTHER FINANCIAL COMMITMENTS

The company has the following commitments under non-cancellable operating leases as at the year end:

31.8.2017

31.8.2016

£

£

Not later than one year:

7,049

7,049

Later than one year and not later than five years:

4,112

11,160

£11,160

£18,209

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2017 and

31 August 2016:

31.8.17

31.8.16

£

£

M C Gallagher and S Gallagher

Balance outstanding at start of year

10,926

7,471

Amounts advanced

24,718

25,683

Amounts repaid

(11,168

)

(22,228

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,476

10,926

The loan is interest free and repayable on demand.