Precision Rifle Services Limited - Limited company - abbreviated

REGISTERED NUMBER: SC196657 (Scotland)

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2014

FOR

PRECISION RIFLE SERVICES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

Mr C A Ferguson

Mr J M B Baillie-Hamilton

Mr J A C McAllister

SECRETARY:

Mrs Y V Ferguson

REGISTERED OFFICE:

Logie Cottage

Ballindalloch

Banffshire

AB37 9BA

REGISTERED NUMBER:

SC196657 (Scotland)

ACCOUNTANTS:

Burnett & Co (Accountancy) Limited

Chartered Accountants

65 High Street

Grantown on Spey

Moray

PH26 3EG

BANKERS:

The Royal Bank of Scotland

59 High Street

Grantown on Spey

Moray

PH26 3EG

FIXED ASSETS

Intangible assets

2

18,764

22,517

Tangible assets

3

28,909

30,441

47,673

52,958

CURRENT ASSETS

Stocks

151,085

147,632

Debtors

86,527

60,101

Cash at bank and in hand

20,315

15,041

257,927

222,774

CREDITORS

Amounts falling due within one year

143,350

126,859

NET CURRENT ASSETS

114,577

95,915

TOTAL ASSETS LESS CURRENT
LIABILITIES

162,250

148,873

CAPITAL AND RESERVES

Called up share capital

4

160,608

Profit and loss account

1,642

(11,735

)

SHAREHOLDERS' FUNDS

162,250

148,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31 December 2014 and were signed on its behalf
by:

Mr C A Ferguson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

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

-

10% on cost

Plant and machinery

-

15% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

and 31 August 2014

75,058

AMORTISATION

At 1 September 2013

52,541

Amortisation for year

3,753

At 31 August 2014

56,294

NET BOOK VALUE

At 31 August 2014

18,764

At 31 August 2013

22,517

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

119,099

Additions

3,569

At 31 August 2014

122,668

DEPRECIATION

At 1 September 2013

88,658

Charge for year

5,101

At 31 August 2014

93,759

NET BOOK VALUE

At 31 August 2014

28,909

At 31 August 2013

30,441

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

160,608

Ordinary

£1

160,608

5.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors by virtue of their ownership of the majority of the issued

Ordinary Share Capital.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

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 Rifle Services Limited for the year ended 31 August 2014 which comprise the Profit

and Loss Account, the 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 of Scotland, we are subject to its ethical and other

professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Precision Rifle Services Limited, as a body, in accordance with

the terms of our engagement letter dated 29 May 2007. Our work has been undertaken solely to prepare for your

approval the financial statements of Precision Rifle Services Limited and state those matters that we have agreed to state

to the Board of Directors of Precision Rifle Services Limited, as a body, in this report in accordance with the

requirements of the Institute of Chartered Accountants of Scotland as detailed at

http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Precision Rifle Services 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 profit of

Precision Rifle Services Limited. You consider that Precision Rifle Services 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 Rifle Services

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.

Burnett & Co (Accountancy) Limited

Chartered Accountants

65 High Street

Grantown on Spey

Moray

PH26 3EG

31 December 2014

Precision Rifle Services Limited - Limited company - abbreviated - 11.6

Precision Rifle Services Limited - Limited company - abbreviated - 11.6