Precision Acoustics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02466435 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Precision Acoustics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G J Livingstone

REGISTERED OFFICE:

Hampton Farm Business Park

Higher Bockhampton

Dorchester

Dorset

DT2 8QH

REGISTERED NUMBER:

02466435 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Tangible assets

4

35,611

37,010

CURRENT ASSETS

Stocks

358,520

217,005

Debtors

5

280,953

149,365

Cash at bank and in hand

617,218

503,371

1,256,691

869,741

CREDITORS

Amounts falling due within one year

6

248,842

196,830

NET CURRENT ASSETS

1,007,849

672,911

TOTAL ASSETS LESS CURRENT LIABILITIES

1,043,460

709,921

CREDITORS

Amounts falling due after more than one year

7

-

(4,888

)

PROVISIONS FOR LIABILITIES

10

(6,766

)

-

NET ASSETS

1,036,694

705,033

CAPITAL AND RESERVES

Called up share capital

11

103,750

103,750

Share premium

3,650

3,650

Capital redemption reserve

30,000

30,000

Retained earnings

899,294

567,633

SHAREHOLDERS' FUNDS

1,036,694

705,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 28 February 2019 and were signed by:

G J Livingstone - Director

1.	STATUTORY INFORMATION

Precision Acoustics 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.

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, 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.

Improvements to property

-

over the remaining life of the lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

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.

Financial instruments

Debtors and creditors payable/receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs.

Subsequently they are measured at amortised cost using the effective interest rate method, less

impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date, adjusted for indexation where applicable.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at

each balance sheet date. The directors review the carrying amount of the relevant assets and compare

them to their market values and recoverable amounts. Where the carrying amount exceeds this, an

impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where

the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2017 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2018

-

203,981

44,609

Additions

18,245

-

-

Disposals

-

-

(1,433

)

At 31 December 2018

18,245

203,981

43,176

DEPRECIATION

At 1 January 2018

-

173,028

44,535

Charge for year

1,825

17,562

74

Eliminated on disposal

-

-

(1,433

)

At 31 December 2018

1,825

190,590

43,176

NET BOOK VALUE

At 31 December 2018

16,420

13,391

-

At 31 December 2017

-

30,953

74

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2018

5,500

24,632

278,722

Additions

-

4,475

22,720

Disposals

(5,500

)

(233

)

(7,166

)

At 31 December 2018

-

28,874

294,276

DEPRECIATION

At 1 January 2018

5,190

18,959

241,712

Charge for year

-

4,348

23,809

Eliminated on disposal

(5,190

)

(233

)

(6,856

)

At 31 December 2018

-

23,074

258,665

NET BOOK VALUE

At 31 December 2018

-

5,800

35,611

At 31 December 2017

310

5,673

37,010

The obligations under hire purchase agreements are secured against the items of plant and machinery

to which they relate that have a carrying value of £7,258 (2017: £14,517).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

255,482

83,139

Other debtors

25,471

66,226

280,953

149,365

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts (see note 8)

1,435

5,158

Trade creditors

99,917

84,571

Amounts owed to group undertakings

8,330

37,923

Taxation and social security

81,298

12,329

Other creditors

57,862

56,849

248,842

196,830

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts (see note 8)

-

4,888

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.18

31.12.17

£

£

Net obligations repayable:

Within one year

1,435

5,158

Between one and five years

-

4,888

1,435

10,046

Non-cancellable

operating leases

31.12.18

31.12.17

£

£

Within one year

3,685

3,685

Between one and five years

14,739

14,739

In more than five years

3,071

6,755

21,495

25,179

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Hire purchase contracts

1,435

10,046

10.	PROVISIONS FOR LIABILITIES

31.12.18

31.12.17

£

£

Deferred tax

6,766

-

Deferred

tax

£

Accelerated capital allowances

6,766

Tax losses

Balance at 31 December 2018

6,766

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

103,750

Ordinary

£1

103,750

103,750

12.	RELATED PARTY DISCLOSURES

During the year management charges were paid totalling £55,000 (2017: £55,000) to LG Motion

Limited, a company which shares common ownership. At the year end £8,330 (2017: £37,923) was

due for payment to this company.