Precision Products (Portsmouth) Limited 31/12/2018 iXBRL

Precision Products (Portsmouth) Limited 31/12/2018 iXBRL


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Company registration number: 03916238
Precision Products (Portsmouth) Limited
Unaudited filleted financial statements
31 December 2018
Precision Products (Portsmouth) Limited
Contents
Statement of financial position
Notes to the financial statements
Precision Products (Portsmouth) Limited
Statement of financial position
31 December 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 699,912 708,653
_______ _______
699,912 708,653
Current assets
Stocks 169,947 138,302
Debtors 6 375,796 322,266
Cash at bank and in hand 228,032 184,798
_______ _______
773,775 645,366
Creditors: amounts falling due
within one year 7 ( 443,415) ( 446,056)
_______ _______
Net current assets 330,360 199,310
_______ _______
Total assets less current liabilities 1,030,272 907,963
Creditors: amounts falling due
after more than one year 8 ( 28,348) ( 105,416)
Provisions for liabilities ( 21,449) ( 22,869)
_______ _______
Net assets 980,475 779,678
_______ _______
Capital and reserves
Called up share capital 4 4
Profit and loss account 980,471 779,674
_______ _______
Shareholders funds 980,475 779,678
_______ _______
For the year ending 31 December 2018 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 June 2019 , and are signed on behalf of the board by:
Mr H Booth Mr B Dent
Director Director
Company registration number: 03916238
Precision Products (Portsmouth) Limited
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 2A, Alexandria Park, 1 Penner Road, Havant, Hants, PO9 1QY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services rendered, stated net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Straight line over the lease term.
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted bas
Financial instruments
Financial instruments are classified by the Directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised costs using the effective interest method. The only advanced instruments recognised by the company are derivatives being interest rate swaps and forward foreign exchange contracts. Derivate financial instruments are initially recorded at cost and thereafter at fair value with charges recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.
Defined contribution plans
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2017: 29 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2018 585,998 384,706 17,669 - 988,373
Additions - 9,341 - 11,500 20,841
_______ _______ _______ _______ _______
At 31 December 2018 585,998 394,047 17,669 11,500 1,009,214
_______ _______ _______ _______ _______
Depreciation
At 1 January 2018 1,449 267,934 10,335 - 279,718
Charge for the year 594 25,223 1,467 2,300 29,584
_______ _______ _______ _______ _______
At 31 December 2018 2,043 293,157 11,802 2,300 309,302
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2018 583,955 100,890 5,867 9,200 699,912
_______ _______ _______ _______ _______
At 31 December 2017 584,549 116,772 7,334 - 708,655
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 371,826 319,066
Other debtors 3,970 3,200
_______ _______
375,796 322,266
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 2,440 6,840
Trade creditors 102,320 95,385
Corporation tax 47,959 42,208
Social security and other taxes 84,055 74,660
Other creditors 206,641 226,963
_______ _______
443,415 446,056
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 28,348 105,416
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ - (2017 £ 76,016 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The Bank Loan was advanced in 2016 to buy Long Leasehold Premises, and is secured by a mortgage debenture and first legal charge on the premises and over the assets of the Company.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B Dent ( 104,646) - 5,000 ( 99,646)
Mr H Booth ( 106,601) ( 73) 5,000 ( 101,674)
_______ _______ _______ _______
( 211,247) ( 73) 10,000 ( 201,320)
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B Dent ( 104,646) - - ( 104,646)
Mr H Booth ( 106,360) ( 241) - ( 106,601)
_______ _______ _______ _______
( 211,006) ( 241) - ( 211,247)
_______ _______ _______ _______
At the start of the year the Company owed Mr H Booth and his wife Mrs K Booth £104,500.In respect of an interest bearing loan made in 2016. At the end of the year £99,500 of this loan remains outstanding. In addition to this at the start of the year the Company owed Mr B Dent and his wife Mrs S Dent £104,500.In respect of an interest bearing loan made in 2016. At the end of the year £99,500 of this loan remains outstanding.
10. Controlling party
The Issued Shares of the Company are beneficially controlled equally by the two Directors.