Precision Products (Portsmouth) Limited 31/12/2018 iXBRL
Precision Products (Portsmouth) Limited 31/12/2018 iXBRL
Company registration number:
03916238
Unaudited filleted financial statements
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
31 December 2018
2018 | 2017 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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_______ | _______ | ||||||||
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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_______ | _______ | ||||||||
Net current assets |
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_______ | _______ | ||||||||
Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 8 |
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Provisions for liabilities |
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_______ | _______ | ||||||||
Net assets |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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_______ | _______ | ||||||||
Shareholders funds |
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_______ | _______ | ||||||||
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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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:
Director
Director
Company registration number:
03916238
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
3.
Accounting policies
Basis of preparation
Turnover
Taxation
Research and development
Tangible assets
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 | - |
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Plant and machinery | - |
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Fittings fixtures and equipment | - |
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Impairment
Stocks
Government grants
Provisions
Financial instruments
Defined contribution plans
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 |
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- |
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Additions | - | 9,341 | - | 11,500 | 20,841 | |
_______ | _______ | _______ | _______ | _______ | ||
At 31 December 2018 |
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Depreciation | ||||||
At 1 January 2018 |
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- |
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Charge for the year |
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_______ | _______ | _______ | _______ | _______ | ||
At 31 December 2018 |
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_______ | _______ | _______ | _______ | _______ | ||
Carrying amount | ||||||
At 31 December 2018 |
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_______ | _______ | _______ | _______ | _______ | ||
At 31 December 2017 |
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- | 708,655 | |
_______ | _______ | _______ | _______ | _______ | ||
6.
Debtors
2018 | 2017 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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_______ | _______ | |||
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_______ | _______ | |||
7.
Creditors: amounts falling due within one year
2018 | 2017 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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_______ | _______ | |||
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8.
Creditors: amounts falling due after more than one year
2018 | 2017 | |||
£ | £ | |||
Bank loans and overdrafts |
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_______ | _______ | |||
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 | ||
£ | £ | £ | £ | ||
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- |
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_______ | _______ | _______ | _______ | ||
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_______ | _______ | _______ | _______ | ||
2017 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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- | - |
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(
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(
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- |
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_______ | _______ | _______ | _______ | ||
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_______ | _______ | _______ | _______ | ||
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