Precision Acoustics Limited - Accounts to registrar (filleted) - small 18.2
Precision Acoustics Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2019 |
for |
Precision Acoustics Limited |
Precision Acoustics Limited (Registered number: 02466435) |
Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Precision Acoustics Limited |
Company Information |
for the Year Ended 31 December 2019 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Riverside View |
Basing Road |
Old Basing |
Basingstoke |
Hampshire |
RG24 7AL |
Precision Acoustics Limited (Registered number: 02466435) |
Balance Sheet |
31 December 2019 |
31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Precision Acoustics Limited (Registered number: 02466435) |
Balance Sheet - continued |
31 December 2019 |
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 |
Precision Acoustics Limited (Registered number: 02466435) |
Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
1. | STATUTORY INFORMATION |
Precision Acoustics Limited is a |
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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 Statement of |
Income and Retained Earnings, 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. |
Precision Acoustics Limited (Registered number: 02466435) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
2. | ACCOUNTING POLICIES - continued |
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 |
Precision Acoustics Limited (Registered number: 02466435) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2019 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2019 |
DEPRECIATION |
At 1 January 2019 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Hire purchase contracts (see note 7) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.19 | 31.12.18 |
£ | £ |
Net obligations repayable: |
Within one year |
Precision Acoustics Limited (Registered number: 02466435) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
7. | LEASING AGREEMENTS - continued |
Non-cancellable |
operating leases |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.19 | 31.12.18 |
£ | £ |
Hire purchase contracts | - | 1,435 |
9. | PROVISIONS FOR LIABILITIES |
31.12.19 | 31.12.18 |
£ | £ |
Deferred tax | 39,887 | 6,766 |
Deferred |
tax |
£ |
Balance at 1 January 2019 |
Accelerated capital allowances | 40,836 |
Tax losses | (7,715 | ) |
Balance at 31 December 2019 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
Ordinary | £1 | 103,750 | 103,750 |
11. | RELATED PARTY DISCLOSURES |
During the year management charges were paid totalling £55,000 (2018: £55,000) to LG Motion |
Limited, a company which shares common ownership. At the year end £82,573 (2018: £8,330) was |
due for payment to this company. |