Precision Repairs Double Glazing Ltd

Contents
	Page
Balance Sheet	1—2
Statement of Changes in Equity	3
Notes to the Financial Statements	4—7

Registered number: 08837819

		2017		2016
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	7		6,400		6,000
Tangible Assets	8		11,251		2,069

			17,651		8,069
CURRENT ASSETS
Stocks	9	500		5,068
Debtors	10	3,311		-
Cash at bank and in hand		6,364		-

		10,175		5,068
Creditors: Amounts Falling Due Within One Year	11	(26,041 )		(9,500 )

NET CURRENT ASSETS (LIABILITIES)			(15,866 )		(4,432 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,785		3,637

PROVISIONS FOR LIABILITIES
Deferred Taxation	12		-		(414 )

NET ASSETS			1,785		3,223

CAPITAL AND RESERVES
Called up share capital	13		1		1
Profit and loss account			1,784		3,222

SHAREHOLDERS' FUNDS			1,785		3,223

Page 1

Balance Sheet (continued)

As at 31 January 2017

For the year ending 31 January 2017 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

On behalf of the board

Mr Darren Bailey

30/06/2017

	Share Capital	Profit & Loss Account	Total
	£	£	£
As at 1 February 2015	1	9,059	9,060
Loss for the year and total comprehensive income	-	(5,837 )	(5,837)

As at 31 January 2016 and 1 February 2016	1	3,222	3,223


Profit for the year and total comprehensive income	-	2,962	2,962

Dividends paid	-	(4,400)	(4,400)

As at 31 January 2017	1	1,784	1,785

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.

1.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% p.a. on a reducing balance basis
Motor Vehicles	25% p.a. on a reducing balance basis
Computer Equipment	33.33% p.a. on a straight line basis

1.5. Stocks and Work in Progress

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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.6. Deferred Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

1.7. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.

3. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2017	2016
	£	£
Wages and salaries	53,276	48,911
Social security costs	-	342

	53,276	49,253

Page 4

Precision Repairs Double Glazing Ltd

Notes to the Unaudited Accounts (continued)

For The Year Ended 31 January 2017

4. Average number of employees

Average number of employees, including directors, during the year was as follows:

	2017	2016
Office and administration	1	1
Sales, marketing and distribution	3	3

	4	4

5. Interest Payable

	2017	2016
	£	£
Bank loans and overdrafts	557	12

	557	12

7. Intangible Assets

	Goodwill
	£
Cost
As at 1 February 2016	10,000
Additions	8,000
Disposals	(10,000)

As at 31 January 2017	8,000

Amortisation
As at 1 February 2016	4,000
Provided during the period	1,600
Disposals	(4,000)

As at 31 January 2017	1,600

Net Book Value
As at 31 January 2017	6,400

As at 1 February 2016	6,000

Page 5

Precision Repairs Double Glazing Ltd

Notes to the Unaudited Accounts (continued)

For The Year Ended 31 January 2017

8. Tangible Assets


	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 February 2016	370	2,800	848	4,018
Additions	200	12,400	2,700	15,300
Disposals	(369 )	(2,800 )	(848 )	(4,017 )

As at 31 January 2017	201	12,400	2,700	15,301

Depreciation
As at 1 February 2016	162	1,225	562	1,949
Provided during the period	50	3,100	900	4,050
Disposals	(162 )	(1,225 )	(562 )	(1,949 )

As at 31 January 2017	50	3,100	900	4,050

Net Book Value
As at 31 January 2017	151	9,300	1,800	11,251

As at 1 February 2016	208	1,575	286	2,069

9. Stocks

	2017	2016
	£	£
Stock - materials	500	5,068

	500	5,068

10. Debtors

	2017	2016
	£	£
Due within one year
Trade debtors	1,944	-
Prepayments and accrued income	1,367	-

	3,311	-

Page 6

Precision Repairs Double Glazing Ltd

Notes to the Unaudited Accounts (continued)

For The Year Ended 31 January 2017

11. Creditors: Amounts Falling Due Within One Year

	2017	2016
	£	£
Trade creditors	3,561	-
VAT	3,751	-
Accruals and deferred income	575	-
Directors' loan accounts	18,154	9,500

	26,041	9,500

12. Deferred Taxation

	2017	2016
	£	£
As at 1 February 2016	414	215
Deferred taxation	(414 )	199


Deferred tax	-	414

The provision for deferred taxation is made up of accelerated capital allowances

13. Share Capital

	Value	Number	2017	2016
Allotted, called up and fully paid	£		£	£
Ordinary shares	1.000	1	1	1

14. Transactions With and Loans to Directors

Dividends paid to directors

15. Dividends

	2017	2016
	£	£
On equity shares:
Final dividend paid	4,400	-

	4,400	-

16. Ultimate Controlling Party

The company's ultimate controlling party is Mr Darren Bailey by virtue of his ownership of the majority of the issued share capital in the company.

17. General Information

Precision Repairs Double Glazing Ltd Registered number 08837819 is a limited by shares company incorporated in England & Wales. The Registered Office is 24 Berkeley Avenue, Poole, Dorset, BH12 4HZ.