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No description of principal activity
2019-01-01
Sage Accounts Production Advanced 2019 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
03097439
2019-01-01
2019-12-31
03097439
2019-12-31
03097439
2018-12-31
03097439
2018-01-01
2018-12-31
03097439
2018-12-31
03097439
core:LandBuildings
core:ShortLeaseholdAssets
2019-01-01
2019-12-31
03097439
core:PlantMachinery
2019-01-01
2019-12-31
03097439
core:FurnitureFittings
2019-01-01
2019-12-31
03097439
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2019-01-01
2019-12-31
03097439
bus:LeadAgentIfApplicable
2019-01-01
2019-12-31
03097439
bus:Director1
2019-01-01
2019-12-31
03097439
core:LandBuildings
core:ShortLeaseholdAssets
2018-12-31
03097439
core:PlantMachinery
2018-12-31
03097439
core:FurnitureFittings
2018-12-31
03097439
core:LandBuildings
core:ShortLeaseholdAssets
2019-12-31
03097439
core:PlantMachinery
2019-12-31
03097439
core:FurnitureFittings
2019-12-31
03097439
core:WithinOneYear
2019-12-31
03097439
core:WithinOneYear
2018-12-31
03097439
core:AfterOneYear
2019-12-31
03097439
core:AfterOneYear
2018-12-31
03097439
core:UKTax
2019-01-01
2019-12-31
03097439
core:ShareCapital
2019-12-31
03097439
core:ShareCapital
2018-12-31
03097439
core:RetainedEarningsAccumulatedLosses
2019-12-31
03097439
core:RetainedEarningsAccumulatedLosses
2018-12-31
03097439
core:BetweenOneFiveYears
2019-12-31
03097439
core:BetweenOneFiveYears
2018-12-31
03097439
core:MoreThanFiveYears
2019-12-31
03097439
core:MoreThanFiveYears
2018-12-31
03097439
core:LandBuildings
core:ShortLeaseholdAssets
2018-12-31
03097439
core:PlantMachinery
2018-12-31
03097439
core:FurnitureFittings
2018-12-31
03097439
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2019-01-01
2019-12-31
03097439
bus:AuditExemptWithAccountantsReport
2019-01-01
2019-12-31
03097439
bus:FullAccounts
2019-01-01
2019-12-31
03097439
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2019-01-01
2019-12-31
03097439
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
03097439
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2019-12-31
03097439
core:KeyManagementIndividualGroup1
2019-01-01
2019-12-31
03097439
core:KeyManagementIndividualGroup1
2019-12-31
COMPANY REGISTRATION NUMBER:
03097439
PRECISION ANALYSIS (NORTH WEST) LIMITED
|
|
UNAUDITED FINANCIAL STATEMENTS
|
|
PRECISION ANALYSIS (NORTH WEST) LIMITED
|
|
YEAR ENDED 31 DECEMBER 2019
Officers and professional advisers
|
1
|
|
|
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
|
2
|
|
|
Statement of financial position
|
3
|
|
|
Notes to the financial statements
|
5
|
|
|
PRECISION ANALYSIS (NORTH WEST) LIMITED
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
Registered office
|
Hanover Buildings
|
|
11-13 Hanover Street
|
|
Liverpool
|
|
Merseyside
|
|
L1 3DN
|
|
|
Accountants
|
ERC Accountants & Business Advisers Limited
|
|
Chartered accountants
|
|
Hanover Buildings
|
|
11-13 Hanover Street
|
|
Liverpool
|
|
L1 3DN
|
|
|
Bankers
|
HSBC
|
|
168 Aigburth Road
|
|
Liverpool
|
|
L17 9PF
|
|
|
PRECISION ANALYSIS (NORTH WEST) LIMITED
|
|
CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF
PRECISION ANALYSIS (NORTH WEST) LIMITED
|
|
YEAR ENDED 31 DECEMBER 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Precision Analysis (North West) Limited for the year ended 31 December 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Precision Analysis (North West) Limited in accordance with the terms of our engagement letter dated 1 November 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Precision Analysis (North West) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Precision Analysis (North West) Limited and its director for our work or for this report.
It is your duty to ensure that Precision Analysis (North West) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Precision Analysis (North West) Limited. You consider that Precision Analysis (North West) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Precision Analysis (North West) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
ERC Accountants & Business Advisers Limited
Chartered accountants
Hanover Buildings
11-13 Hanover Street
Liverpool
L1 3DN
9 September 2020
PRECISION ANALYSIS (NORTH WEST) LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 December 2019
FIXED ASSETS
Tangible assets
|
6
|
124,668
|
127,011
|
|
|
|
|
CURRENT ASSETS
Stocks
|
11,000
|
11,000
|
Debtors
|
7
|
493,279
|
548,259
|
Cash at bank and in hand
|
16,364
|
5,866
|
|
----------
|
----------
|
|
520,643
|
565,125
|
|
|
|
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
8
|
472,215
|
554,909
|
|
----------
|
----------
|
NET CURRENT ASSETS
|
48,428
|
10,216
|
|
----------
|
----------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
173,096
|
137,227
|
|
|
|
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
9
|
102,876
|
144,026
|
|
|
|
|
PROVISIONS
|
22,885
|
1,693
|
|
----------
|
----------
|
NET ASSETS/(LIABILITIES)
|
47,335
|
(
8,492)
|
|
----------
|
----------
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
131
|
131
|
Profit and loss account
|
47,204
|
(
8,623)
|
|
---------
|
-------
|
SHAREHOLDERS FUNDS/(DEFICIT)
|
47,335
|
(
8,492)
|
|
---------
|
-------
|
|
|
|
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 Section 1A of 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.
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
PRECISION ANALYSIS (NORTH WEST) LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 December 2019
These financial statements were approved by the
board of directors
and authorised for issue on
9 September 2020
, and are signed on behalf of the board by:
Company registration number:
03097439
PRECISION ANALYSIS (NORTH WEST) LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 DECEMBER 2019
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year for the testing of food and similar products, exclusive of Value Added Tax. Turnover is recognised on the accruals basis.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Computer equipment
|
-
|
20% straight line
|
|
Laboratory equipment
|
-
|
10% straight line
|
|
Furniture and fittings
|
-
|
10% straight line
|
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
29
(2018:
30
).
5.
TAX ON PROFIT/(LOSS)
Major components of tax expense/(income)
Current tax:
UK current tax expense
|
3,428
|
–
|
Adjustments in respect of prior periods
|
(
1,437)
|
–
|
|
-------
|
----
|
Total current tax
|
1,991
|
–
|
|
-------
|
----
|
|
|
|
Deferred tax:
Origination and reversal of timing differences
|
21,192
|
(
3,553)
|
|
---------
|
-------
|
Tax on profit/(loss)
|
23,183
|
(
3,553)
|
|
---------
|
-------
|
|
|
|
6.
TANGIBLE ASSETS
|
Computer equipment
|
Laboratory Equipment
|
Furniture and Fittings
|
Total
|
|
£
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
At 1 January 2019
|
23,047
|
199,326
|
110,413
|
332,786
|
Additions
|
1,500
|
1,415
|
9,907
|
12,822
|
|
---------
|
----------
|
----------
|
----------
|
At 31 December 2019
|
24,547
|
200,741
|
120,320
|
345,608
|
|
---------
|
----------
|
----------
|
----------
|
Depreciation
|
|
|
|
|
At 1 January 2019
|
22,458
|
172,998
|
10,319
|
205,775
|
Charge for the year
|
465
|
3,309
|
11,391
|
15,165
|
|
---------
|
----------
|
----------
|
----------
|
At 31 December 2019
|
22,923
|
176,307
|
21,710
|
220,940
|
|
---------
|
----------
|
----------
|
----------
|
Carrying amount
|
|
|
|
|
At 31 December 2019
|
1,624
|
24,434
|
98,610
|
124,668
|
|
---------
|
----------
|
----------
|
----------
|
At 31 December 2018
|
589
|
26,328
|
100,094
|
127,011
|
|
---------
|
----------
|
----------
|
----------
|
|
|
|
|
|
7.
DEBTORS
Trade debtors
|
222,290
|
233,657
|
Other debtors
|
270,989
|
314,602
|
|
----------
|
----------
|
|
493,279
|
548,259
|
|
----------
|
----------
|
|
|
|
8.
CREDITORS:
AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts
|
218,655
|
245,945
|
Trade creditors
|
144,207
|
185,995
|
Corporation tax
|
3,428
|
25,091
|
Social security and other taxes
|
98,766
|
84,090
|
Other creditors
|
7,159
|
13,788
|
|
----------
|
----------
|
|
472,215
|
554,909
|
|
----------
|
----------
|
|
|
|
The bank loans are secured by way of a fixed and floating charge dated 24 February 2012 over all property and undertakings of the company.
9.
CREDITORS:
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans and overdrafts
|
102,876
|
144,026
|
|
----------
|
----------
|
|
|
|
The bank loans are secured by way of a fixed and floating charge dated 24 February 2012 over all property and undertakings of the company. Included within bank loans and overdrafts: amounts falling due after more than one year is an amount of £85,483 (2018: £84,279) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10.
OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
Not later than 1 year
|
29,500
|
29,500
|
Later than 1 year and not later than 5 years
|
106,938
|
106,938
|
Later than 5 years
|
86,042
|
115,542
|
|
----------
|
----------
|
|
222,480
|
251,980
|
|
----------
|
----------
|
|
|
|
11.
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
A director had brought forward advances from the company of £65,341
. During the year the director received further advances totalling £ 46,299
and repaid advances totalling £ 109,606
. All advances are interest free and repayable on demand. The advance carried forward as at the balance sheet date was £ 2,034
.
12.
RELATED PARTY TRANSACTIONS
The following related party transactions were undertaken during the year: The
director and shareholder
withdrew £ 64,899
and introduced £ 109,606
(2018: withdrew £91,853 and introduced £30,650). As at the balance sheet date the amount receivable was £ 168,292
(2018: receivable £212,999). Dividends were paid to the directors in respect of their shareholders totalling £42,700 (2018: £Nil). The aggregate remuneration paid to key management personnel for the year was £9,260 (2018: £10,760). No further transactions with related parties were undertaken, other than those under normal market conditions, such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
13.
GOING CONCERN
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.