Pacetech Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05374981 (England and Wales)

PACETECH LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

7

DIRECTOR:

Mr Naveed Ata

SECRETARY:

REGISTERED OFFICE:

Unit 7

Boultbee Business Units

Nechells place

Birmingham

West Midlands

B7 5AR

REGISTERED NUMBER:

05374981 (England and Wales)

ACCOUNTANTS:

Shareef & Co

Chartered Accountants

18 - 22 Stoney Lane

Yardley

Birmingham

West Midlands

B25 8YP

BANKERS:

Barclays

Kings Heath Branch

161 High Street

Kings Heath

Birmingham

B14 7LA

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2019 set out on pages four to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Shareef & Co

Chartered Accountants

18 - 22 Stoney Lane

Yardley

Birmingham

West Midlands

B25 8YP

13 June 2019

FIXED ASSETS

Tangible assets

4

76,860

98,500

76,860

98,500

CURRENT ASSETS

Stocks

1,773,681

1,701,294

Debtors

5

554,580

483,045

Cash at bank and in hand

352,801

148,971

2,681,062

2,333,310

CREDITORS

Amounts falling due within one year

6

989,666

1,009,690

NET CURRENT ASSETS

1,691,396

1,323,620

TOTAL ASSETS LESS CURRENT LIABILITIES

1,768,256

1,422,120

CREDITORS

Amounts falling due after more than one year

7

49,308

56,328

NET ASSETS

1,718,948

1,365,792

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

1,718,946

1,365,790

SHAREHOLDERS' FUNDS

1,718,948

1,365,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 13 June 2019 and were signed by:

Mr Naveed Ata - Director

1.	STATUTORY INFORMATION

Pacetech Limited is a private company, limited by shares , registered in England and Wales. 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

161,804

Additions

1,108

At 31 March 2019

162,912

DEPRECIATION

At 1 April 2018

63,304

Charge for year

22,748

At 31 March 2019

86,052

NET BOOK VALUE

At 31 March 2019

76,860

At 31 March 2018

98,500

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

136,557

90,136

Amounts owed by group undertakings

-

80,894

Amounts owed by connected companies

373,576

282,500

Other debtors

44,447

29,515

554,580

483,045

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

7,020

13,198

Trade creditors

824,273

845,613

Amounts owed to group undertakings

4,967

-

Taxation and social security

136,071

73,148

Other creditors

17,335

77,731

989,666

1,009,690

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

49,308

56,328

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY