Pace Accountants Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07869890 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Pace Accountants Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P J Allen

REGISTERED OFFICE:

Noble House

Eaton Road

Hemel Hempstead

Hertfordshire

HP2 7UB

REGISTERED NUMBER:

07869890 (England and Wales)

ACCOUNTANTS:

Pace Accountants

Noble House

Eaton Road

Hemel Hempstead

Hertfordshire

HP2 7UB

FIXED ASSETS

Intangible assets

4

1

9,801

Tangible assets

5

4,788

10,191

4,789

19,992

CURRENT ASSETS

Stocks

7,450

17,550

Debtors

6

58,498

38,267

Cash at bank

17,064

47,496

83,012

103,313

CREDITORS

Amounts falling due within one year

7

67,483

75,241

NET CURRENT ASSETS

15,529

28,072

TOTAL ASSETS LESS CURRENT LIABILITIES

20,318

48,064

CREDITORS

Amounts falling due after more than one year

8

(16,403

)

(25,557

)

PROVISIONS FOR LIABILITIES

(910

)

(1,936

)

NET ASSETS

3,005

20,571

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,905

20,471

SHAREHOLDERS' FUNDS

3,005

20,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 applicable to companies subject to the small companies regime.

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 30 September 2019 and were signed by:

P J Allen - Director

1.	STATUTORY INFORMATION

Pace Accountants Ltd 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

33% on cost and 25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

49,001

AMORTISATION

At 1 January 2018

39,200

Charge for year

9,800

At 31 December 2018

49,000

NET BOOK VALUE

At 31 December 2018

1

At 31 December 2017

9,801

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2018

and 31 December 2018

3,997

15,620

25,792

45,409

DEPRECIATION

At 1 January 2018

3,997

15,620

15,601

35,218

Charge for year

-

-

5,403

5,403

At 31 December 2018

3,997

15,620

21,004

40,621

NET BOOK VALUE

At 31 December 2018

-

-

4,788

4,788

At 31 December 2017

-

-

10,191

10,191

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

50,277

26,700

Other debtors

8,221

11,567

58,498

38,267

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

19,442

13,016

Hire purchase contracts

3,434

2,028

Trade creditors

11,251

11,304

Taxation and social security

14,257

16,630

Other creditors

19,099

32,263

67,483

75,241

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans

15,470

20,345

Hire purchase contracts

933

5,212

16,403

25,557

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £7,650 (2017 - £28,815) were paid to the director .

Aggregate value of loans owed by the company to the director or related parties amounted to £6,329

[2017 £27,684]