Pacific Shelf 1829 Limited
Pacific Shelf 1829 Limited
Registered number: SC539696
Financial Statements
For The Year Ended
31 March 2020
MSE Business Management LLP
Association of Chartered Certified Accountants
5th Floor
104 Oxford Street
London
Greater London
W1D 1LP
Pacific Shelf 1829 Limited
Financial Statements
For The Year Ended
31 March 2020
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Pacific Shelf 1829 Limited
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
SC539696
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (160,977) | (125,450) | |||
Page 1
Pacific Shelf 1829 Limited
Balance Sheet (continued)
As at
31 March 2020
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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Pacific Shelf 1829 Limited
Notes to the Financial Statements
For The Year Ended
31 March 2020
Notes to the Financial Statements
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.
Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of Value Added Tax. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Sale of goods
Turnover of goods is in relation to merchandise and records sold.
Rendering of services
Turnover from the rendering of services relates to income received in respect of live performances.
1.4.
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 five years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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 |
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1.6.
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.
1.7.
Financial Instruments
The company has only basic financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transactions.
Page 3
Pacific Shelf 1829 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
1.8.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
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| Office and administration |
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4.
Intangible Assets
| Goodwill | |||
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| Cost | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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Page 4
Pacific Shelf 1829 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
5.
Tangible Assets
| Plant & Machinery | |
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| £ | |
| Cost | |
| As at
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| Additions |
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| Depreciation | |
| As at
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| Provided during the period |
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| Disposals |
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| As at
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| Net Book Value | |
| As at
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| As at
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6.
Stocks
| 2020 | 2019 | ||
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| £ | £ | ||
| Stock - finished goods |
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7.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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Page 5
Pacific Shelf 1829 Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
8.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| VAT | - |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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10.
General Information
Pacific Shelf 1829 Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC539696
. The registered office is 3a Park Circus, Ayr, Scotland, KA7 2DJ.
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