Pacific Developments (Wales) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01375702 (England and Wales)

Pacific Developments (Wales) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr P D Wells

SECRETARY:

Mrs J H Bailey

REGISTERED OFFICE:

Unit 3B

Ocean Park

Pantglas Industrial Estate

Caerphilly

Mid Glamorgan

CF83 8DR

REGISTERED NUMBER:

01375702 (England and Wales)

ACCOUNTANTS:

O'Brien & Partners

Chartered Accountants

Highdale House

7 Centre Court

Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5YR

FIXED ASSETS

Tangible assets

4

8,961

11,201

CURRENT ASSETS

Stocks

997,041

997,041

Debtors

5

492,960

492,960

Cash at bank and in hand

733

9,324

1,490,734

1,499,325

CREDITORS

Amounts falling due within one year

6

604,542

593,734

NET CURRENT ASSETS

886,192

905,591

TOTAL ASSETS LESS CURRENT LIABILITIES

895,153

916,792

CREDITORS

Amounts falling due after more than one year

7

(836,436

)

(836,436

)

PROVISIONS FOR LIABILITIES

(1,099

)

(1,577

)

NET ASSETS

57,618

78,779

CAPITAL AND RESERVES

Called up share capital

2,500

2,500

Retained earnings

55,118

76,279

SHAREHOLDERS' FUNDS

57,618

78,779

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 26 March 2021 and were signed by:

Mr P D Wells - Director

1.	STATUTORY INFORMATION

Pacific Developments (Wales) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents amounts derived from ordinary activities invoiced during the year excluding value added tax.

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

-

20% on reducing balance

Fixtures and fittings

-

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Deferred government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Long term contracts

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end by recording turnover and related costs as contract activity progresses. Full provision is made for losses on all contracts in the period in which they are first foreseen.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

202,935

10,565

213,500

DEPRECIATION

At 1 April 2019

192,070

10,229

202,299

Charge for year

2,173

67

2,240

At 31 March 2020

194,243

10,296

204,539

NET BOOK VALUE

At 31 March 2020

8,692

269

8,961

At 31 March 2019

10,865

336

11,201

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

238

238

Amounts owed by group undertakings

472,414

472,414

Other debtors

20,308

20,308

492,960

492,960

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

6,904

11,104

Taxation and social security

11,648

11,640

Other creditors

585,990

570,990

604,542

593,734

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Other creditors

836,436

836,436

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr RM Bailey by virtue of his shareholding in the parent company Integrated Holdings Limited.