PACE Property Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 08699565 (England and Wales)

Abbreviated Unaudited Accounts

for the Period

20 September 2013 to 30 September 2014

for

PACE PROPERTY LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

L M Hopkins

REGISTERED OFFICE:

4 Sudley Road

Bognor Regis

West Sussex

PO21 1EU

REGISTERED NUMBER:

08699565 (England and Wales)

ACCOUNTANTS:

Adams Beeny Limited

Chartered Certified Accountants

4 Sudley Road

Bognor Regis

West Sussex

PO21 1EU

FIXED ASSETS

Intangible assets

2

261,000

CURRENT ASSETS

Cash at bank

82,268

CREDITORS

Amounts falling due within one year

343,118

NET CURRENT LIABILITIES

(260,850

)

TOTAL ASSETS LESS CURRENT LIABILITIES

150

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

50

SHAREHOLDERS' FUNDS

150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 29 May 2015 and were signed by:

L M Hopkins - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

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 ten years.

Deferred tax

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

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

290,000

At 30 September 2014

290,000

AMORTISATION

Amortisation for period

29,000

At 30 September 2014

29,000

NET BOOK VALUE

At 30 September 2014

261,000

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 September 2014:

£

L M Hopkins

Balance outstanding at start of period

-

Amounts advanced

290,000

Amounts repaid

(12,800

)

Balance outstanding at end of period

277,200

Mr Hopkins transferred the goodwill of the business he previously ran as a sole trader on the incorporation of the

business.

The quantum of this goodwill was independently valued at arms length.