PACT PRECISION ENGINEERING LIMITED - Period Ending 2021-03-31

PACT PRECISION ENGINEERING LIMITED

Contents

Company Information	1
Abridged Balance Sheet	2
Notes to the Unaudited Abridged Financial Statements	3 to 6

PACT PRECISION ENGINEERING LIMITED

Company Information

Director

Mr Steven John Banfield

Registered office

59 Union Street Dunstable Beds LU6 1EX

Accountants

Minney & Company Limited Chartered Accountants 59 Union Street Dunstable Beds LU6 1EX

PACT PRECISION ENGINEERING LIMITED

(Registration number: 09337657)
Abridged Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Investments	4	5,025,000	5,025,000
Current assets
Cash at bank and in hand		23	31
Net assets		5,025,023	5,025,031
Capital and reserves
Called up share capital	5	100	100
Profit and loss account		5,024,923	5,024,931
Shareholders' funds		5,025,023	5,025,031

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 26 April 2021
 

.........................................

Mr Steven John Banfield
Director

PACT PRECISION ENGINEERING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
59 Union Street
Dunstable
Beds
LU6 1EX
England

The principal place of business is:
Midland Road
Luton
Beds
LU2 0HR
United Kingdom

These financial statements were authorised for issue by the director on 26 April 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

PACT PRECISION ENGINEERING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2021

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2020 - 0).

4	Investments

	Total £
Cost or valuation
At 1 April 2020	5,025,000
Provision
Carrying amount
At 31 March 2021	5,025,000
At 31 March 2020	5,025,000

PACT PRECISION ENGINEERING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2021

2021 £

2020 £

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021	2020
Subsidiary undertakings
Pact Engineering Limited	59 Union Street, Dunstable, Beds. LU6 1EX England & Wales	Ordinary	100%	100%

Subsidiary undertakings

Pact Engineering Limited The principal activity of Pact Engineering Limited is Cnc turning, milling and grinding.

5	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

6

Dividends

Interim dividends paid

		2021 £		2020 £
Interim dividend of £10,450 (2020 - £7,741) per each Ordinary shares		1,045,000		774,050

7	Related party transactions

Summary of transactions with parent

PACT PRECISION ENGINEERING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2021

Pact Precision Limited
 During the year the company paid dividends to Pact Precision Limited amounting to £1,045,000 (2019 - £774,050l)
 

Summary of transactions with all subsidiaries

Pact Engineering Limited
 During the year the company received dividend distributions amounting to £1,045,000 (2020 - £774,140)
 

8	Parent and ultimate parent undertaking

 The company's immediate parent is Pact Precision Limited, incorporated in England.

  These financial statements are available upon request from Pact Precision Limited, Midland Road, Luton. LU2 0HR