Pacedco No.6 Limited - Accounts to registrar (filleted) - small 18.2
Pacedco No.6 Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
| FOR |
| PACEDCO NO.6 LIMITED |
| PACEDCO NO.6 LIMITED (REGISTERED NUMBER: 10612215) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| PACEDCO NO.6 LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 4 Mount Ephraim Road |
| Tunbridge Wells |
| Kent |
| TN1 1EE |
| PACEDCO NO.6 LIMITED (REGISTERED NUMBER: 10612215) |
| BALANCE SHEET |
| 30 JUNE 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| PACEDCO NO.6 LIMITED (REGISTERED NUMBER: 10612215) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 1. | STATUTORY INFORMATION |
| Pacedco No.6 Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has the support of the parent company, which has confirmed it will not demand repayment of its' loans at the detriment of the company's ability to continue as a going concern. |
| In their assessment of going concern the directors have considered the current and developing impact on the business as a result of the COVID19 virus. This has not had a significant, immediate impact on the company's operations, but the Directors are aware that if the current situation becomes prolonged then this may change. |
| Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| The company's primary source of turnover is from subscriptions which typically cover a period of 12 months. The customer is charged the full 12 month subscription at the point of invoice and income is recognised proportionality as the contract progresses. |
| 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. |
| Other intangibles are amortised evenly over their expected useful life of 3 years. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| PACEDCO NO.6 LIMITED (REGISTERED NUMBER: 10612215) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with no significant risk of change in value. |
| Financial reporting standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| - the requirements of Section 7 Statement of Cash Flows; |
| - the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
| - the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
| - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
| - the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
| - the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PACEDCO NO.6 LIMITED (REGISTERED NUMBER: 10612215) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other | Computer |
| intangible | software | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| At 30 June 2020 |
| AMORTISATION |
| At 1 July 2019 |
| Amortisation for year |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 July 2019 |
| and 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 July 2019 |
| and 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| PACEDCO NO.6 LIMITED (REGISTERED NUMBER: 10612215) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| VAT |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| Accruals and deferred income |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 July 2019 | ( |
) |
| Deficit for the year | ( |
) |
| At 30 June 2020 | ( |
) |
| 11. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Paced Limited. |