P.A.C. Supplies Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03877341 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

P.A.C. SUPPLIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F G Bryant

Mrs P E Bryant

C Bryant

SECRETARY:

F G Bryant

REGISTERED OFFICE:

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

BUSINESS ADDRESS:

Unit 2 Waldron Court

Prince William Road

Loughborough

Leicestershire

LE11 5GD

REGISTERED NUMBER:

03877341 (England and Wales)

ACCOUNTANTS:

Lemans

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

FIXED ASSETS

Tangible assets

4

40,142

30,828

CURRENT ASSETS

Stocks

137,292

121,742

Debtors

5

158,989

171,080

Investments

6

1,300

1,300

Cash at bank and in hand

140,838

131,298

438,419

425,420

CREDITORS

Amounts falling due within one year

7

143,607

137,434

NET CURRENT ASSETS

294,812

287,986

TOTAL ASSETS LESS CURRENT LIABILITIES

334,954

318,814

CREDITORS

Amounts falling due after more than one year

8

(6,890

)

(12,403

)

PROVISIONS FOR LIABILITIES

(7,628

)

(5,857

)

NET ASSETS

320,436

300,554

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

320,336

300,454

SHAREHOLDERS' FUNDS

320,436

300,554

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2021 and were signed on its behalf by:

C Bryant - Director

1.	STATUTORY INFORMATION

P.A.C. Supplies Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stock are valued on a first in first out basis, 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 Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price.

Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Operating leases

Payments made under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2020

16,505

40,395

13,338

70,238

Additions

23,391

-

-

23,391

At 31 December 2020

39,896

40,395

13,338

93,629

DEPRECIATION

At 1 January 2020

10,918

17,244

11,248

39,410

Charge for year

7,245

5,787

1,045

14,077

At 31 December 2020

18,163

23,031

12,293

53,487

NET BOOK VALUE

At 31 December 2020

21,733

17,364

1,045

40,142

At 31 December 2019

5,587

23,151

2,090

30,828

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2020

and 31 December 2020

40,395

DEPRECIATION

At 1 January 2020

17,244

Charge for year

5,787

At 31 December 2020

23,031

NET BOOK VALUE

At 31 December 2020

17,364

At 31 December 2019

23,151

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

158,989

170,694

Prepayments

-

386

158,989

171,080

6.	CURRENT ASSET INVESTMENTS

31.12.20

31.12.19

£

£

Unlisted investments

1,300

1,300

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts (see note 9)

5,512

5,512

Trade creditors

87,315

77,874

Corporation tax

22,598

30,006

Social security and other taxes

13,521

9,042

Directors' current accounts

8,038

8,038

Accrued expenses

6,623

6,962

143,607

137,434

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts (see note 9)

6,890

12,403

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.20

31.12.19

£

£

Net obligations repayable:

Within one year

5,512

5,512

Between one and five years

6,890

12,403

12,402

17,915

Non-cancellable operating

leases

31.12.20

31.12.19

£

£

Between one and five years

30,000

30,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Hire purchase contracts

12,402

17,915

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

100

Ordinary

£1

100

100