Pathfinder Clean Energy (PACE) UKDEV Ltd Accounts

PATHFINDER CLEAN ENERGY (PACE) UKDEV LTD - Company Information






Pathfinder Clean Energy (PACE) UKDEV Ltd

	Company No. 11367271
		Information for Filing with The Registrar
		31 January 2023

at	31 January 2023
Company No.		11367271	Notes	2023	2022
				£	£
Fixed assets

	Tangible assets		4	901	-


				901	-
Current assets
	Stocks		5	272,711	15,320
	Debtors		6	3,072,988	1,707,491

	Cash at bank and in hand			44,343	86,513
				3,390,042	1,809,324
Creditors: Amount falling due within one year			7	(4,918,953)	(2,556,286)
Net current liabilities				(1,528,911)	(746,962)
Total assets less current liabilities				(1,528,010)	(746,962)




Net liabilities				(1,528,010)	(746,962)

Capital and reserves
	Called up share capital			1	1



	Profit and loss account		9	(1,528,011)	(746,963)

Total equity				(1,528,010)	(746,962)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 20 October 2023
And signed on its behalf by:
R.C. Denman
Director
20 October 2023

for the year ended 31 January 2023

General information

Its registered number is: 11367271

Its registered office is:

Central House

20 Central Avenue

St Andrews Business Park

Norwich

NR7 0HR

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

33% Straight line

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2023	2022
			Number	Number
		The average monthly number of employees (including directors) during the year was:	9	7

4	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation

		Additions	1,006	1,006



		At 31 January 2023	1,006	1,006
		Depreciation

		Charge for the year	105	105



		At 31 January 2023	105	105
		Net book values
		At 31 January 2023	901	901

5	Stocks
			2023	2022
			£	£

		Work in progress	272,711	15,320

			272,711	15,320

6	Debtors
			2023	2022
			£	£

		Amounts owed by group undertakings	2,910,117	1,638,504


		VAT recoverable	156,319	62,636

		Other debtors	6,552	601
		Prepayments and accrued income	-	5,750
			3,072,988	1,707,491

7	Creditors:
		amounts falling due within one year
			2023	2022
			£	£




		Trade creditors	70,586	20,200
		Amounts owed to group undertakings	4,823,932	2,531,195

		Other taxes and social security	17,875	-

		Other creditors	-	3,391
		Accruals and deferred income	6,560	1,500
			4,918,953	2,556,286

Share capital

The company has 1 £1.00 Ordinary share in issue, which is fully paid.

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.