PACE Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08699565 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

PACE PROPERTY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

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

4

145,000

174,000

Tangible assets

5

7,950

11,925

152,950

185,925

CURRENT ASSETS

Cash at bank

112,224

61,001

CREDITORS

Amounts falling due within one year

6

63,576

92,519

NET CURRENT ASSETS/(LIABILITIES)

48,648

(31,518

)

TOTAL ASSETS LESS CURRENT LIABILITIES

201,598

154,407

PROVISIONS FOR LIABILITIES

7

1,511

2,325

NET ASSETS

200,087

152,082

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

199,987

151,982

SHAREHOLDERS' FUNDS

200,087

152,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 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 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 Income Statement has not been delivered.

The financial statements were approved by the director on 2 January 2019 and were signed by:

L M Hopkins - Director

1.	STATUTORY INFORMATION

PACE Property Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2017

and 30 September 2018

290,000

AMORTISATION

At 1 October 2017

116,000

Charge for year

29,000

At 30 September 2018

145,000

NET BOOK VALUE

At 30 September 2018

145,000

At 30 September 2017

174,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2017

and 30 September 2018

15,900

DEPRECIATION

At 1 October 2017

3,975

Charge for year

3,975

At 30 September 2018

7,950

NET BOOK VALUE

At 30 September 2018

7,950

At 30 September 2017

11,925

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade creditors

8,913

-

Taxation and social security

39,009

32,424

Other creditors

15,654

60,095

63,576

92,519

7.	PROVISIONS FOR LIABILITIES

30.9.18

30.9.17

£

£

Deferred tax

Accelerated capital allowances

1,511

2,325

Deferred

tax

£

Balance at 1 October 2017

2,325

Provided during year

(814

)

Balance at 30 September 2018

1,511

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2018 and

30 September 2017:

30.9.18

30.9.17

£

£

L M Hopkins

Balance outstanding at start of year

58,075

168,075

Amounts advanced

60,000

-

Amounts repaid

(104,591

)

(110,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,484

58,075

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.

9.	RELATED PARTY DISCLOSURES

The company remains under the control of the director.

The director is associated with another property letting business AC lettings which is owned by the director`s

Mother.

Any transactions between the businesses are conducted at full market value.