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REGISTERED NUMBER: 04436418 (England and Wales)















PAC PROPERTIES LIMITED

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 May 2023






PAC PROPERTIES LIMITED (REGISTERED NUMBER: 04436418)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5 to 6

Notes to the Financial Statements 7 to 8


PAC PROPERTIES LIMITED

Company Information
for the year ended 31 May 2023







Directors: N Butchers
C D Mullin
P A Newton





Registered office: First Floor
Saggar House
Princes Drive
Worcester
Worcestershire
WR1 2PG





Registered number: 04436418 (England and Wales)





Accountants: Haines Watts South East LLP
5-6 Greenfield Crescent
Edgbaston
Birmingham
Surrey
B15 3BE

PAC PROPERTIES LIMITED (REGISTERED NUMBER: 04436418)

Report of the Directors
for the year ended 31 May 2023

The directors present their report with the financial statements of the company for the year ended 31 May 2023.

Principal activity
The principal activity of the company in the year under review was that of property rental.

Directors
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

N Butchers
C D Mullin
P A Newton

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





N Butchers - Director


9 November 2023

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
PAC Properties Limited


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PAC Properties Limited for the year ended 31 May 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PAC Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PAC Properties Limited and state those matters that we have agreed to state to the Board of Directors of PAC Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PAC Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PAC Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PAC Properties Limited. You consider that PAC Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PAC Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts South East LLP
5-6 Greenfield Crescent
Edgbaston
Birmingham
Surrey
B15 3BE


13 November 2023

PAC PROPERTIES LIMITED (REGISTERED NUMBER: 04436418)

Income Statement
for the year ended 31 May 2023

2023 2022
£ £

Turnover 27,125 26,775

Administrative expenses (11,573 ) (15,616 )
15,552 11,159


Interest payable and similar expenses (14,983 ) (6,076 )
Profit before taxation 569 5,083

Tax on profit (108 ) (966 )
Profit for the financial year 461 4,117

PAC PROPERTIES LIMITED (REGISTERED NUMBER: 04436418)

Statement of Financial Position
31 May 2023

2023 2022
Notes £ £ £ £
Fixed assets
Investment property 4 865,000 504,000

Current assets
Debtors 5 1,485 1,782
Cash at bank 23,552 24,786
25,037 26,568
Creditors
Amounts falling due within one year 6 56,803 58,795
Net current liabilities (31,766 ) (32,227 )
Total assets less current liabilities 833,234 471,773

Creditors
Amounts falling due after more than one
year

7

335,062

335,062
Net assets 498,172 136,711

Capital and reserves
Called up share capital 3 3
Revaluation reserve 9 465,502 104,502
Retained earnings 32,667 32,206
Shareholders' funds 498,172 136,711

PAC PROPERTIES LIMITED (REGISTERED NUMBER: 04436418)

Statement of Financial Position - continued
31 May 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:





N Butchers - Director


PAC PROPERTIES LIMITED (REGISTERED NUMBER: 04436418)

Notes to the Financial Statements
for the year ended 31 May 2023

1. Statutory information

PAC Properties 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

4. Investment property


Fair value at 31 May 2023 is represented by:
£
Valuation in 2005 100,970
Valuation in 2007 30,500
Valuation in 2008 (93,500 )
Valuation in 2023 361,000
Cost 466,030
865,000

PAC PROPERTIES LIMITED (REGISTERED NUMBER: 04436418)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. Investment property - continued

The properties were last revalued in 2023 by the directors, using market based evidence for similar properties sold in the local area.

5. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 1,000 1,314
Prepayments 485 468
1,485 1,782

6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 240 -
Corporation tax 308 2,712
Directors' current accounts 54,935 54,935
Accrued expenses 1,320 1,148
56,803 58,795

7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other loans more 5yrs non-inst 335,062 335,062

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 335,062 335,062

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Other loans 335,062 335,062

Mortgages are secured on the investment properties concerned

9. Reserves
Revaluation
reserve
£
At 1 June 2022 104,502
Property revaluation 361,000

At 31 May 2023 465,502