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PACIFIC EQUITY LTD

Registered Number
SC771407
(Scotland)

Unaudited Financial Statements for the Period ended
31 December 2023

PACIFIC EQUITY LTD
Company Information
for the period from 2 June 2023 to 31 December 2023

Director

ASHTON, Ian James

Registered Address

Office 2, 4th Floor Dundee One, River Court
West Victoria Dock Road
Dundee
DD1 3JT

Registered Number

SC771407 (Scotland)
PACIFIC EQUITY LTD
Statement of Financial Position
31 December 2023

Notes

2023

£

£

Fixed assets
Tangible assets342,076
42,076
Current assets
Debtors288
Cash at bank and on hand4,271
4,559
Creditors amounts falling due within one year4(2,942)
Net current assets (liabilities)1,617
Total assets less current liabilities43,693
Net assets43,693
Capital and reserves
Called up share capital1,000
Share premium60,577
Profit and loss account(17,884)
Shareholders' funds43,693
The financial statements were approved and authorised for issue by the Director on 11 March 2024, and are signed on its behalf by:
ASHTON, Ian James
Director
Registered Company No. SC771407
PACIFIC EQUITY LTD
Notes to the Financial Statements
for the period ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Vehicles20
Office Equipment25
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

2023
Average number of employees during the year1
3.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
Additions46,36339946,762
At 31 December 2346,36339946,762
Depreciation and impairment
Charge for year4,636504,686
At 31 December 234,636504,686
Net book value
At 31 December 2341,72734942,076
At 01 June 23---
4.Creditors: amounts due within one year

2023

£
Trade creditors / trade payables228
Bank borrowings and overdrafts14
Accrued liabilities and deferred income2,700
Total2,942