Pace Export (UK) Limited 03803829 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of a paper supply company. Digita Accounts Production Advanced 6.30.9574.0 true true 03803829 2022-08-01 2023-07-31 03803829 2023-07-31 03803829 core:RetainedEarningsAccumulatedLosses 2023-07-31 03803829 core:ShareCapital 2023-07-31 03803829 core:CurrentFinancialInstruments 2023-07-31 03803829 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03803829 core:FurnitureFittingsToolsEquipment 2023-07-31 03803829 bus:SmallEntities 2022-08-01 2023-07-31 03803829 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03803829 bus:FullAccounts 2022-08-01 2023-07-31 03803829 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03803829 bus:RegisteredOffice 2022-08-01 2023-07-31 03803829 bus:Director2 2022-08-01 2023-07-31 03803829 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03803829 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 03803829 core:OfficeEquipment 2022-08-01 2023-07-31 03803829 countries:EnglandWales 2022-08-01 2023-07-31 03803829 2022-07-31 03803829 core:FurnitureFittingsToolsEquipment 2022-07-31 03803829 2021-08-01 2022-07-31 03803829 2022-07-31 03803829 core:RetainedEarningsAccumulatedLosses 2022-07-31 03803829 core:ShareCapital 2022-07-31 03803829 core:CurrentFinancialInstruments 2022-07-31 03803829 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 03803829 core:FurnitureFittingsToolsEquipment 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 03803829

Pace Export (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Pace Export (UK) Limited

(Registration number: 03803829)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

394

493

Current assets

 

Stocks

5

250

250

Debtors

6

292,861

408,039

Investments

7

426,640

788,983

Cash at bank and in hand

 

561,715

355,767

 

1,281,466

1,553,039

Creditors: Amounts falling due within one year

8

(6,058)

(26,900)

Net current assets

 

1,275,408

1,526,139

Net assets

 

1,275,802

1,526,632

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,274,802

1,525,632

Shareholders' funds

 

1,275,802

1,526,632

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Pace Export (UK) Limited

(Registration number: 03803829)
Balance Sheet as at 31 July 2023

Approved and authorised by the director on 3 April 2024
 

.........................................
A Paine
Director

 

Pace Export (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
North Lodge
2 Stockings Lane
Little Berkhamsted
Hertfordshire
SG13 8LW
United Kingdom

These financial statements were authorised for issue by the director on 3 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Pace Export (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% on reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pace Export (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Pace Export (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

33,434

33,434

At 31 July 2023

33,434

33,434

Depreciation

At 1 August 2022

32,941

32,941

Charge for the year

99

99

At 31 July 2023

33,040

33,040

Carrying amount

At 31 July 2023

394

394

At 31 July 2022

493

493

5

Stocks

2023
£

2022
£

Other inventories

250

250

6

Debtors

2023
£

2022
£

Trade debtors

-

115,178

Other debtors

292,861

292,861

292,861

408,039

7

Current asset investments

2023
£

2022
£

Other investments

426,640

788,983

 

Pace Export (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

2,428

13,084

Trade creditors

 

-

6,976

Accruals and deferred income

 

3,630

4,000

Other creditors

 

-

2,840

 

6,058

26,900

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,428

13,084