PACE Credit Control Ltd 05072112 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of credit control consultants Digita Accounts Production Advanced 6.30.9574.0 true true 05072112 2022-08-01 2023-07-31 05072112 2023-07-31 05072112 core:RetainedEarningsAccumulatedLosses 2023-07-31 05072112 core:ShareCapital 2023-07-31 05072112 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 05072112 core:Goodwill 2023-07-31 05072112 core:FurnitureFittingsToolsEquipment 2023-07-31 05072112 bus:SmallEntities 2022-08-01 2023-07-31 05072112 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 05072112 bus:FullAccounts 2022-08-01 2023-07-31 05072112 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 05072112 bus:RegisteredOffice 2022-08-01 2023-07-31 05072112 bus:Director2 2022-08-01 2023-07-31 05072112 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 05072112 core:Goodwill 2022-08-01 2023-07-31 05072112 core:FurnitureFittings 2022-08-01 2023-07-31 05072112 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 05072112 countries:England 2022-08-01 2023-07-31 05072112 2022-07-31 05072112 core:Goodwill 2022-07-31 05072112 core:FurnitureFittingsToolsEquipment 2022-07-31 05072112 2021-08-01 2022-07-31 05072112 2022-07-31 05072112 core:RetainedEarningsAccumulatedLosses 2022-07-31 05072112 core:ShareCapital 2022-07-31 05072112 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 05072112 core:Goodwill 2022-07-31 05072112 core:FurnitureFittingsToolsEquipment 2022-07-31 iso4217:GBP xbrli:pure

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

Registration number : 05072112



















Annual Report and Unaudited Financial Statements

for the year ended 31 July 2023

 

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

Company Information

Director

Mr Paul Andrew Coventry

Registered office

Maghull Business Centre
1 Liverpool Road North
Maghull
Merseyside
L31 2HB

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

(Registration number: 05072112)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

13,500

15,000

Tangible assets

5

293

345

 

13,793

15,345

Current assets

 

Debtors

6

1,511

4,996

Cash at bank and in hand

 

36,643

34,652

 

38,154

39,648

Creditors: Amounts falling due within one year

7

(51,451)

(52,981)

Net current liabilities

 

(13,297)

(13,333)

Total assets less current liabilities

 

496

2,012

Provisions for liabilities

(73)

(66)

Net assets

 

423

1,946

Capital and reserves

 

Called up share capital

101

101

Profit and loss account

322

1,845

Total equity

 

423

1,946

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.

Approved and authorised by the director on 23 February 2024
 

 

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

(Registration number: 05072112)
Balance Sheet as at 31 July 2023

.........................................
Mr Paul Andrew Coventry
Director

   
     
 

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

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.

The address of its registered office is:
Maghull Business Centre
1 Liverpool Road North
Maghull
Merseyside
L31 2HB

These financial statements were authorised for issue by the director on 23 February 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.

Tax

The tax expense for the period comprises 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.

 

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

Notes to the Unaudited Financial Statements for the year ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Amortised over 20yrs

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.

 

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

Notes to the Unaudited Financial Statements for the year ended 31 July 2023

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

30,000

30,000

At 31 July 2023

30,000

30,000

Amortisation

At 1 August 2022

15,000

15,000

Amortisation charge

1,500

1,500

At 31 July 2023

16,500

16,500

Carrying amount

At 31 July 2023

13,500

13,500

At 31 July 2022

15,000

15,000

 

PACE Credit Control Ltd

trading as Mercantile Legal and Commercial Services

Notes to the Unaudited Financial Statements for the year ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

2,854

2,854

At 31 July 2023

2,854

2,854

Depreciation

At 1 August 2022

2,509

2,509

Charge for the year

52

52

At 31 July 2023

2,561

2,561

Carrying amount

At 31 July 2023

293

293

At 31 July 2022

345

345

6

Debtors

2023
£

2022
£

Trade debtors

1,511

4,996

1,511

4,996

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,049

799

Taxation and social security

13,191

15,423

Accruals and deferred income

30,454

28,725

Other creditors

6,757

8,034

51,451

52,981