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REGISTERED NUMBER: 05374981 (England and Wales)















PACETECH LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






PACETECH LIMITED (REGISTERED NUMBER: 05374981)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 6


PACETECH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr Naveed Ata



REGISTERED OFFICE: Unit 7
Boultbee Business Units
Nechells place
Birmingham
West Midlands
B7 5AR



REGISTERED NUMBER: 05374981 (England and Wales)



ACCOUNTANTS: Shareef & Co
Chartered Accountants
18 - 22 Stoney Lane
Yardley
Birmingham
West Midlands
B25 8YP



BANKERS: Barclays
Kings Heath Branch
161 High Street
Kings Heath
Birmingham
B14 7LA

PACETECH LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF
PACETECH LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages four to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Shareef & Co
Chartered Accountants
18 - 22 Stoney Lane
Yardley
Birmingham
West Midlands
B25 8YP


12 January 2024

PACETECH LIMITED (REGISTERED NUMBER: 05374981)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 54,713 56,062
54,713 56,062

CURRENT ASSETS
Stocks 1,402,139 1,427,019
Debtors 5 1,045,272 1,243,391
Cash at bank and in hand 263,531 213,790
2,710,942 2,884,200
CREDITORS
Amounts falling due within one year 6 496,630 574,378
NET CURRENT ASSETS 2,214,312 2,309,822
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,269,025

2,365,884

CREDITORS
Amounts falling due after more than one
year

7

221,898

337,721
NET ASSETS 2,047,127 2,028,163

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,047,125 2,028,161
SHAREHOLDERS' FUNDS 2,047,127 2,028,163

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

PACETECH LIMITED (REGISTERED NUMBER: 05374981)

BALANCE SHEET - continued
31 MARCH 2023


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 and authorised for issue on 12 January 2024 and were signed by:





Mr Naveed Ata - Director


PACETECH LIMITED (REGISTERED NUMBER: 05374981)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Pacetech 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.

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

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 - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

PACETECH LIMITED (REGISTERED NUMBER: 05374981)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 160,489
Additions 12,329
At 31 March 2023 172,818
DEPRECIATION
At 1 April 2022 104,427
Charge for year 13,678
At 31 March 2023 118,105
NET BOOK VALUE
At 31 March 2023 54,713
At 31 March 2022 56,062

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 100,841 124,294
Amounts owed by group undertakings 57,385 92,062
Amounts owed by connected companies 782,070 744,570
Other debtors 104,976 282,465
1,045,272 1,243,391

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 84,611 139,756
Hire purchase contracts 15,357 15,347
Trade creditors 329,231 275,422
Taxation and social security 54,333 135,034
Other creditors 13,098 8,819
496,630 574,378

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 190,000 290,466
Hire purchase contracts 31,898 47,255
221,898 337,721