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REGISTERED NUMBER: 01322520 (England and Wales)














PACEGRADE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






PACEGRADE LIMITED (REGISTERED NUMBER: 01322520)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PACEGRADE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: S B Horton
N B Horton





REGISTERED OFFICE: Units 1&2
Providence Street
Lye
Stourbridge
West Midlands
DY9 8HL





REGISTERED NUMBER: 01322520 (England and Wales)





ACCOUNTANTS: BK Plus Limited
Chartered Certified Accountants
Churchfield House
36 Vicar Street
Dudley
West Midlands
DY2 8RG

PACEGRADE LIMITED (REGISTERED NUMBER: 01322520)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 536,996 541,521

CURRENT ASSETS
Stocks 5 49,745 90,326
Debtors 6 2,575,065 758,269
Cash at bank 2,349,616 139,979
4,974,426 988,574
CREDITORS
Amounts falling due within one year 7 3,964,540 241,035
NET CURRENT ASSETS 1,009,886 747,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,546,882

1,289,060

PROVISIONS FOR LIABILITIES 9 87,771 84,500
NET ASSETS 1,459,111 1,204,560

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 321,429 321,429
Retained earnings 1,137,582 883,031
SHAREHOLDERS' FUNDS 1,459,111 1,204,560

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

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

PACEGRADE LIMITED (REGISTERED NUMBER: 01322520)

BALANCE SHEET - continued
31 OCTOBER 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 Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





N B Horton - Director


PACEGRADE LIMITED (REGISTERED NUMBER: 01322520)

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

1. STATUTORY INFORMATION

Pacegrade 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The accounts have been rounded to the nearest pound.

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.

The principal accounting policies adopted in the financial statements are set out below and have remained unchanged from the previous year and have been consistently applied within the same accounts.

Turnover
Turnover represents attributable earnings on contractual work undertaken in the year, excluding value added tax.

Turnover also includes revenue on long term contracts calculated by reference to the stage of completion. This is measured by the proportion that contract costs incurred to date bear to the estimated total contract costs.Where a contracts costs will exceed turnover, the expected loss is recognised as an expense immediately.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 1% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

No depreciation is provided on land included within land and buildings.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis. The cost of work in progress and finished goods includes all production overheads and depreciation and the attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on estimated selling price less the estimated cost of disposal.

Long term work in progress is assessed on a contract by contract basis and, where the outcome of the contract can be determined with a reasonable degree of accuracy, the relevant turnover and related costs are accounted for in the profit and loss account as contract activity progresses.


PACEGRADE LIMITED (REGISTERED NUMBER: 01322520)

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

2. ACCOUNTING POLICIES - continued
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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Cash and cash equivalents
Cash and cash equivalents included deposits held at call at banks.

Debtors and creditors
Short term debtors and creditors are measured at transaction price, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 19 ) .

PACEGRADE LIMITED (REGISTERED NUMBER: 01322520)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 November 2022 526,000 605,403 1,131,403
Additions - 13,403 13,403
At 31 October 2023 526,000 618,806 1,144,806
DEPRECIATION
At 1 November 2022 12,000 577,882 589,882
Charge for year 2,472 15,456 17,928
At 31 October 2023 14,472 593,338 607,810
NET BOOK VALUE
At 31 October 2023 511,528 25,468 536,996
At 31 October 2022 514,000 27,521 541,521

Included in cost or valuation of land and buildings is freehold land of £ 278,780 (2022 - £ 278,780 ) which is not depreciated.

Cost or valuation at 31 October 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 403,140 - 403,140
Cost 122,860 618,806 741,666
526,000 618,806 1,144,806

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 122,860 122,860

Value of land in freehold land and buildings 63,887 63,887

Freehold property was valued on a fair value basis on 5 May 2023 by GJS Dillon Commercial Property Consultant .

5. STOCKS
2023 2022
£    £   
Stocks 49,745 90,326

PACEGRADE LIMITED (REGISTERED NUMBER: 01322520)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,067,604 38,352
Amounts recoverable on contract - 684,508
Other debtors 507,461 35,409
2,575,065 758,269

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 2,753,999 -
Trade creditors 1,062,646 195,895
Taxation and social security 122,256 11,295
Other creditors 25,639 33,845
3,964,540 241,035

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 32,916 43,010
Between one and five years 33,639 35,684
66,555 78,694

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Capital allowances in excess of depreciation 87,771 84,500

Deferred
tax
£   
Balance at 1 November 2022 84,500
Charge to Income Statement during year 3,271
Balance at 31 October 2023 87,771

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

PACEGRADE LIMITED (REGISTERED NUMBER: 01322520)

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

11. RESERVES
Revaluation
reserve
£   
At 1 November 2022
and 31 October 2023 321,429