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COMPANY REGISTRATION NUMBER: 02117640
PAC Electrical Services Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
PAC Electrical Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
214,481
149,689
Current assets
Debtors
6
1,318,555
1,340,800
Cash at bank and in hand
535,395
554,918
------------
------------
1,853,950
1,895,718
Creditors: amounts falling due within one year
7
1,000,709
1,097,765
------------
------------
Net current assets
853,241
797,953
------------
---------
Total assets less current liabilities
1,067,722
947,642
Creditors: amounts falling due after more than one year
8
42,166
7,290
Provisions
Deferred taxation
36,818
11,833
------------
---------
Net assets
988,738
928,519
------------
---------
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss account
958,738
898,519
---------
---------
Shareholders funds
988,738
928,519
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PAC Electrical Services Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 1 August 2024 , and are signed on behalf of the board by:
Mr P D Fish
Director
Company registration number: 02117640
PAC Electrical Services Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Shortacre Works, Beach Road, Cottenham, Cambridge, CB24 8BW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents work done during the year, exclusive of Value Added Tax. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
20-30% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
The company operates a small self-administered pension scheme on behalf of certain directors. This is administered by trustees and is independent of the company finances. The company also operates a defined contribution scheme on behalf of the employees. This is administered by trustees and is independent of the company finances. Contributions are charged to profit and loss as they become payable in accordance with the rules of the scheme. Pension payments are related to the premiums paid.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 73 (2023: 75 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
550,479
203,477
753,956
Additions
128,210
26,397
154,607
Disposals
( 141,843)
( 141,843)
---------
---------
---------
At 31 March 2024
536,846
229,874
766,720
---------
---------
---------
Depreciation
At 1 April 2023
420,565
183,702
604,267
Charge for the year
44,265
14,250
58,515
Disposals
( 110,543)
( 110,543)
---------
---------
---------
At 31 March 2024
354,287
197,952
552,239
---------
---------
---------
Carrying amount
At 31 March 2024
182,559
31,922
214,481
---------
---------
---------
At 31 March 2023
129,914
19,775
149,689
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
1,248,933
1,300,001
Other debtors
69,622
40,799
------------
------------
1,318,555
1,340,800
------------
------------
Included within trade debtors is £15,855 (2023: £103,938) in respect of amounts recoverable on contracts.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
461,405
626,384
Social security and other taxes
161,795
111,631
Other creditors
377,509
359,750
------------
------------
1,000,709
1,097,765
------------
------------
Included within other creditors stated above is an amount of £31,885 (2023: £16,765) for which security over the assets to which the liability relates to has been given.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
42,166
7,290
--------
-------
Included within other creditors stated above is an amount of £42,166 (2023: £7,290) for which security over the assets to which the liability relates to has been given.
9. Other financial commitments
The total future minimum lease payments under non-cancellable operating leases is £ 206,460 (2023: £ 98,927 ).