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Registered number: 08840393
Pace Services Truck Sales Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
PKW Accountancy Limited
Second Floor
1 Church Square
Leighton Buzzard
Bedfordshire
LU7 1AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08840393
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,392 4,675
4,392 4,675
CURRENT ASSETS
Stocks 5 97,750 126,500
Debtors 6 241,181 184,409
Cash at bank and in hand 466,479 446,401
805,410 757,310
Creditors: Amounts Falling Due Within One Year 7 (54,082 ) (109,124 )
NET CURRENT ASSETS (LIABILITIES) 751,328 648,186
TOTAL ASSETS LESS CURRENT LIABILITIES 755,720 652,861
NET ASSETS 755,720 652,861
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 755,620 652,761
SHAREHOLDERS' FUNDS 755,720 652,861
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 8 August 2024 and were signed on its behalf by:
C E Scotchings
Director
8th August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pace Services Truck Sales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08840393 . The registered office is 2nd Floor, 1 Church Square, Leighton Buzzard, Bedfordshire, LU7 1AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Computer Equipment 25% straight line
2.4. Stocks and Work in Progress
Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 February 2023 5,500 - 5,500
Additions - 1,182 1,182
As at 31 January 2024 5,500 1,182 6,682
Depreciation
As at 1 February 2023 825 - 825
Provided during the period 1,169 296 1,465
As at 31 January 2024 1,994 296 2,290
Net Book Value
As at 31 January 2024 3,506 886 4,392
As at 1 February 2023 4,675 - 4,675
Page 3
Page 4
5. Stocks
2024 2023
£ £
Stock 97,750 126,500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 39,504 49,500
Other debtors 201,677 134,909
241,181 184,409
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,812 53,545
Bank loans and overdrafts 473 -
Other creditors 7,083 5,431
Taxation and social security 30,714 50,148
54,082 109,124
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mrs Suzanne Scotchings 61,653 37,143 - - 98,796
Mr Clifford Scotchings 61,653 37,143 - - 98,796
The above loan is unsecured, repayable on demand and interest is charged at the official rate.
Page 4