2023-01-012023-12-312023-12-31false02779729PEC INTERNATIONAL 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PEC INTERNATIONAL LIMITED

Registered Number
02779729
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PEC INTERNATIONAL LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

TRAJKOVSKA, Slavica
WAITE, Kiril

Company Secretary

TRAJKOVSKA, Slavica

Registered Address

1 Gemini Court
42a Throwley Way
Sutton
SM1 4AF

Registered Number

02779729 (England and Wales)
PEC INTERNATIONAL LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4108,430113,371
108,430113,371
Current assets
Debtors543,1601,310
Cash at bank and on hand124,562136,597
167,722137,907
Creditors amounts falling due within one year6(373,057)(364,498)
Net current assets (liabilities)(205,335)(226,591)
Total assets less current liabilities(96,905)(113,220)
Creditors amounts falling due after one year7(497)-
Net assets(97,402)(113,220)
Capital and reserves
Called up share capital1,0001,000
Profit and loss account(98,402)(114,220)
Shareholders' funds(97,402)(113,220)
The financial statements were approved and authorised for issue by the Board of Directors on 13 August 2024, and are signed on its behalf by:
TRAJKOVSKA, Slavica
Director
Registered Company No. 02779729
PEC INTERNATIONAL LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
In view of the company's insolvent balance sheet, the directors have agreed not to withdraw their loan accounts owed to them until such time as the company returns to a solvent position.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Fixtures and fittings25-
Office Equipment25-
2.Average number of employees

20232022
Average number of employees during the year22
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 January 23203,454194,76321,417419,634
At 31 December 23203,454194,76321,417419,634
Depreciation and impairment
At 01 January 2393,569193,66919,025306,263
Charge for year4,0702735984,941
At 31 December 2397,639193,94219,623311,204
Net book value
At 31 December 23105,8158211,794108,430
At 31 December 22109,8851,0942,392113,371
5.Debtors: amounts due within one year

2023

2022

££
Other debtors43,1601,310
Total43,1601,310
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,9571,203
Other creditors368,603357,782
Accrued liabilities and deferred income2,4975,513
Total373,057364,498
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts497-
Total497-