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REGISTERED NUMBER: NI039495 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

PACC Engineering Limited

PACC Engineering Limited (Registered number: NI039495)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PACC Engineering Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr Patrick Casey





REGISTERED OFFICE: 4b Tulnacross Road
COOKSTOWN
Co. Tyrone
BT80 9NH





REGISTERED NUMBER: NI039495 (Northern Ireland)





ACCOUNTANTS: Gildernew & Co Ltd
Six Northland Row
DUNGANNON
Co. Tyrone
BT71 6AW

PACC Engineering Limited (Registered number: NI039495)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 184,250 192,175

CURRENT ASSETS
Stocks 437,240 473,844
Debtors 5 643,741 923,248
Cash at bank and in hand 494,564 478,152
1,575,545 1,875,244
CREDITORS
Amounts falling due within one year 6 673,156 719,147
NET CURRENT ASSETS 902,389 1,156,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,086,639

1,348,272

PROVISIONS FOR LIABILITIES 42,050 42,989
NET ASSETS 1,044,589 1,305,283

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,044,588 1,305,282
SHAREHOLDERS' FUNDS 1,044,589 1,305,283

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

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

PACC Engineering Limited (Registered number: NI039495)

Balance Sheet - continued
31 December 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 14 August 2024 and were signed by:





Mr Patrick Casey - Director


PACC Engineering Limited (Registered number: NI039495)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

PACC Engineering Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% reducing balance

Stocks
Stocks and WIP are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing projects to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock or work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the Profit and Loss Account. Reversal of impairment losses are also recognised in the Profit and Loss Account.

PACC Engineering Limited (Registered number: NI039495)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Where investments In non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception or hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant,these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

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.

PACC Engineering Limited (Registered number: NI039495)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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 15 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 558,562 15,439 77,759 651,760
Additions 26,603 1,116 - 27,719
At 31 December 2023 585,165 16,555 77,759 679,479
DEPRECIATION
At 1 January 2023 397,346 11,080 51,159 459,585
Charge for year 28,173 821 6,650 35,644
At 31 December 2023 425,519 11,901 57,809 495,229
NET BOOK VALUE
At 31 December 2023 159,646 4,654 19,950 184,250
At 31 December 2022 161,216 4,359 26,600 192,175

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 472,706 867,588
Other debtors 97,563 38,949
VAT 55,785 -
Prepayments and accrued income 17,687 16,711
643,741 923,248

PACC Engineering Limited (Registered number: NI039495)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 348,609 226,818
Tax 94,489 203,250
Social security and other taxes 8,474 8,783
VAT - 33,397
Other creditors 9,407 3,166
Directors' current accounts 3,975 42,753
Accruals and deferred income 208,202 200,980
673,156 719,147