Company registration number 02211428 (England and Wales)
PAC HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PAC HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,373
1,884
Investment property
5
160,000
785,000
Investments
6
16,239
14,321
189,612
801,205
Current assets
Stocks
142,043
89,353
Debtors
7
113,284
20,776
Cash at bank and in hand
439,313
19,185
694,640
129,314
Creditors: amounts falling due within one year
8
(2,399)
(15,689)
Net current assets
692,241
113,625
Net assets
881,853
914,830
Capital and reserves
Called up share capital
3,000
3,000
Other reserves
9
37,195
310,563
Profit and loss reserves
9
841,658
601,267
Total equity
881,853
914,830

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mr E P Chrisp
Director
Company registration number 02211428 (England and Wales)
PAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

PAC Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19a Roundhill Road, Hurworth, Darlington, DL2 2ED.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Property rental income is measured at the fair value of the consideration received or receivable, stated net of discounts and of Value Added Tax.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Dividends are accounted for in accordance with FRS102 section 1A and thus included net, without any applicable tax credit.

 

Income from fixed interest securities, government stocks and other interest receivable are included on an accruals basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Enter depreciation rate via StatDB - cd74
Plant and machinery
33% straight line
Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Listed and other investments are measured at fair value with changes in fair value being recognised in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

PAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
3
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 May 2023
-
0
1,536
1,210
2,746
Additions
10,463
175
2,344
12,982
At 30 April 2024
10,463
1,711
3,554
15,728
Depreciation and impairment
At 1 May 2023
-
0
634
228
862
Depreciation charged in the year
-
0
531
962
1,493
At 30 April 2024
-
0
1,165
1,190
2,355
Carrying amount
At 30 April 2024
10,463
546
2,364
13,373
At 30 April 2023
-
0
902
982
1,884
5
Investment property
2024
£
Fair value
At 1 May 2023
785,000
Disposals
(625,000)
At 30 April 2024
160,000
PAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Investment property
(Continued)
- 6 -

Investment property is shown at fair value, the cost of these properties at 30th April 2024 was £122,805 (2023: £474,437).

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
Unlisted Investments
400
-
0
Listed investments
15,837
14,319
16,239
14,321

Investments in subsidiary undertakings are recorded at cost. The company has a 100% shareholding in Priestgate Services (No. 26) Limited.

 

Listed investments are shown at fair value, the cost of these investments at 30th April 2024 was £30,887 (2023: £30,887).

 

Other investments are shown at fair value, the cost of these investments at 30th April 2024 was £400.

 

Movements in fixed asset investments
Shares in group undertakings
Other investments
Listed Investments
Total
£
£
£
£
Cost or valuation
At 1 May 2023
2
-
14,319
14,321
Additions
-
400
-
400
Fair value revaluations
-
-
1,518
1,518
At 30 April 2024
2
400
15,837
16,239
Carrying amount
At 30 April 2024
2
400
15,837
16,239
At 30 April 2023
2
-
14,319
14,321
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,978
11,638
Other debtors
102,841
5,360
Prepayments and accrued income
465
3,778
113,284
20,776
PAC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,397
1,798
Deferred income
-
0
13,889
Other creditors
2
2
2,399
15,689
9
Reserves

Other reserve - This reserve records an accumulated unrealised fair value surplus on investment property of £37,195 (2023: £310,563).

 

Profit and loss account - This reserve records retained earnings and accumulated losses, and an accumulated

unrealised fair value deficit relating to the excess of cost over market value on listed investments of £15,050

(2023: £16,568).

 

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year the company loaned £100,000 to a related party. A balance of £100,000 was outstanding at the year-end, and is shown in debtors within the accounts. All transactions were conducted on an arms length basis, the loan is secured against property and guaranteed by one of the directors, and interest is being charged annually at a deemed commercial rate.

Other information

At the year-end the company owed £2 to Priestgate Services (No. 26) Limited

11
Directors' transactions

At the year-end the company was owed £2,286 (2023 - £5,144) from the directors, this balance is included in other debtors.

 

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