Company registration number 04580178 (England and Wales)
PACE PRINT AND DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PACE PRINT AND DESIGN LIMITED
COMPANY INFORMATION
Directors
Mr M N Johnson
Mr A Anderson
(Appointed 23 January 2024)
Mr M T Downer
(Appointed 23 January 2024)
Mr G Johnson
(Appointed 23 January 2024)
Company number
04580178
Registered office
Unit 13
Buckholt Business Centre
Buckholt Drive
Worcester
WR4 9ND
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
The Co-Operative Bank Plc
PO Box 250
Skelmersdale
Lancashire
WN8 6WT
PACE PRINT AND DESIGN LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
PACE PRINT AND DESIGN LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PACE PRINT AND DESIGN LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pace Print and Design Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Pace Print and Design Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pace Print and Design Limited and state those matters that we have agreed to state to the board of directors of Pace Print and Design Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pace Print and Design Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Pace Print and Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pace Print and Design Limited. You consider that Pace Print and Design Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Pace Print and Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
16 May 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PACE PRINT AND DESIGN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
70,613
60,185
Current assets
Stocks
5,481
7,873
Debtors
5
212,640
193,766
Cash at bank and in hand
14,020
218,121
215,659
Creditors: amounts falling due within one year
6
(225,907)
(195,341)
Net current (liabilities)/assets
(7,786)
20,318
Total assets less current liabilities
62,827
80,503
Creditors: amounts falling due after more than one year
7
(20,053)
(44,259)
Provisions for liabilities
9
(12,084)
(10,083)
Net assets
30,690
26,161
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
30,590
26,061
Total equity
30,690
26,161
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 31 December 2023 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.
PACE PRINT AND DESIGN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 May 2024 and are signed on its behalf by:
Mr M N Johnson
Director
Company registration number 04580178 (England and Wales)
PACE PRINT AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Pace Print and Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 13, Buckholt Business Centre, Buckholt Drive, Worcester, United Kingdom, WR4 9ND.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life.
1.4
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:
Improvements to property
2% on cost
Plant and machinery
25% on reducing balance
Fixtures, fittings and equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
PACE PRINT AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.6
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.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
PACE PRINT AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
The company has entered into an invoice discounting arrangement for certain trade debtors. Amounts due from the customers are shown in full in trade debtors, with amounts due to the finance company in creditors due within twelve months under the other creditors heading.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
8,200
Amortisation and impairment
At 1 January 2023 and 31 December 2023
8,200
Carrying amount
At 31 December 2023
At 31 December 2022
PACE PRINT AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
15,545
437,151
99,180
11,499
563,375
Additions
30,540
466
31,006
At 31 December 2023
15,545
467,691
99,646
11,499
594,381
Depreciation and impairment
At 1 January 2023
5,390
416,742
69,854
11,204
503,190
Depreciation charged in the year
311
12,742
7,451
74
20,578
At 31 December 2023
5,701
429,484
77,305
11,278
523,768
Carrying amount
At 31 December 2023
9,844
38,207
22,341
221
70,613
At 31 December 2022
10,155
20,409
29,326
295
60,185
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
102,412
93,849
Amounts owed by group undertakings
109,201
89,734
Other debtors
1,027
10,183
212,640
193,766
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
39
5,100
Trade creditors
70,163
66,810
Taxation and social security
19,800
13,719
Other creditors
135,905
109,712
225,907
195,341
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
20,053
44,259
PACE PRINT AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
43,619
40,512
Bank overdrafts
39
Bank loans
-
5,100
Factoring account
71,976
56,030
115,634
101,642
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
All monies due or to become due from the company to the factoring company are secured against trade debtors.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
12,084
10,083
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
11
Related party transactions
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.
PACE PRINT AND DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
12
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan account
-
4,411
(4,411)
-
4,411
(4,411)
-
The loan account was repaid within nine months of the year end.
13
Control
Ultimate parent company
The ultimate parent company is Magic Plums Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr M N Johnson by virtue of his controlling interest in the ultimate parent company.
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