Pacific Limited 02374293 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of Chartered Accountants and Business Advisers. Digita Accounts Production Advanced 6.30.9574.0 true 02374293 2023-01-01 2023-12-31 02374293 2023-12-31 02374293 bus:OrdinaryShareClass1 2023-12-31 02374293 bus:OrdinaryShareClass2 2023-12-31 02374293 core:RetainedEarningsAccumulatedLosses 2023-12-31 02374293 core:ShareCapital 2023-12-31 02374293 core:CurrentFinancialInstruments 2023-12-31 02374293 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02374293 core:Goodwill 2023-12-31 02374293 core:FurnitureFittingsToolsEquipment 2023-12-31 02374293 core:LandBuildings 2023-12-31 02374293 bus:SmallEntities 2023-01-01 2023-12-31 02374293 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02374293 bus:FullAccounts 2023-01-01 2023-12-31 02374293 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02374293 bus:RegisteredOffice 2023-01-01 2023-12-31 02374293 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 02374293 bus:Director2 2023-01-01 2023-12-31 02374293 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02374293 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 02374293 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02374293 core:Goodwill 2023-01-01 2023-12-31 02374293 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 02374293 core:LandBuildings 2023-01-01 2023-12-31 02374293 core:LeaseholdImprovements 2023-01-01 2023-12-31 02374293 countries:EnglandWales 2023-01-01 2023-12-31 02374293 2022-12-31 02374293 core:Goodwill 2022-12-31 02374293 core:FurnitureFittingsToolsEquipment 2022-12-31 02374293 core:LandBuildings 2022-12-31 02374293 2022-01-01 2022-12-31 02374293 2022-12-31 02374293 bus:OrdinaryShareClass1 2022-12-31 02374293 bus:OrdinaryShareClass2 2022-12-31 02374293 core:RetainedEarningsAccumulatedLosses 2022-12-31 02374293 core:ShareCapital 2022-12-31 02374293 core:CurrentFinancialInstruments 2022-12-31 02374293 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02374293 core:FurnitureFittingsToolsEquipment 2022-12-31 02374293 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02374293

Pacific Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Pacific Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Pacific Limited

Company Information

Directors

B.J. Cluer

D.W. Hurrell

Company secretary

B.J. Cluer

Registered office

1st Floor
Wobun House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

 

Pacific Limited

(Registration number: 02374293)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

14,329

13,507

Current assets

 

Stocks

9,486

2,432

Debtors

6

250,340

277,325

Cash at bank and in hand

 

561,117

497,133

 

820,943

776,890

Creditors: Amounts falling due within one year

7

(438,262)

(427,750)

Net current assets

 

382,681

349,140

Net assets

 

397,010

362,647

Capital and reserves

 

Called up share capital

8

1,000

1,000

Profit and loss account

396,010

361,647

Shareholders' funds

 

397,010

362,647

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 



 

D.W. Hurrell
Director

 

Pacific Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
Wobun House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss account.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Pacific Limited

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

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

10 years straight line

Plant and equipment

4 or 5 years straight line

Goodwill

Purchased goodwill is capitalised and amortised on a straight-line basis over its useful life of 5 years.

Cash
Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 13 (2022 - 12).

 

Pacific Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

442,440

442,440

At 31 December 2023

442,440

442,440

Amortisation

At 1 January 2023

442,440

442,440

At 31 December 2023

442,440

442,440

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Leasehold Property Improvements
£

Plant and equipment
 £

Total
£

Cost

At 1 January 2023

9,379

63,688

73,067

Additions

-

8,496

8,496

Disposals

-

(2,451)

(2,451)

At 31 December 2023

9,379

69,733

79,112

Depreciation

At 1 January 2023

9,379

50,181

59,560

Charge for the year

-

7,674

7,674

Eliminated on disposal

-

(2,451)

(2,451)

At 31 December 2023

9,379

55,404

64,783

Net book value

At 31 December 2023

-

14,329

14,329

At 31 December 2022

-

13,507

13,507

 

Pacific Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

179,278

196,963

Other debtors

67,046

76,370

Prepayments

4,016

3,992

250,340

277,325

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

32,648

37,108

Taxation and social security

107,979

109,972

Other creditors

285,635

270,670

Accruals

12,000

10,000

438,262

427,750

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Class A Ordinary Shares of £1 each

450

450

450

450

Class B Ordinary Shares of £1 each

550

550

550

550

 

1,000

1,000

1,000

1,000