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Registered number: 03602670










PACE TELECOM LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
PACE TELECOM LIMITED
REGISTERED NUMBER: 03602670

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
25,782
30,341

  
25,782
30,341

Current assets
  

Stocks
  
1,338
15,379

Debtors: amounts falling due within one year
 5 
3,869,860
3,922,445

Cash at bank and in hand
 6 
161,288
296,285

  
4,032,486
4,234,109

Creditors: amounts falling due within one year
 7 
(575,242)
(1,155,346)

Net current assets
  
 
 
3,457,244
 
 
3,078,763

Total assets less current liabilities
  
3,483,026
3,109,104

Provisions for liabilities
  

Deferred tax
  
(4,140)
(5,322)

  
 
 
(4,140)
 
 
(5,322)

Net assets
  
3,478,886
3,103,782

Page 1

 
PACE TELECOM LIMITED
REGISTERED NUMBER: 03602670
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
97
97

Profit and loss account
  
3,478,789
3,103,685

  
3,478,886
3,103,782


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Ian Rooker on behalf of Enreach Holding B.V
Director

Date: 3 October 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
PACE TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Pace Telecom Limited (company number 03602670) is a private company, limited by shares, incorporated in England and Wales and domiciled in the United Kingdom. Its registered office and principal place of business is Hadley Park, Telford, TF1 6QJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end the Company completed the transfer of its trading activities to a fellow group company, Enreach UK Limited. The Company has now ceased to trade. As such, the financial statements have been prepared on a basis other than that of a going concern. This has not resulted in the write down of any material assets as they have been realised post year end at their carrying value.

Page 3

 
PACE TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
PACE TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
PACE TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
7.5-20%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
PACE TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 8 (2022 - 12).

Page 7

 
PACE TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
132,826
128,402
55,698
316,926


Additions
-
-
2,748
2,748



At 31 December 2023

132,826
128,402
58,446
319,674



Depreciation


At 1 January 2023
132,826
128,402
25,357
286,585


Charge for the period on owned assets
-
-
7,307
7,307



At 31 December 2023

132,826
128,402
32,664
293,892



Net book value



At 31 December 2023
-
-
25,782
25,782



At 31 December 2022
-
-
30,341
30,341


5.


Debtors

2023
2022
£
£


Trade debtors
161,902
378,970

Amounts owed by group undertakings
3,642,952
3,444,514

Other debtors
42,980
5

Prepayments and accrued income
22,026
98,956

3,869,860
3,922,445


Page 8

 
PACE TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
161,288
296,285

161,288
296,285



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
82,584
190,336

Amounts owed to group undertakings
267,294
107,641

Corporation tax
-
90,160

Other taxation and social security
4,039
98,788

Other creditors
-
33,587

Accruals and deferred income
221,325
634,834

575,242
1,155,346



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



97 (2022 - 97) Ordinary shares of £1.00 each
97
97



9.


Pension commitments

The Company operated a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £6,644 (2022 - £12,072). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 9

 
PACE TELECOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Related party transactions

The Company has taken advantage of the exemption under FRS102 not to disclose transactions with wholly owned group companies.


11.


Controlling party

The ultimate parent undertaking is Waterland Private Equity Investments B.V., a company incorporated in the Netherlands, which does not have any single controlling party. The registered office of the ultimate parent is Brediusweg 16, 1401 AG Bussum, The Netherlands.


12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 (accounting policies – going concern) to the financial statements which explains that the Company has transferred its trade to a fellow group company at the end of the 2023 year end at which point it ceased to trade. Accordingly the financial statements have been prepared on a basis other than the going concern basis as described in note 2.2. Our opinion is not modified in respect of this matter.

The audit report was signed on 4 October 2024 by John Fletcher BA (Hons) FCA (Senior statutory auditor) on behalf of WR Partners.

 
Page 10