2023-09-012024-03-312024-03-31falseSC574570PACIFIC LF 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PACIFIC LF LTD

Registered Number
SC574570
(Scotland)

Unaudited Financial Statements for the Period ended
31 March 2024

PACIFIC LF LTD
Company Information
for the period from 1 September 2023 to 31 March 2024

Directors

CRAIK, Graham
CRAIK FO LTD

Registered Address

70 Wellington Street
Glasgow
G2 6UA

Registered Number

SC574570 (Scotland)
PACIFIC LF LTD
Statement of Financial Position
31 March 2024

Notes

31 Mar 2024

31 Aug 2023

£

£

£

£

Fixed assets
Intangible assets33,9066,313
3,9066,313
Current assets
Debtors4735,521852,600
Cash at bank and on hand7,886151,646
743,4071,004,246
Creditors amounts falling due within one year5(335,891)(490,176)
Net current assets (liabilities)407,516514,070
Total assets less current liabilities411,422520,383
Net assets411,422520,383
Capital and reserves
Called up share capital150150
Profit and loss account411,272520,233
Shareholders' funds411,422520,383
The financial statements were approved and authorised for issue by the Board of Directors on 9 September 2024, and are signed on its behalf by:
CRAIK, Graham
Director
Registered Company No. SC574570
PACIFIC LF LTD
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisatioin and any accumulated impairment losses. Amortisation is provided on all intangible fixed assets as follows: Website development costs - over 3 years
Financial instruments
The Company 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.
2.Average number of employees

20242023
Average number of employees during the year21
3.Intangible assets
Intangible assets are website development costs.

Other

Total

££
Cost or valuation
At 01 September 2312,50012,500
At 31 March 2412,50012,500
Amortisation and impairment
At 01 September 236,1876,187
Charge for year2,4072,407
At 31 March 248,5948,594
Net book value
At 31 March 243,9063,906
At 31 August 236,3136,313
4.Debtors: amounts due within one year

2024

2023

££
Other debtors735,521852,600
Total735,521852,600
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security23,6228,913
Other creditors309,925479,925
Accrued liabilities and deferred income2,3441,338
Total335,891490,176
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Change in reporting period and impact on comparability
The company has shortened its reporting date from 31 August to 31 March so that it aligns with the related company year end to allow more streamlined reporting. As a result, the current period is a seven-month accounting period and not comparable to previous periods.