Registered number
07818235
PASCAL SOLUTIONS LTD
Filleted Accounts
31 October 2023
PASCAL SOLUTIONS LTD
Registered number: 07818235
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 713,044 10,000
Tangible assets 4 308,916 19,889
1,021,960 29,889
Current assets
Stocks 280,550 120,750
Debtors 5 288,529 127,605
Cash at bank and in hand 353,364 578,406
922,443 826,761
Creditors: amounts falling due within one year 6 (430,280) 32,646
Net current assets 492,163 859,407
Total assets less current liabilities 1,514,123 889,296
Creditors: amounts falling due after more than one year 7 (1,657,682) (889,233)
Net (liabilities)/assets (143,559) 63
Capital and reserves
Called up share capital 4 4
Profit and loss account (143,563) 59
Shareholders' funds (143,559) 63
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
___________
Shezan Raza
Director
Approved by the board on 31 October 2024
PASCAL SOLUTIONS LTD
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18% reducing balance
Fixtures, fittings, tools and equipment 18% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 31 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 10,000
Additions 703,044
At 31 October 2023 713,044
Amortisation
At 31 October 2023 -
Net book value
At 31 October 2023 713,044
At 31 October 2022 10,000
4 Tangible fixed assets
Plant and machinery etc Fixtures, fittings, tools and equipment Total
£ £ £
Cost
At 1 November 2022 20,544 59,250 79,794
Additions 154,245 202,595 356,840
At 31 October 2023 174,789 261,845 436,634
Depreciation
At 1 November 2022 14,738 45,167 59,905
Charge for the year 28,809 39,004 67,813
At 31 October 2023 43,547 84,171 127,718
Net book value
At 31 October 2023 131,242 177,674 308,916
At 31 October 2022 5,806 14,083 19,889
5 Debtors 2023 2022
£ £
Trade debtors 288,529 127,605
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 505,416 256,936
Taxation and social security costs (87,258) (305,069)
Other creditors 12,122 15,487
430,280 (32,646)
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 20,113
Other creditors 1,657,682 869,120
1,657,682 889,233
8 Other information
PASCAL SOLUTIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
13-15 Church Road,
Redditch,
England,
B97 4AB.
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