Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalse2023-04-01No description of principal activity1915truefalse 04669194 2023-04-01 2024-03-31 04669194 2022-04-01 2023-03-31 04669194 2024-03-31 04669194 2023-03-31 04669194 c:Director2 2023-04-01 2024-03-31 04669194 d:OfficeEquipment 2023-04-01 2024-03-31 04669194 d:OfficeEquipment 2024-03-31 04669194 d:OfficeEquipment 2023-03-31 04669194 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04669194 d:Goodwill 2024-03-31 04669194 d:Goodwill 2023-03-31 04669194 d:CurrentFinancialInstruments 2024-03-31 04669194 d:CurrentFinancialInstruments 2023-03-31 04669194 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04669194 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04669194 d:ShareCapital 2024-03-31 04669194 d:ShareCapital 2023-03-31 04669194 d:RetainedEarningsAccumulatedLosses 2024-03-31 04669194 d:RetainedEarningsAccumulatedLosses 2023-03-31 04669194 c:FRS102 2023-04-01 2024-03-31 04669194 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04669194 c:FullAccounts 2023-04-01 2024-03-31 04669194 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04669194 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04669194 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04669194 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 04669194 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 04669194 2 2023-04-01 2024-03-31 04669194 6 2023-04-01 2024-03-31 04669194 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 04669194


 
 
 
 
 
 
 
 
 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
 
FOR THE YEAR ENDED 31 MARCH 2024

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
REGISTERED NUMBER:04669194

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
19,947
12,129

Investments
 6 
65,871
65,871

  
85,818
78,000

Current assets
  

Debtors: amounts falling due within one year
 7 
1,526,668
1,760,212

Cash at bank and in hand
  
216,277
576,787

  
1,742,945
2,336,999

Creditors: amounts falling due within one year
 8 
(739,285)
(899,869)

Net current assets
  
 
 
1,003,660
 
 
1,437,130

Total assets less current liabilities
  
1,089,478
1,515,130

Provisions for liabilities
  

Deferred tax
 9 
(4,243)
(2,703)

Net assets
  
1,085,235
1,512,427


Capital and reserves
  

Called up share capital 
  
1,333
1,333

Profit and loss account
  
1,083,902
1,511,094

  
1,085,235
1,512,427


Page 1

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
REGISTERED NUMBER:04669194
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income and retained earnings 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: 


................................................
W G Minns
Director

Date: 4 November 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Pacific International Recruitment Limited is a private company limited by shares and is incorporated in England and Wales, registration number 04669194. The registered office is The Control Tower, Witchcraft Way, Rackheath, Norwich, Norfolk, NR13 6GA.

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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have considered the Company's position at the time of signing the financial statements, and in particular the ongoing issues affecting the economic climate and its impact on the Company. The directors have considered the current financial strength of the Company and wider group, together with the range of measures the directors can take to mitigate ongoing costs should they need to, and ultimately should it be required.
Based on this, the directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. Therefore, the directors have adopted the going concern basis of accounting in preparing these financial statements. 

Page 3

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

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:

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.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

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

Page 4

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.

 
2.11

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition.  Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.  
Goodwill is amortised over 5 years on a straight line basis to the Income Statement, being its deemed useful economic life.

Page 5

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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, using the straight line method.

Depreciation is provided on the following basis:

Office equipment
-
3 years straight line

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.15

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.

 
2.16

Creditors

Short term creditors are measured at the transaction price.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

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.
Page 6

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Page 7

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
19
15


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
71,993



At 31 March 2024

71,993



Amortisation


At 1 April 2023
71,993



At 31 March 2024

71,993



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 8

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Office equipment

£



Cost


At 1 April 2023
34,609


Additions
18,240



At 31 March 2024

52,849



Depreciation


At 1 April 2023
22,480


Charge for the year on owned assets
10,422



At 31 March 2024

32,902



Net book value



At 31 March 2024
19,947



At 31 March 2023
12,129


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
65,871



At 31 March 2024
65,871




Page 9

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
265,406
389,710

Amounts owed by group undertakings
951,659
1,121,314

Other debtors
248,010
182,719

Prepayments and accrued income
55,436
54,102

Tax recoverable
6,157
12,367

1,526,668
1,760,212



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
37,975
18,036

Amounts owed to group undertakings
289,122
361,193

Amounts owed to related undertakings
200,447
219,373

Corporation tax
100,617
74,136

Other taxation and social security
64,016
46,443

Accruals and deferred income
47,108
180,688

739,285
899,869



9.


Deferred taxation




2024


£






At beginning of year
2,703


Charged to profit or loss
1,540



At end of year
4,243

Page 10

 
PACIFIC INTERNATIONAL RECRUITMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
4,987
3,032

Other timing differences
(744)
(329)

4,243
2,703


10.


Transactions with directors

At 31 March 2024 £165,384 (2023: £135,366) was owed by the directors to the Company and £605 (2023: £171) was owed by the Company to the directors. During the year advances of £30,018 (2023: £130,974) and repayments of £228 (2023: £70,399) were made to and from the directors. All loans are repayable on demand and are interest free.


11.


Related party transactions

The company has taken advantage of the exemption available under FRS 102 not to disclose the transactions between wholly owned members of a group. 


12.


Controlling party

The ultimate parent company is PIR Holdings Limited, registered office The Control Tower, Witchcraft Way, Rackheath, Norwich, Norfolk, NR13 6GA. There is no single controlling party. 

 
Page 11