Pacifi Ltd
Unaudited Financial Statements
For the year ended 29 February 2024
Pages for Filing with Registrar
Company Registration No. 07154019 (England and Wales)
Pacifi Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Pacifi Ltd
Balance Sheet
As at 29 February 2024
29 February 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,620
7,253
Current assets
Debtors
4
2,532
3,346
Cash at bank and in hand
744
47,416
3,276
50,762
Creditors: amounts falling due within one year
5
(118,410)
(113,056)
Net current liabilities
(115,134)
(62,294)
Net liabilities
(113,514)
(55,041)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(113,515)
(55,042)
Total equity
(113,514)
(55,041)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
G Pearce
Director
Company Registration No. 07154019
Pacifi Ltd
Notes to the Financial Statements
For the year ended 29 February 2024
Page 2
1
Accounting policies
Company information
Pacifi Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 97 Vincent Drive, Birmingham, B15 2SQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has been financed through loans made by the director and truethe director has agreed that they will not seek repayment of the loans until the company has sufficient funds to make repayments.
Based on budgets and projections the director is satisfied that the company will meet liabilities as they fall due. Therefore, at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33% straight line
Fixtures and fittings
25% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Pacifi Ltd
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
Page 3
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
Pacifi Ltd
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
20,075
Additions
632
Disposals
(11,184)
At 29 February 2024
9,523
Depreciation and impairment
At 1 March 2023
12,822
Depreciation charged in the year
1,123
Eliminated in respect of disposals
(6,042)
At 29 February 2024
7,903
Carrying amount
At 29 February 2024
1,620
At 28 February 2023
7,253
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,532
3,346
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,970
3,754
Taxation and social security
13,973
36,967
Other creditors
88,467
72,335
118,410
113,056
Pacifi Ltd
Notes to the Financial Statements (Continued)
For the year ended 29 February 2024
Page 5
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
7
Related party transactions
Within creditors there is an amount owed to the director of £85,800 (2023: £70,578) from the company.