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Registered number: 05432296
Pace Aerospace Bearings Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Jupp Castle Limited
ACCA
2nd Floor Stanley House London Road
Hook
Hampshire
RG27 9GA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05432296
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 99,173 93,551
99,173 93,551
CURRENT ASSETS
Stocks 5 37,012 39,090
Debtors 6 548,761 381,421
Cash at bank and in hand 2,433,023 2,199,200
3,018,796 2,619,711
Creditors: Amounts Falling Due Within One Year 7 (1,067,669 ) (1,079,483 )
NET CURRENT ASSETS (LIABILITIES) 1,951,127 1,540,228
TOTAL ASSETS LESS CURRENT LIABILITIES 2,050,300 1,633,779
NET ASSETS 2,050,300 1,633,779
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 2,050,200 1,633,679
SHAREHOLDERS' FUNDS 2,050,300 1,633,779
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Denise Piper
Director
18 February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pace Aerospace Bearings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05432296 . The registered office is Unit 23 Bowenhurst Lane, Mill Lane, Crondall, Farnham, Surrey, GU10 5HP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
Page 3
Page 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 122,535 5,703 9,556 137,794
Additions 65,009 397 821 66,227
Disposals (60,550 ) - - (60,550 )
As at 31 May 2024 126,994 6,100 10,377 143,471
Depreciation
As at 1 June 2023 34,683 5,188 4,372 44,243
Provided during the period 25,106 136 1,087 26,329
Disposals (26,274 ) - - (26,274 )
As at 31 May 2024 33,515 5,324 5,459 44,298
Net Book Value
As at 31 May 2024 93,479 776 4,918 99,173
As at 1 June 2023 87,852 515 5,184 93,551
5. Stocks
2024 2023
£ £
Finished goods 37,012 39,090
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 548,761 378,421
Other debtors (1) - 3,000
548,761 381,421
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 292,341 210,291
Other creditors 521,653 735,961
Taxation and social security 253,675 133,231
1,067,669 1,079,483
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4
Page 5
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 7,500 7,500
7,500 7,500
Page 5