1 July 2023 v2025.14.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP076863772023-07-012024-06-30076863772024-06-30076863772023-06-3007686377core:WithinOneYear2024-06-3007686377core:WithinOneYear2023-06-3007686377core:AfterOneYear2024-06-3007686377core:AfterOneYear2023-06-3007686377core:ShareCapital2024-06-3007686377core:ShareCapital2023-06-3007686377core:RetainedEarningsAccumulatedLosses2024-06-3007686377core:RetainedEarningsAccumulatedLosses2023-06-3007686377bus:Director12023-07-012024-06-3007686377bus:RegisteredOffice2023-07-012024-06-3007686377core:NetGoodwill2023-07-012024-06-3007686377core:PlantMachinery2023-07-012024-06-3007686377core:FurnitureFittings2023-07-012024-06-3007686377core:MotorVehicles2023-07-012024-06-30076863772022-07-012023-06-3007686377core:NetGoodwill2024-06-3007686377core:PlantMachinery2023-07-0107686377core:PlantMachinery2024-06-3007686377core:PlantMachinery2023-06-300768637712023-07-012024-06-3007686377countries:EnglandWales2023-07-012024-06-3007686377bus:AuditExemptWithAccountantsReport2023-07-012024-06-3007686377bus:PrivateLimitedCompanyLtd2023-07-012024-06-3007686377bus:SmallEntities2023-07-012024-06-3007686377bus:FullAccounts2023-07-012024-06-30
Company registration number:
07686377
Pac Welding Limited
Unaudited Filleted Financial Statements for the year ended
30 June 2024
Pac Welding Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Pac Welding Limited
Year ended
30 June 2024
As described on the statement of financial position, the Board of Directors of
Pac Welding Limited
are responsible for the preparation of the
financial statements
for the year ended
30 June 2024
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Vincent Accountancy & Taxation Services Limited
Chartered Certified Accountants
14 The Cloisters
Littlehampton
West Sussex
BN17 5ST
United Kingdom
Date:
12 February 2025
Pac Welding Limited
Statement of Financial Position
30 June 2024
20242023
Note££
Fixed assets    
Tangible assets 6
11,532
 
6,683
 
Current assets    
Stocks
5,000
 
5,000
 
Debtors 7
44,058
 
76,658
 
Cash at bank and in hand
27,334
 
18,735
 
76,392
 
100,393
 
Creditors: amounts falling due within one year 8
(58,016
)
(84,485
)
Net current assets
18,376
 
15,908
 
Total assets less current liabilities 29,908   22,591  
Creditors: amounts falling due after more than one year 9
(7,958
)
(6,000
)
Net assets
21,950
 
16,591
 
Capital and reserves    
Called up share capital
3
 
3
 
Profit and loss account
21,947
 
16,588
 
Shareholders funds
21,950
 
16,591
 
For the year ending
30 June 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • 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;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
12 February 2025
, and are signed on behalf of the board by:
Mrs C Coleman
Director
Company registration number:
07686377
Pac Welding Limited
Notes to the Financial Statements
Year ended
30 June 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 2 Hillside
,
Old London Road
,
Washington, Pulborough
,
West Sussex
,
RH20 3BN
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
18% reducing balance
Fixtures and fittings
18% reducing balance
Motor vehicles
18% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2023:
5.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 July 2023
and
30 June 2024
10,000
 
Amortisation  
At
1 July 2023
and
30 June 2024
10,000
 
Carrying amount  
At
30 June 2024
-  
At 30 June 2023 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 July 2023
30,014
 
Additions
6,995
 
At
30 June 2024
37,009
 
Depreciation  
At
1 July 2023
23,331
 
Charge
2,146
 
At
30 June 2024
25,477
 
Carrying amount  
At
30 June 2024
11,532
 
At 30 June 2023
6,683
 

7 Debtors

20242023
££
Trade debtors
32,127
 
64,112
 
Other debtors
11,931
 
12,546
 
44,058
 
76,658
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
3,000
 
3,000
 
Trade creditors
29,253
 
65,844
 
Taxation and social security
14,302
 
9,229
 
Other creditors
11,461
 
6,412
 
58,016
 
84,485
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
3,000
 
6,000
 
Other creditors
4,958
  -  
7,958
 
6,000