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Unaudited Financial Statements
PAKs Building Limited
For the Year Ended 30 June 2024





































Registered number: NI059941

 
PAKs Building Limited
 

Company Information


Directors
Mr P McDermott 
Mrs M McDermott 




Company secretary
Mr P McDermott



Registered number
NI059941



Registered office
183 Melmount Road
Sion Mills

Strabane

BT82 9LA




Accountants
Grant Thornton Advisors (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Danske Bank Limited
Donegall Square West

Belfast

BT1 6LT





 
PAKs Building Limited
 

Contents



Page
Accountant's Report
1
Balance Sheet
2 - 3
Notes to the Financial Statements
4 - 7


  
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Independent Accountant's Report to the directors of the unaudited financial statements of PAKs Building Limited for the Year Ended 30 June 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of PAKs Building Limited for the year ended 30 June 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements. 
 
This report is made solely to the directors of PAKs Building Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of PAKs Building Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PAKs Building Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410  (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board  (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered  Accountants Ireland relating to members undertaking the compilation of financial statements. 

You have approved the financial statements for the year ended 30 June 2024 and you have acknowledged on the Balance Sheet as at 30 June 2024 your duty to ensure that PAKs Building Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that PAKs Building Limited is exempt from the statutory audit requirement for the year ended 30 June 2024.

We have not been instructed to carry out an audit or review the financial statements of PAKs Building Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton Advisors (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   26 March 2025
Page 1

 
PAKs Building Limited
Registered number:NI059941

Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 5 
92,813
92,813

Debtors: amounts falling due within one year
 6 
273
284

Cash at bank and in hand
 7 
40,072
44,211

  
133,158
137,308

Creditors: amounts falling due within one year
 8 
(128,848)
(126,852)

Net current assets
  
 
 
4,310
 
 
10,456

Total assets less current liabilities
  
4,310
10,456

  

Net assets
  
4,310
10,456


Capital and reserves
  

Called up share capital 
 9 
10,000
10,000

Profit and loss account
 11 
(5,690)
456

  
4,310
10,456


Page 2

 
PAKs Building Limited
Registered number:NI059941

Balance Sheet (continued)
As at 30 June 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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 on 26 March 2025.




Mr P McDermott
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
PAKs Building Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

1.


General information

PAKs Building Limited is a limited company incorporated in Northern Ireland. The registered office is 183 Melmount Road, Sion Mills, Strabane, BT82 9LA.
The principal activity of the company during the year was the rental of property.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is in a net assets position of £4,310 and shareholder support has been provided to ensure they meet their liabilities as they fall due. The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

Page 4

 
PAKs Building Limited
 

Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

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 balance sheet date in the countries where the Company operates and generates income.


 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
PAKs Building Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgment or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
92,813
92,813

92,813
92,813



6.


Debtors

2024
2023
£
£


Prepayments and accrued income
256
268

Tax recoverable
17
16

273
284



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
40,072
44,211

40,072
44,211


Page 6

 
PAKs Building Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
125,788
122,975

Accruals and deferred income
3,060
3,877

128,848
126,852



9.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



10.


Related party transactions

In the year the directors advanced net funds of £2,824 (2023: £207,432) to the company. At the balance sheet date the amount owed to the directors was £125,788 (2023: £122,975). The loan is unsecured, interest free and repayable upon demand.


11.


Reserves

Profit & loss account

This includes all current and prior period retained profits and losses. 


12.


Controlling party

The ultimate controlling party of the company is the shareholder.


Page 7