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Company No: 06740755 (England and Wales)

PAC 2015 LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

PAC 2015 LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

PAC 2015 LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
PAC 2015 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 3,030 0
Tangible assets 4 149,143 135,029
152,173 135,029
Current assets
Stocks 170,928 150,671
Debtors 5 159,675 136,001
Cash at bank and in hand 782,003 695,400
1,112,606 982,072
Creditors: amounts falling due within one year 6 ( 273,290) ( 305,267)
Net current assets 839,316 676,805
Total assets less current liabilities 991,489 811,834
Creditors: amounts falling due after more than one year 7 0 ( 13,959)
Provision for liabilities 8 ( 19,448) ( 14,443)
Net assets 972,041 783,432
Capital and reserves
Called-up share capital 9 672 614
Profit and loss account 971,369 782,818
Total shareholders' funds 972,041 783,432

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of PAC 2015 Limited (registered number: 06740755) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Steven Johnstone
Director

18 March 2025

PAC 2015 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
PAC 2015 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PAC 2015 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Camp Green Kenton Road, Debenham, Stowmarket, IP14 6LA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Trademarks, patents and licences 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 4 - 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Intangible assets

Computer software Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 January 2024 0 14,995 14,995
Additions 3,030 0 3,030
At 31 December 2024 3,030 14,995 18,025
Accumulated amortisation
At 01 January 2024 0 14,995 14,995
At 31 December 2024 0 14,995 14,995
Net book value
At 31 December 2024 3,030 0 3,030
At 31 December 2023 0 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2024 62,113 111,760 47,500 3,375 224,748
Additions 0 53,466 0 480 53,946
Disposals 0 ( 14,370) 0 0 ( 14,370)
At 31 December 2024 62,113 150,856 47,500 3,855 264,324
Accumulated depreciation
At 01 January 2024 0 68,109 19,792 1,818 89,719
Charge for the financial year 6,189 23,739 9,500 403 39,831
Disposals 0 ( 14,369) 0 0 ( 14,369)
At 31 December 2024 6,189 77,479 29,292 2,221 115,181
Net book value
At 31 December 2024 55,924 73,377 18,208 1,634 149,143
At 31 December 2023 62,113 43,651 27,708 1,557 135,029

5. Debtors

2024 2023
£ £
Trade debtors 71,617 87,747
Amounts owed by directors 45,005 123
Prepayments 17,238 13,021
Other debtors 25,815 35,110
159,675 136,001

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 87,131 62,748
Amounts owed to directors 0 36,000
Accruals 13,026 28,490
Taxation and social security 173,133 171,056
Obligations under finance leases and hire purchase contracts 0 6,328
Other creditors 0 645
273,290 305,267

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 13,959

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 14,443) ( 18,543)
(Charged)/credited to the Income Statement ( 5,005) 4,100
At the end of financial year ( 19,448) ( 14,443)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,140 £0.10 Ordinary A shares of £ 0.10 each 114.00 114.00
3,996 £0.10 Ordinary B shares of £ 0.10 each 399.60 399.60
288 £0.10 Ordinary C shares of £ 0.10 each 28.80 28.80
288 £0.10 Ordinary D shares of £ 0.10 each 28.80 28.80
1,008 £0.10 Ordinary E shares of £ 0.10 each (2023: 430 shares of £ 0.10 each) 100.80 43.00
672.00 614.20

On 7 February 2024, the Company allotted 578 Ordinary E shares of £0.10 per share.