Registered number
SC495555
Pacitti Jones Serco Limited
Filleted Accounts
31 October 2024
Pacitti Jones Serco Limited
Registered number: SC495555
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 130,160 137,450
Investments 5 77,035 102,713
207,195 240,163
Current assets
Debtors 6 22,375 41,796
Cash at bank and in hand 920,927 519,251
943,302 561,047
Creditors: amounts falling due within one year 7 (608,104) (357,036)
Net current assets 335,198 204,011
Total assets less current liabilities 542,393 444,174
Creditors: amounts falling due after more than one year 8 (6,979) (17,401)
Provisions for liabilities (1,497) (1,517)
Net assets 533,917 425,256
Capital and reserves
Called up share capital 10 10
Profit and loss account 533,907 425,246
Shareholders' funds 533,917 425,256
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Howie
Director
Approved by the board on 6 June 2025
Pacitti Jones Serco Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Heritable land and buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 59 63
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 1,511,439
At 31 October 2024 1,511,439
Amortisation
At 1 November 2023 1,511,439
At 31 October 2024 1,511,439
Net book value
At 31 October 2024 -
Goodwill of £1,164,498 purchased on 20 April 2015 has been written off in equal monthly instalments over its estimated economic life of 5 years. Goodwill purchased since April 2015 has been written off as incurred.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 149,900 33,980 183,880
At 31 October 2024 149,900 33,980 183,880
Depreciation
At 1 November 2023 20,434 25,996 46,430
Charge for the year 5,294 1,996 7,290
At 31 October 2024 25,728 27,992 53,720
Net book value
At 31 October 2024 124,172 5,988 130,160
At 31 October 2023 129,466 7,984 137,450
5 Investments
Other
investments
£
Fair value
At 1 November 2023 102,713
Revaluation (25,678)
At 31 October 2024 77,035
6 Debtors 2024 2023
£ £
Other debtors 22,375 41,796
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,257 9,998
Trade creditors 92,931 431
Taxation and social security costs 191,075 147,015
Other creditors 313,841 199,592
608,104 357,036
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,979 17,401
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 625,653 668,766
10 Controlling party
The company is under the ultimate control of the director, Mr Kevin Taylor.
11 Other information
Pacitti Jones Serco Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Findony
Muckhart Road
Dunning
Perthshire
PH2 0RA
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