Company registration number 04521814 (England and Wales)
PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,637
5,914
Current assets
Debtors
4
327,389
425,834
Cash at bank and in hand
21,834
19,880
349,223
445,714
Creditors: amounts falling due within one year
5
(424,400)
(573,953)
Net current liabilities
(75,177)
(128,239)
Total assets less current liabilities
(72,540)
(122,325)
Creditors: amounts falling due after more than one year
6
(13,334)
(53,333)
Net liabilities
(85,874)
(175,658)
Capital and reserves
Called up share capital
9
180,000
180,000
Profit and loss reserves
11
(265,874)
(355,658)
Total equity
(85,874)
(175,658)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 Section 1A, small entities.

The financial statements were approved and signed by the director and authorised for issue on 9 September 2025
Mr J C Bodhuin
Director
Company Registration No. 04521814
PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Pierre Audoin Consultants (PAC) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Minton Place, Victoria Road, Bicester, Oxfordshire, OX26 6QB. Due to the nature of the services provided in the UK there is no formal trading premise in the UK.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts have been prepared under the going concern concept true.

During the period the company made a profit of £89,784 (2024: £17,020). At the balance sheet date, the company had net current liabilities of £72,540 (2024: £122,325) and net liabilities of £85,874 (2024: £175,658). The net liability position includes intercompany liabilities of £140,660 (2024: £269,175) and intercompany assets of £34,391 (2024: £83,543). Excluding these balances the company would have net assets of £20,395 (2024: £9,974). The company relies on its parent company, PAC France SAS, and the rest of the group, for support in the form of short-term working capital loans.

The parent company, PAC France SAS, has confirmed to the director that it will continue to support the company for a period of at least 12 months from the date of signing the financial statements.

On this basis the director considers that the going concern concept is appropriate.

1.3
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.

Project income is recognised over the course of each project. For any incomplete projects at the balance sheet date the amount of relevant income is treated as deferred income.

Hotline income is recognised when utilised. Alternatively, it is recognised on the last date of the contract if not all the hotline days were utilised during the period of the contract. For any incomplete contracts at the balance sheet date the amount of relevant income is treated as deferred income.

Licence income is recognised at the start of each annual contract.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% and 33% straight line

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 March 2025
13,072
Depreciation and impairment
At 1 April 2024
7,158
Depreciation charged in the year
3,277
At 31 March 2025
10,435
Carrying amount
At 31 March 2025
2,637
At 31 March 2024
5,914
PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
54,999
110,336
Amounts owed by group undertakings
34,391
83,543
Prepayments and accrued income
165,217
128,745
254,607
322,624
Deferred tax asset (note 8)
72,782
103,210
327,389
425,834
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
7
40,000
40,000
Trade creditors
2,710
28,676
Amounts owed to group undertakings
140,660
269,175
Taxation and social security
23,930
34,896
Other creditors
13,852
13,852
Accruals and deferred income
203,248
187,354
424,400
573,953
6
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
7
13,334
53,333
7
Loans and overdrafts
2025
2024
£
£
Bank loans
53,334
93,333
Payable within one year
40,000
40,000
Payable after one year
13,334
53,333
PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Loans and overdrafts
(Continued)
- 7 -

In a prior period the company arranged a Coronavirus Business Interruption Loan (CBIL) securing finance of £200,000.

The loan is repayable over 60 months starting 13 months after the funds are received by the company.

Interest is accrued and charged at 3.99% above the base rate which is payable on a monthly basis during the repayment period.

The loan is secured by a fixed and floating charge over the company's total assets.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
(610)
(1,418)
Tax losses
71,439
103,798
Retirement benefit obligations
776
830
Remuneration
1,177
-
72,782
103,210
2025
Movements in the year:
£
Asset at 1 April 2024
(103,210)
Charge to profit or loss
30,428
Asset at 31 March 2025
(72,782)

Included in the deferred tax asset set out above is £1,343 which is expected to reverse within 12 months. The company has carried forward tax losses of £285,756 which makes up the majority of the remaining deferred tax asset balance of £72,782 Some of this balance will reverse within the next 12 months if the company makes a profit, however, at the date of signing these financial statements this amount cannot be quantified.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
170,000
170,000
170,000
170,000
Ordinary B shares of £1 each
10,000
10,000
10,000
10,000
180,000
180,000
180,000
180,000
PIERRE AUDOIN CONSULTANTS (PAC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Called up share capital
(Continued)
- 8 -

The company has two classes of shares in issue, Ordinary A shares and Ordinary B shares. The shares rank pari passu except that the Ordinary B shares do not carry voting rights.

10
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,710
55,675

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

As at the balance sheet date the company had unpaid pension liabilities totalling £4,352 (2024: £4,569)

11
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
(355,658)
(372,678)
Profit for the year
89,784
17,020
At the end of the year
(265,874)
(355,658)
12
Related party transactions

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

13
Parent company

Th e company is under the direct control of its parent company, PAC France SAS, a French entity, by virtue of their effective 100% shareholding.

From July 26, 2024 Groupe PAC Holding SAS became the ultimate controlling parent by virtue of their effective 100% indirect controlling interest in PAC France SAS. Group PAC Holding SAS is a company incorporated in France.

Prior to this, Ternes Research SAS was the ultimate controlling parent by virtue of their effective 100% controlling interest in PAC France SAS. Ternes Research SA S is a company incorporated in France.

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