Registration number: 02374293

Pacific Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Pacific Limited

Company Information

Directors

B.J. Cluer D.W. Hurrell

Company secretary

B.J. Cluer

Registered office

1st Floor Wobun House 84 St Benedicts Street Norwich Norfolk NR2 4AB

Pacific Limited

(Registration number: 02374293)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	12,614	14,329
Current assets
Stocks		740	9,486
Debtors	6	239,619	250,340
Cash at bank and in hand		432,492	561,117
		672,851	820,943
Creditors: Amounts falling due within one year	7	(359,989)	(438,262)
Net current assets		312,862	382,681
Net assets		325,476	397,010
Capital and reserves
Called up share capital	8	1,000	1,000
Profit and loss account		324,476	396,010
Shareholders' funds		325,476	397,010

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:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2025 and signed on its behalf by:
 

 

D.W. Hurrell
Director

Pacific Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
Wobun House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2	Accounting policies

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss account.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Pacific Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property improvements	10 years straight line
Plant and equipment	4 or 5 years straight line

Goodwill

Purchased goodwill is capitalised and amortised on a straight-line basis over its useful life of 5 years.

Cash
Cash comprises cash on hand and all deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company during the year was 12 (2023 - 13).

Pacific Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	442,440	442,440
At 31 December 2024	442,440	442,440
Amortisation
At 1 January 2024	442,440	442,440
At 31 December 2024	442,440	442,440
Carrying amount
At 31 December 2024	-	-

5	Tangible assets

	Leasehold Property Improvements £	Plant and equipment  £	Total £
Cost
At 1 January 2024	9,379	69,733	79,112
Additions	-	4,903	4,903
Disposals	-	(10,080)	(10,080)
At 31 December 2024	9,379	64,556	73,935
Depreciation
At 1 January 2024	9,379	55,404	64,783
Charge for the year	-	6,618	6,618
Eliminated on disposal	-	(10,080)	(10,080)
At 31 December 2024	9,379	51,942	61,321
Net book value
At 31 December 2024	-	12,614	12,614
At 31 December 2023	-	14,329	14,329

Pacific Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

	2024 £	2023 £
Trade debtors	172,754	179,278
Other debtors	62,805	67,046
Prepayments	4,060	4,016
	239,619	250,340

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Trade creditors	36,184	32,648
Taxation and social security	119,678	107,979
Other creditors	200,127	285,635
Accruals	4,000	12,000
	359,989	438,262