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COMPANY REGISTRATION NUMBER: 03280414

PACE RECOVERY & STORAGE LIMITED

Filleted Unaudited Financial Statements

31 December 2024

PACE RECOVERY & STORAGE LIMITED

Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 77,623 | 78,797

Current assets

Stocks | 116,830 |  | 96,730
Debtors | 6 | 31,233 |  | 17,519
Cash at bank and in hand | 412 |  | 115
| --------- |  | ---------
| 148,475 |  | 114,364

Creditors: amounts falling due within one year | 7 | 92,426 |  | 107,833
| --------- |  | ---------
Net current assets |  | 56,049 | 6,531
|  | --------- | --------
Total assets less current liabilities |  | 133,672 | 85,328

Creditors: amounts falling due after more than one year | 8 |  | 160,549 | 121,444
|  | --------- | ---------
Net liabilities |  | ( 26,877) | ( 36,116)
|  | --------- | ---------

Capital and reserves

Called up share capital |  | 100 | 100
Profit and loss account |  | ( 26,977) | ( 36,216)
|  | -------- | --------
Shareholders deficit |  | ( 26,877) | ( 36,116)
|  | -------- | --------

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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

PACE RECOVERY & STORAGE LIMITED

Statement of Financial Position (continued)

31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 1 July 2025 , and are signed on behalf of the board by:

M Charman
Director

Company registration number: 03280414

PACE RECOVERY & STORAGE LIMITED

Notes to the Financial Statements

Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 792 Wickham Road, Croydon, Surrey, CR0 8EA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 15% reducing balance
| Equipment | - | 25% reducing balance

Stocks
Stock has been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets

| Plant and machinery | Equipment | Total
| £ | £ | £
Cost |  |  |
At 1 January 2024 | 155,439 | 33,425 | 188,864
Additions | 28,558 | 435 | 28,993
Disposals | ( 25,818) | – | ( 25,818)
| --------- | -------- | ---------
At 31 December 2024 | 158,179 | 33,860 | 192,039
| --------- | -------- | ---------
Depreciation |  |  |
At 1 January 2024 | 81,438 | 28,629 | 110,067
Charge for the year | 13,005 | 1,307 | 14,312
Disposals | ( 9,963) | – | ( 9,963)
| --------- | -------- | ---------
At 31 December 2024 | 84,480 | 29,936 | 114,416
| --------- | -------- | ---------
Carrying amount |  |  |
At 31 December 2024 | 73,699 | 3,924 | 77,623
| --------- | -------- | ---------
At 31 December 2023 | 74,001 | 4,796 | 78,797
| --------- | -------- | ---------

6. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 2,826 | 7,068
Other debtors | 28,407 | 10,451
| -------- | --------
| 31,233 | 17,519
| -------- | --------

All debtors are recoverable within one year of the balance sheet date.
7. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 46,236 | 34,698
Trade creditors | 9,813 | 5,415
Social security and other taxes | 4,935 | 6,823
Other creditors | 31,442 | 60,897
| -------- | ---------
| 92,426 | 107,833
| -------- | ---------

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

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 14,383 | 25,788
Other creditors | 146,166 | 95,656
| --------- | ---------
| 160,549 | 121,444
| --------- | ---------

9. Directors' advances, credits and guarantees

|  | 2024 | 2023
|  | £ | £
| (advances)/credits |  |
| Director Loan Accounts < 1 year - M Charman | 20,428 | 36,328
| Director Loan Accounts < 1 year -S Charman | 4,048 | 19,148
| Director Loan Account > 1 year | 100,000 | 50,000
|  | --------- | ---------
| Total | 124,476 | 105,476
|  | --------- | ---------

10. Related party transactions
The company was under the control of Mr M Charman throughout the current and previous year. Mr Charman is the managing director and majority shareholder.