Pacific Manufacturing (UK) Limited
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Registered number: |
02784764
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Directors' Report |
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The directors present their report and financial statements for the year ended 30 September 2016. |
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Principal activities |
The company's principal activity during the year continued to be that of exportation of chemicals and commodities including provision of facilities of an export confirming house.
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Review of business |
The trading loss on ordinary activities before taxation for the year under review was £146,433 (profit on 2015: £236,091). Turnover decreased by 34%. There is an improvement on net profit ratio compare with previous year's figures. This is an indication that the measures put in place by management have made and would continue to make a positive impact on the Company's trading. The Directors continue to monitor business risks and have measures in place to mitigate such risks as and when they do occur. |
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Dividends |
The directors recommended a final dividend of 260p per share -ie £78,000 (2015: £39,000 ). |
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Events since the balance sheet date |
No significant events have occured after the year end nor are any future events presently envisaged.
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Directors |
The following persons served as directors during the year: |
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M Syed
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Political donations |
There were no political donations during the year under consideration. Charitable donations in 2016 is 189.00.
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Directors' responsibilities |
Pacific Manufacturing (UK) Limited
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Independent auditors' report |
to the members of Pacific Manufacturing (UK) Limited |
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We have audited the financial statements of Pacific Manufacturing (UK) Limited for the year ended 30 September 2016 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
Respective responsibilities of directors and auditors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
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Scope of the audit of the accounts |
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate
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Opinion on the accounts |
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Taxation |
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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.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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2 |
Analysis of turnover |
2016 |
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2015 |
£ |
£ |
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Sale of goods |
6,399,741 |
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9,123,774 |
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By geographical market: |
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UK |
6,399,741 |
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9,123,774 |
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3 |
Operating profit |
2016 |
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2015 |
£ |
£ |
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This is stated after charging: |
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Depreciation of owned fixed assets |
1,155 |
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1,692 |
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Carrying amount of stock sold |
6,031,360 |
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8,641,074 |
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4 |
Staff costs |
2016 |
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2015 |
£ |
£ |
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Wages and salaries |
150,659 |
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140,444 |
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Social security costs |
9,851 |
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12,565 |
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160,510 |
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153,009 |
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5 |
Taxation |
2016 |
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2015 |
£ |
£ |
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Analysis of charge in period |
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Current tax: |
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UK corporation tax on profits of the period |
(28,810) |
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47,764 |
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Deferred tax: |
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Origination and reversal of timing differences |
- |
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1,581 |
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Tax on (loss)/profit on ordinary activities |
(28,810) |
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49,345 |
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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2016 |
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2015 |
£ |
£ |
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(Loss)/profit on ordinary activities before tax |
(146,433) |
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236,091 |
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Standard rate of corporation tax in the UK
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20% |
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20% |
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£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
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(29,287) |
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47,218 |
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Effects of: |
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Expenses not deductible for tax purposes |
477 |
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546 |
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Current tax charge for period |
(28,810) |
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47,764 |
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Factors that may affect future tax charges |
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6 |
Tangible fixed assets |
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Fixtures, fittings, tools and equipment |
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At cost |
£ |
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Cost or valuation |
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At 1 October 2015 |
46,351 |
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At 30 September 2016 |
46,351 |
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Depreciation |
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At 1 October 2015 |
36,760 |
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Charge for the year |
1,155 |
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At 30 September 2016 |
37,915 |
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Carrying amount |
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At 30 September 2016 |
8,436 |
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At 30 September 2015 |
9,591 |
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7 |
Debtors |
2016 |
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2015 |
£ |
£ |
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Trade debtors |
4,712,506 |
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5,551,365 |
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Other debtors |
44,448 |
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17,814 |
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4,756,954 |
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5,569,179 |
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8 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
£ |
£ |
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Trade creditors |
579,637 |
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1,855,498 |
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Corporation tax |
- |
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47,764 |
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Other taxes and social security costs |
3,606 |
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3,657 |
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Other creditors |
10,055 |
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43,643 |
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Accruals and deferred income |
4,498 |
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4,500 |
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597,796 |
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1,955,062 |
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9 |
Creditors: amounts falling due after one year |
2016 |
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2015 |
£ |
£ |
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Other creditors |
5,021,942 |
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4,130,862 |
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10 |
Deferred taxation |
2016 |
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2015 |
£ |
£ |
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Accelerated capital allowances |
1,581 |
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1,581 |
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2016 |
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2015 |
£ |
£ |
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At 1 October |
1,581 |
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- |
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Charged to the profit and loss account |
- |
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1,581 |
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At 30 September |
1,581 |
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1,581 |
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11 |
Share capital |
Nominal |
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2016 |
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2016 |
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2015 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares
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£1 each |
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30,000 |
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30,000 |
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30,000 |
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12 |
Profit and loss account |
2016 |
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2015 |
£ |
£ |
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At 1 October |
958,837 |
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665,230 |
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(Loss)/profit for the financial year |
(117,623) |
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186,746 |
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Dividends |
(78,000) |
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(39,000) |
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At 30 September |
763,214 |
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812,976 |
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13 |
Dividends |
2016 |
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2015 |
£ |
£ |
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Dividends on ordinary shares (note 12) |
78,000 |
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39,000 |
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14 |
Controlling party |
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The ultimate controlling party is Nadeem Syed by virtue of his 51% shareholding of the issued ordinary share capital of the company. He is also the secretary of the company.
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15 |
Presentation currency |
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The financial statements are presented in Sterling.
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16 |
Legal form of entity and country of incorporation |
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Pacific Manufacturing (UK) Limited is a limited company incorporated in England. |
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17 |
Principal place of business |
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The address of the company's principal place of business and registered office is: |
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Third Floor North |
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224-236 Walworth Road |
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London |
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SE17 1JE |
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18 |
Reconciliations on adoption of FRS 102 |
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Profit and loss for the year ended 30 September 2015 |
£ |
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Profit under former UK GAAP |
186,746 |
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Profit under FRS 102 |
186,746 |
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Balance sheet at 30 September 2015 |
£ |
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Equity under former UK GAAP |
842,976 |
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Equity under FRS 102 |
842,976 |
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Balance sheet at 1 October 2014 |
£ |
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Equity under former UK GAAP |
650,599 |
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Equity under FRS 102 |
650,599 |
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