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REGISTERED NUMBER: 11477151 (England and Wales)


















ACE BUY-TO-LET LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021






ACE BUY-TO-LET LTD (REGISTERED NUMBER: 11477151)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


ACE BUY-TO-LET LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: J P Ace
Miss S J Hughes





REGISTERED OFFICE: 3 New Mill Court
Swansea Enterprise Park
Swansea
SA7 9FG





REGISTERED NUMBER: 11477151 (England and Wales)





ACCOUNTANTS: Gerald Thomas
Chartered Accountants
3 New Mill Court
Swansea Enterprise Park
Swansea
SA7 9FG

ACE BUY-TO-LET LTD (REGISTERED NUMBER: 11477151)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 152,120 152,120

CURRENT ASSETS
Debtors 5 281 264
Cash at bank 639 280
920 544
CREDITORS
Amounts falling due within one year 6 64,209 60,573
NET CURRENT LIABILITIES (63,289 ) (60,029 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

88,831

92,091

CREDITORS
Amounts falling due after more than one
year

7

86,411

93,226
NET ASSETS/(LIABILITIES) 2,420 (1,135 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,320 (1,235 )
2,420 (1,135 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ACE BUY-TO-LET LTD (REGISTERED NUMBER: 11477151)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2022 and were signed on its behalf by:





J P Ace - Director


ACE BUY-TO-LET LTD (REGISTERED NUMBER: 11477151)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

Ace Buy-To-Let Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have assessed the balance sheet and likely future cash flows of the company at the date of approving the financial statements and believe that the company is well placed to manage its business risks successfully, despite the current uncertain economic outlook.

The directors have indicated their willingness to continue to provide support where required.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

ACE BUY-TO-LET LTD (REGISTERED NUMBER: 11477151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


2. ACCOUNTING POLICIES - continued

Turnover and revenue recognition
Turnover represents rental income, which is recognised in the period to which it relates.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit or loss account.

Surpluses or deficits are subsequently transferred to the fair value reserve.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price 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.

Basic financial liabilities, including trade and other creditors and bank loans, 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 payments discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

ACE BUY-TO-LET LTD (REGISTERED NUMBER: 11477151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2021
and 31 December 2021 152,120
NET BOOK VALUE
At 31 December 2021 152,120
At 31 December 2020 152,120

The company's Investment properties have been valued by the directors at the balance sheet date. In the opinion of the directors the cost represents the fair value of the properties.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Prepayments 281 264

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other loans 6,455 6,455
Tax 719 -
Directors' current accounts 55,056 53,219
Accrued expenses 1,979 899
64,209 60,573

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Other loans - 1-2 years 12,910 12,910
Other loans - 2-5 years 19,365 19,365
Other loans more 5 years
instalments 54,136 60,951
86,411 93,226

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5 years
instalments 54,136 60,951
54,136 60,951

ACE BUY-TO-LET LTD (REGISTERED NUMBER: 11477151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Other loans 92,866 99,681

Other loans are secured against the company's Investment properties.

9. RELATED PARTY DISCLOSURES

Included in creditors is a loan of £55,056 (2020 - £53,219) from the directors. The loan is unsecured, interest free and is repayable on demand.