ACE ELECTRICAL AND ALARMS LTD
Registered number: 10933017
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 3,755 5,220
Current assets
Stocks 27,895 38,096
Debtors 4 47,543 42,519
Cash at bank and in hand 17,312 9,225
92,750 89,840
Creditors: amounts falling due within one year 5 (96,275) (69,966)
Net current (liabilities)/assets (3,525) 19,874
Total assets less current liabilities 230 25,094
Creditors: amounts falling due after more than one year 6 (2,617) (3,039)
Net (liabilities)/assets (2,387) 22,055
Capital and reserves
Called up share capital 100 100
Share premium 19,808 19,808
Profit and loss account (22,295) 2,147
Shareholders' funds (2,387) 22,055
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Wright
Director
Approved by the board on 25 July 2022
ACE ELECTRICAL AND ALARMS LTD
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 5 years straight line
Computer equipment 3 years straight line
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Computer equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2021 1,235 10,274 11,509
At 31 December 2021 1,235 10,274 11,509
Depreciation
At 1 January 2021 638 5,651 6,289
Charge for the year 309 1,156 1,465
At 31 December 2021 947 6,807 7,754
Net book value
At 31 December 2021 288 3,467 3,755
At 31 December 2020 597 4,623 5,220
4 Debtors 2021 2020
£ £
Trade debtors 18,701 37,911
Social security & other taxes 28,842 4,608
47,543 42,519
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts - 15,468
Trade creditors 52,491 40,609
Corporation tax 2,383 4,391
Other taxes and social security costs 11,738 3,492
Directors loans 28,068 4,506
Accruals 1,595 1,500
96,275 69,966
6 Creditors: amounts falling due after one year 2021 2020
£ £
Obligations under finance lease and hire purchase contracts 2,617 3,039
7 Other information
ACE ELECTRICAL AND ALARMS LTD is a private company limited by shares and incorporated in England. Its registered office is:
44 Mayfield Avenue
Holme
Carnforth
CUMBRIA
LA6 1PT
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