Registered number
09012700
3Ace Contractors (UK) Ltd
Unaudited Filleted Accounts
30 April 2023
3Ace Contractors (UK) Ltd
Registered number: 09012700
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,356 7,117
Current assets
Debtors 4 791,208 493,041
Cash at bank and in hand 316,266 1,286,203
1,107,474 1,779,244
Creditors: amounts falling due within one year 5 (257,813) (595,753)
Net current assets 849,661 1,183,491
Net assets 851,017 1,190,608
Capital and reserves
Called up share capital 675 675
Profit and loss account 850,342 1,189,933
Shareholders' funds 851,017 1,190,608
The director is 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements 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.
The financial statements were approved and authorised for issue by the board on:
Christos Neofytou
Director
Signed on behalf of the board on 31 August 2023
3Ace Contractors (UK) Ltd
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
3Ace Contractors (UK) Limited is a company limited by shares incorporated in England within the United Kingdom. The registration number, the principle place of business and registered office addresses are given in the company information on page 1 of these financial statements.

The financial statements cover the individual entity, are presented in sterling which is the functional currency of the company and are not rounded.

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The significant accounting policies applied in the preparation of these financial statements are set out below. The financial statements have been prepared under the historical cost convention.
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 assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Depreciation policy:
Office Equipment: 25% straight line
Motor Vehicles: 20% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 10
3 Tangible fixed assets
Equipment, fixtures & fittings Motor vehicles Total
£ £ £
Cost
At 1 May 2022 57,529 13,744 71,273
At 30 April 2023 57,529 13,744 71,273
Depreciation
At 1 May 2022 52,932 11,224 64,156
Charge for the year 3,241 2,520 5,761
At 30 April 2023 56,173 13,744 69,917
Net book value
At 30 April 2023 1,356 - 1,356
At 30 April 2022 4,597 2,520 7,117
4 Debtors 2023 2022
£ £
Trade debtors 284,975 169,178
Accrued income 390,947 242,172
Other debtors 115,286 81,691
791,208 493,041
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,107 -
Accruals 30,419 200,159
Trade creditors 182,847 21,397
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 269,325
Taxation and social security costs 39,952 103,034
Other creditors 2,488 1,838
257,813 595,753
6 Other information
3Ace Contractors (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor
10-12 Bourlet Close
London
W1W 7BR
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