2022-01-112023-01-312023-01-31false13842232ACE PRIME 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ACE PRIME LIMITED

Registered Number
13842232
(England and Wales)

Unaudited Financial Statements for the Period ended
31 January 2023

ACE PRIME LIMITED
Company Information
for the period from 11 January 2022 to 31 January 2023

Director

AHMED, Shafiq

Registered Address

115 Bucknall New Road
Hanley
Stoke-On-Trent
ST1 2BG

Registered Number

13842232 (England and Wales)
ACE PRIME LIMITED
Balance Sheet as at
31 January 2023

Notes

2023

£

£

Fixed assets
Tangible assets7211
211
Current assets
Debtors912,657
Cash at bank and on hand924
13,581
Creditors amounts falling due within one year10(13,636)
Net current assets (liabilities)(55)
Total assets less current liabilities156
Net assets156
Capital and reserves
Called up share capital100
Profit and loss account56
Shareholders' funds156
The financial statements were approved and authorised for issue by the Board of Directors on 11 October 2023, and are signed on its behalf by:
AHMED, Shafiq
Director
Registered Company No. 13842232
ACE PRIME LIMITED
Notes to the Financial Statements
for the period ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.First time adoption and other factors relevant to transition
This is the first time the company has presented its financial statements since its incorporation, hence the financial statements presented are for the period of more than twelve months with no comparatives.
4.Basis of measurement used in financial statements
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 (as applied to small entities by section 1A of the standard).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors 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. Financial liabilities classified as payable within one year are not amortised.
6.Employee information

2023
Average number of employees during the year1
7.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
Revaluations250250
At 31 January 23250250
Depreciation and impairment
Charge for year3939
At 31 January 233939
Net book value
At 31 January 23211211
At 10 January 22--
8.Description of nature of transactions and balances with related parties
Included in other debtors falling due within one year is an amount of £3,256 due from director.
9.Debtors

2023

£
Trade debtors / trade receivables1,440
Other debtors11,217
Total12,657
10.Creditors within one year

2023

£
Trade creditors / trade payables1,050
Taxation and social security10,636
Accrued liabilities and deferred income1,950
Total13,636