Company Registration No. 02593773 (England and Wales)
Acrelane Builders Merchants Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Acrelane Builders Merchants Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Acrelane Builders Merchants Limited
Statement of financial position
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
104,316
113,026
Current assets
Stocks
178,289
124,153
Debtors
4
200,555
186,423
Cash at bank and in hand
1,227,713
1,177,105
1,606,557
1,487,681
Creditors: amounts falling due within one year
5
(212,680)
(330,533)
Net current assets
1,393,877
1,157,148
Total assets less current liabilities
1,498,193
1,270,174
Creditors: amounts falling due after more than one year
6
(25,992)
(33,254)
Provisions for liabilities
(26,078)
(28,256)
Net assets
1,446,123
1,208,664
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,446,023
1,208,564
Total equity
1,446,123
1,208,664
Acrelane Builders Merchants Limited
Statement of financial position (continued)
As at 31 March 2023
Page 2

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 10 October 2023 and are signed on its behalf by:
Gerard Duke
Director
Company Registration No. 02593773
Acrelane Builders Merchants Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information

Acrelane Builders Merchants Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47-55 Acre Lane, London, SW2 5TN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less provision for depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Property improvements
25% on a reducing balance basis
Fixtures, fittings & equipment
25% on a reducing balance basis
Motor vehicles
25% on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Acrelane Builders Merchants Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Acrelane Builders Merchants Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 5
1.8
Financial instruments

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 statement of financial position 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, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Acrelane Builders Merchants Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 6
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits
The company makes contributions to a group personal pension scheme on behalf of its directors and employees. Contributions to the scheme are charged to the profit and loss account for the year in which they are payable.
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

Acrelane Builders Merchants Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 7
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:-

2023
2022
Number
Number
Total
11
11
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
378,152
Additions
33,500
Disposals
(48,876)
At 31 March 2023
362,776
Depreciation and impairment
At 1 April 2022
265,126
Depreciation charged in the year
34,772
Eliminated in respect of disposals
(41,438)
At 31 March 2023
258,460
Carrying amount
At 31 March 2023
104,316
At 31 March 2022
113,026
Acrelane Builders Merchants Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 8
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
111,128
90,127
Corporation tax recoverable
26,801
32,101
Other debtors
46,803
48,372
184,732
170,600
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
15,823
15,823
Total debtors
200,555
186,423
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
115,556
97,764
Corporation tax
22,436
-
0
Other taxation and social security
28,659
42,290
Other creditors
46,029
190,479
212,680
330,533
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
25,992
33,254
Acrelane Builders Merchants Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 9
7
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
20,361
30,924
In two to five years
33,307
33,254
53,668
64,178

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of 10p each
100
100
9
Related party transactions

Included in other debtors is an amount of £42,187 (2022: £44,740) due from Edward Crampsie, a director of the company. These amounts are unsecured, have no fixed repayment terms, and no interest is charged on the outstanding balances.

 

Included in other debtors is an amount of £Nil (2022: £35) due from Gerard Duke, a director of the company. This related to a loan which was granted to Gerard Duke during the prior year which was subject to 3% interest.

 

During the year the company paid rent of £41,241 (2022: £41,241) to Acrelane Holdings Limited, a company under common control.

 

The company made purchases of £405 (2022: £323) from; and made sales of £4,920 (2022: £3,103) to, Acrelane Timber Limited, a company under common control.

 

Included within other debtors is an amount of £15,823 (2022: £15,823) due from Mr B Mistry, a shareholder of the company. This amount is unsecured, has no fixed repayment terms, and no interest is charged on the outstanding balance.

10
Ultimate controlling party

The directors believe that there is no one ultimate controlling party.

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