Company registration number 4362615 (England and Wales)
ACEPRO SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
ACEPRO SYSTEMS LIMITED
COMPANY INFORMATION
Director
Peter Scordellis
Company number
4362615
Registered office
1 Queens Parade
Brownlow Road
London
N11 2DN
Accountants
P Spyrou & Co
Chartered Certified Accountants
1 Queens Parade
Brownlow Road
London
N11 2DN
Business address
907 Hertford Road
Waltham Cross
EN8 7RR
Bankers
Lloyds Bank Plc
Hampstead Branch
40 Rosslyn Hill
London
NW3 1NL
ACEPRO SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ACEPRO SYSTEMS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,737
7,320
Tangible assets
5
1,511
1,355
4,248
8,675
Current assets
Stocks
3,250
5,200
Debtors
6
5,520
6,026
Cash at bank and in hand
6,136
2,198
14,906
13,424
Creditors: amounts falling due within one year
7
(22,528)
(23,262)
Net current liabilities
(7,622)
(9,838)
Total assets less current liabilities
(3,374)
(1,163)
Creditors: amounts falling due after more than one year
8
(5,486)
(6,319)
Net liabilities
(8,860)
(7,482)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(8,960)
(7,582)
Total equity
(8,860)
(7,482)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has 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.
ACEPRO SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 October 2023
Peter Scordellis
Director
Company Registration No. 4362615
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Acepro Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
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, modified to include the revaluation of crypto assets at fair value. The principal accounting policies adopted are set out below.
1.2
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 trade discounts.
Where work has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
1.3
Intangible fixed assets other than goodwill
Intangible assets, including crypto assets acquired separately from a business are recognised at cost and are subsequently carried forward at fair value and the changes in fair value are recognised in profit or loss. Crypto currencies has been classified as Intangible Assets other than Goodwill per FRS 102, Section 18.
Intangible assets with indefinite useful lives, like crypto assets are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% Straight Line
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.
1.5
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
1.7
Taxation
The tax expense represents deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.8
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.
1.9
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. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 that are considered to be relevant. Actual results may differ from these estimates.
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Crypto assets
Crypto currency is an identifiable non-monetary asset and recognition is based on a lot of judgement and uncertainty. The director has used the exchange platform on which the crypto asset is stored to value the assets at the balance sheet date.
3
Employees
The average monthly number of person (including director) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Intangible fixed assets
Crypto Assets
£
Cost
At 1 February 2022
7,320
Revaluation
(4,583)
At 31 January 2023
2,737
Carrying amount
At 31 January 2023
2,737
At 31 January 2022
7,320
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022
2,384
Additions
791
At 31 January 2023
3,175
Depreciation and impairment
At 1 February 2022
1,029
Depreciation charged in the year
635
At 31 January 2023
1,664
Carrying amount
At 31 January 2023
1,511
At 31 January 2022
1,355
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,968
5,756
Other debtors
1,427
-
5,395
5,756
Deferred tax asset
125
270
5,520
6,026
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,480
3,774
Trade creditors
1,065
567
Corporation tax
576
637
Other taxation and social security
3,799
3,363
Director's current account
792
275
Other creditors
13,816
14,646
22,528
23,262
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,486
6,319
The above represents two bank loans taken by the company. One of the loans, paid during the year, was an unsecured loan and the other represents borrowing under the Bounce Back Loan Scheme introduced by the UK Government. The government guarantees 100% of the Bounce Back Loan.
9
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Controlling party
The company was controlled throughout the current and previous year by the director, by virtue of him holding the entire issued share capital of the company.