Registered number
04987567
Ace Portable Accommodation Limited
Filleted Accounts
31 January 2023
Ace Portable Accommodation Limited
Registered number: 04987567
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 475,307 547,382
Current assets
Debtors 4 51,797 23,147
Cash at bank and in hand 73,617 275,559
125,414 298,706
Creditors: amounts falling due within one year 5 (110,473) (231,133)
Net current liabilities 14,941 67,573
Total assets less current liabilities 490,248 614,955
Creditors: amounts falling due after more than one year 6 (87,285) (143,528)
Provisions for liabilities (61,255) (33,499)
Net assets 341,708 437,928
Capital and reserves
Called up share capital 101 101
Profit and loss account 341,607 437,827
Shareholders' funds 341,708 437,928
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.
S Sprudd
Director
Approved by the board on 15 August 2023
Ace Portable Accommodation Limited
Notes to the Accounts
for the year ended 31 January 2023
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 (as applied to small entities by section 1A of the standard).
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 181,776 469,527 224,490 875,793
At 31 January 2023 181,776 469,527 224,490 875,793
Depreciation
At 1 February 2022 27,020 274,640 26,751 328,411
Charge for the year 1,837 20,793 49,445 72,075
At 31 January 2023 28,857 295,433 76,196 400,486
Net book value
At 31 January 2023 152,919 174,094 148,294 475,307
At 31 January 2022 154,756 194,887 197,739 547,382
4 Debtors 2023 2022
£ £
Trade debtors 35,266 23,147
Other debtors 16,531 -
51,797 23,147
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,996 10,871
Obligations under finance lease and hire purchase contracts 43,022 45,104
Trade creditors 9,827 -
Taxation and social security costs 19,823 41,599
Other creditors 22,805 133,559
110,473 231,133
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,065 35,286
Obligations under finance lease and hire purchase contracts 65,220 108,242
87,285 143,528
7 Other information
Ace Portable Accommodation Limited is a private company limited by shares and incorporated in England. Its registered office is:
24 Douglas Close
Danescourt
Cardiff
CF2 2QT
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