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REGISTERED NUMBER: 04043946 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

ACEWELL INSTALLATIONS LTD

ACEWELL INSTALLATIONS LTD (REGISTERED NUMBER: 04043946)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ACEWELL INSTALLATIONS LTD

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr C Bracewell
Mrs C Bracewell
Miss L E Bracewell



SECRETARY: Mrs C Bracewell



REGISTERED OFFICE: Simpson Street Works
Simpson Street
Hapton
Burnley
Lancashire
BB12 7LJ



REGISTERED NUMBER: 04043946 (England and Wales)



ACCOUNTANTS: BTMR Limited
Century Buildings
14 St Mary's Parsonage
Manchester
M3 2DF



BANKERS: Barclays Bank Plc
PO Box 43
72/78 St. James Street
Burnley
Lancashire
BB11 1GF

ACEWELL INSTALLATIONS LTD (REGISTERED NUMBER: 04043946)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 104,979 83,420
104,979 83,420

CURRENT ASSETS
Stocks 64,419 62,282
Debtors 6 60,194 48,694
Cash at bank and in hand 4,806 8,068
129,419 119,044
CREDITORS
Amounts falling due within one year 7 160,854 92,931
NET CURRENT (LIABILITIES)/ASSETS (31,435 ) 26,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,544

109,533

CREDITORS
Amounts falling due after more than one
year

8

(37,947

)

(46,531

)

PROVISIONS FOR LIABILITIES (3,199 ) (6,336 )
NET ASSETS 32,398 56,666

CAPITAL AND RESERVES
Called up share capital 12 12
Share premium 26,525 26,525
Capital redemption reserve 2 2
Retained earnings 5,859 30,127
SHAREHOLDERS' FUNDS 32,398 56,666

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ACEWELL INSTALLATIONS LTD (REGISTERED NUMBER: 04043946)

Balance Sheet - continued
28 February 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





Miss L E Bracewell - Director


ACEWELL INSTALLATIONS LTD (REGISTERED NUMBER: 04043946)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Acewell Installations Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is accounted for as revenue when, and to the extent that, the company obtains a right to consideration in exchange for its performance of its obligations under the sales contract with the customer. The amount reported as revenue is the fair value of the right to consideration - usually the price specified in the contractual arrangement net of discounts and net of VAT, and after any allowance for credit risk and other uncertainties.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, was amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

ACEWELL INSTALLATIONS LTD (REGISTERED NUMBER: 04043946)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 5,000
AMORTISATION
At 1 March 2022
and 28 February 2023 5,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 100,546 100,132 12,469 55,050 268,197
Additions - 13,140 2,250 30,000 45,390
At 28 February 2023 100,546 113,272 14,719 85,050 313,587
DEPRECIATION
At 1 March 2022 50,472 86,788 7,570 39,947 184,777
Charge for year 7,511 3,972 1,072 11,276 23,831
At 28 February 2023 57,983 90,760 8,642 51,223 208,608
NET BOOK VALUE
At 28 February 2023 42,563 22,512 6,077 33,827 104,979
At 28 February 2022 50,074 13,344 4,899 15,103 83,420

ACEWELL INSTALLATIONS LTD (REGISTERED NUMBER: 04043946)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022
and 28 February 2023 6,750
DEPRECIATION
At 1 March 2022 1,688
Charge for year 1,265
At 28 February 2023 2,953
NET BOOK VALUE
At 28 February 2023 3,797
At 28 February 2022 5,062

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 22,543 21,710
Other debtors 37,651 26,984
60,194 48,694

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 28,430 5,556
Hire purchase contracts (see note 9) 2,250 2,250
Trade creditors 60,628 13,553
Taxation and social security 1,570 3,393
Other creditors 67,976 68,179
160,854 92,931

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans 35,833 42,593
Hire purchase contracts (see note 9) 2,114 3,938
37,947 46,531

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,611 20,371

ACEWELL INSTALLATIONS LTD (REGISTERED NUMBER: 04043946)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

28.2.23 28.2.22
£    £   
Net obligations repayable:
Within one year 2,250 2,250
Between one and five years 2,114 3,938
4,364 6,188

10. CONTROLLING PARTY

The company was under the joint control of Mr C T Bracewell and Mrs C M Bracewell during the year.