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REGISTERED NUMBER: 11760494 (England and Wales)


























Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Ace Cap Ltd

Ace Cap Ltd (Registered number: 11760494)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Ace Cap Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mr A Ellis
Miss M McGuinness





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 11760494 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Ace Cap Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ace Cap Ltd for the year ended 31 January 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ace Cap Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ace Cap Ltd and state those matters that we have agreed to state to the Board of Directors of Ace Cap Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ace Cap Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ace Cap Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ace Cap Ltd. You consider that Ace Cap Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ace Cap Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


24 October 2023

Ace Cap Ltd (Registered number: 11760494)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 135,661 62,475
Tangible assets 5 32,289 43,003
Investments 6 42,382 -
Investment property 7 759,803 759,803
970,135 865,281

CURRENT ASSETS
Debtors 8 7,254 4,731
Cash at bank 71,127 7,233
78,381 11,964
CREDITORS
Amounts falling due within one year 9 524,045 301,290
NET CURRENT LIABILITIES (445,664 ) (289,326 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

524,471

575,955

CREDITORS
Amounts falling due after more than one
year

10

(564,415

)

(565,700

)

PROVISIONS FOR LIABILITIES - (380 )
NET (LIABILITIES)/ASSETS (39,944 ) 9,875

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings (39,946 ) 9,873
SHAREHOLDERS' FUNDS (39,944 ) 9,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Ace Cap Ltd (Registered number: 11760494)

Balance Sheet - continued
31 January 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





Mr A Ellis - Director


Ace Cap Ltd (Registered number: 11760494)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Ace Cap 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on the going concern basis, due to the going support of the shareholders. At the year end the company had net current liabilities of £445,664 (2022: £289,326).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Cryptocurrency is considered to have an indefinite useful life and is therefore not amortised less impaired.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Ace Cap Ltd (Registered number: 11760494)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. INTANGIBLE FIXED ASSETS
Crypto
currency
£   
COST
At 1 February 2022 62,475
Additions 260,831
Disposals (175,542 )
Impairments (12,103 )
At 31 January 2023 135,661
NET BOOK VALUE
At 31 January 2023 135,661
At 31 January 2022 62,475

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2022
and 31 January 2023 380 50,000 50,380
DEPRECIATION
At 1 February 2022 14 7,363 7,377
Charge for year 55 10,659 10,714
At 31 January 2023 69 18,022 18,091
NET BOOK VALUE
At 31 January 2023 311 31,978 32,289
At 31 January 2022 366 42,637 43,003

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
Additions 34,720
Disposals (1,189 )
Revaluations 8,851
At 31 January 2023 42,382
NET BOOK VALUE
At 31 January 2023 42,382

Cost or valuation at 31 January 2023 is represented by:

Other
investments
£   
Valuation in 2023 8,851
Cost 33,531
42,382

Ace Cap Ltd (Registered number: 11760494)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022
and 31 January 2023 759,803
NET BOOK VALUE
At 31 January 2023 759,803
At 31 January 2022 759,803

The directors do not believe that the open market value of the property has changed within the year.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,000 -
Other debtors 6,254 4,731
7,254 4,731

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,389 2,208
Trade creditors 516 1,472
Taxation and social security 1,302 558
Other creditors 519,838 297,052
524,045 301,290

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 564,415 565,700

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 528,218 548,260

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 566,804 567,908

Mortgages totalling £548,263 (2022: £548,260) have a fixed charge over the asset they relate to.

The bank loan for £18,541 (2022: £19,648) has been guaranteed by the UK Government as part of the Coronavirus Bounce Back Loan scheme.

Ace Cap Ltd (Registered number: 11760494)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

13. RELATED PARTY DISCLOSURES

Included in Other Creditors, due in less than one year, is a balance of £496,021 (2022 - £267,421) that represents a loan from a related company. This loan is interest free and repayable on demand.