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Registration number: 04120783

Ace Carpentry & Joinery Contractors Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Ace Carpentry & Joinery Contractors Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 11

 

Ace Carpentry & Joinery Contractors Limited

Company Information

Directors

Mrs Ruth Melanie Elkins

Mr Andrew Charles Elkins

Company secretary

Mrs Ruth Melanie Elkins

Registered office

8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Ace Carpentry & Joinery Contractors Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Ruth Melanie Elkins - Company secretary and director

Mr Andrew Charles Elkins

Principal activity

The principal activity of the company is that of carpentry and joinery contractors.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 21 November 2023 and signed on its behalf by:

.........................................
Mr Andrew Charles Elkins
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ace Carpentry & Joinery Contractors Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ace Carpentry & Joinery Contractors Limited for the year ended 30 June 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Ace Carpentry & Joinery Contractors Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ace Carpentry & Joinery Contractors Limited and state those matters that we have agreed to state to the Board of Directors of Ace Carpentry & Joinery Contractors Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ace Carpentry & Joinery Contractors Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ace Carpentry & Joinery Contractors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ace Carpentry & Joinery Contractors Limited. You consider that Ace Carpentry & Joinery Contractors Limited 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 accounts of Ace Carpentry & Joinery Contractors Limited. 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 accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

21 November 2023

 

Ace Carpentry & Joinery Contractors Limited

(Registration number: 04120783)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

15,837

17,251

Current assets

 

Stocks

7

12,333

-

Debtors

8

32,874

35,573

Cash at bank and in hand

 

87,072

11,112

 

132,279

46,685

Creditors: Amounts falling due within one year

9

(88,555)

(23,395)

Net current assets

 

43,724

23,290

Total assets less current liabilities

 

59,561

40,541

Provisions for liabilities

(4,197)

(3,278)

Net assets

 

55,364

37,263

Capital and reserves

 

Called up share capital

10

110

110

Profit and loss account

55,254

37,153

Total equity

 

55,364

37,263

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Ace Carpentry & Joinery Contractors Limited

(Registration number: 04120783)
Balance Sheet as at 30 June 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mr Andrew Charles Elkins
Director

 

Ace Carpentry & Joinery Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

These financial statements were authorised for issue by the Board on 21 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The accrual model is adopted for the recognition of grant income received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ace Carpentry & Joinery Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Motor vehicles

5 years straight line

Office equipment

3 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ace Carpentry & Joinery Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ace Carpentry & Joinery Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2022 - 3).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

5,415

5,491

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

14,000

14,000

At 30 June 2023

14,000

14,000

Amortisation

At 1 July 2022

14,000

14,000

At 30 June 2023

14,000

14,000

Carrying amount

At 30 June 2023

-

-

 

Ace Carpentry & Joinery Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

3,134

19,156

11,775

34,065

Additions

-

4,000

-

4,000

At 30 June 2023

3,134

23,156

11,775

38,065

Depreciation

At 1 July 2022

2,107

5,108

9,599

16,814

Charge for the year

706

4,164

544

5,414

At 30 June 2023

2,813

9,272

10,143

22,228

Carrying amount

At 30 June 2023

321

13,884

1,632

15,837

At 30 June 2022

1,027

14,048

2,176

17,251

7

Stocks

2023
£

2022
£

Other inventories

12,333

-

8

Debtors

2023
£

2022
£

Trade debtors

30,078

4,340

Prepayments

2,796

1,704

Other debtors

-

29,529

32,874

35,573

 

Ace Carpentry & Joinery Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

31,331

8,376

Taxation and social security

 

26,297

6,555

Other creditors

 

30,927

8,464

 

88,555

23,395

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100

Ordinary A share class of £1 each

10

10

10

10

 

110

110

110

110

11

Government grants

During the period the company received government grants in support of the pandemic Covid-19
The amount of grants recognised in the financial statements was £Nil (2022 - £151).