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REGISTERED NUMBER: 04435484 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

ACE BUILDING CONTRACTORS (WALES) LIMITED

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)






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


ACE BUILDING CONTRACTORS (WALES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: K N Jones





SECRETARY: Mrs D L Hopkins





REGISTERED OFFICE: Pandy Farm
Brecon Rd
Merthyr Tydfil
Mid Glamorgan
CF47 8PA





REGISTERED NUMBER: 04435484 (England and Wales)





ACCOUNTANTS: Baker Knoyle Chartered Accountants
Orbit Business Centre
Merthyr Tydfil
CF48 1DL

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 153,243 108,106

CURRENT ASSETS
Stocks 321,193 121,425
Debtors 5 337,593 380,200
Cash at bank 35,409 92,532
694,195 594,157
CREDITORS
Amounts falling due within one year 6 331,402 295,245
NET CURRENT ASSETS 362,793 298,912
TOTAL ASSETS LESS CURRENT
LIABILITIES

516,036

407,018

CREDITORS
Amounts falling due after more than one
year

7

137,963

103,328
NET ASSETS 378,073 303,690

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 378,072 303,689
378,073 303,690

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 director acknowledges his 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 BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 November 2023 and were signed by:





K N Jones - Director


ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Ace Building Contractors (Wales) Limited 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 251,852
Additions 94,468
Disposals (31,356 )
At 28 February 2023 314,964
DEPRECIATION
At 1 March 2022 143,746
Charge for year 32,318
Eliminated on disposal (14,343 )
At 28 February 2023 161,721
NET BOOK VALUE
At 28 February 2023 153,243
At 28 February 2022 108,106

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 79,376 147,496
Other debtors 258,217 232,704
337,593 380,200

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 12,995 14,683
Hire purchase contracts (see note 8) 15,408 15,278
Trade creditors 233,765 166,727
Taxation and social security 61,444 91,839
Other creditors 7,790 6,718
331,402 295,245

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 27,844 39,151
Hire purchase contracts (see note 8) 110,119 64,177
137,963 103,328

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 15,408 15,278
Between one and five years 110,119 64,177
125,527 79,455

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 2,137

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
K N Jones
Balance outstanding at start of year 47,394 (25,445 )
Amounts advanced 64,825 102,839
Amounts repaid (39,311 ) (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 72,908 47,394