Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Mr S Pantling 25/06/2021 Mr T Pantling 25/06/2021 29 November 2023 The principal activity of the company during the financial period is that of a property investment and rentals. 13477552 2023-06-30 13477552 bus:Director1 2023-06-30 13477552 bus:Director2 2023-06-30 13477552 2022-06-30 13477552 core:CurrentFinancialInstruments 2023-06-30 13477552 core:CurrentFinancialInstruments 2022-06-30 13477552 core:Non-currentFinancialInstruments 2023-06-30 13477552 core:Non-currentFinancialInstruments 2022-06-30 13477552 core:ShareCapital 2023-06-30 13477552 core:ShareCapital 2022-06-30 13477552 core:RetainedEarningsAccumulatedLosses 2023-06-30 13477552 core:RetainedEarningsAccumulatedLosses 2022-06-30 13477552 core:FurnitureFittings 2022-06-30 13477552 core:FurnitureFittings 2023-06-30 13477552 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:Non-currentFinancialInstruments 2023-06-30 13477552 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:Non-currentFinancialInstruments 2022-06-30 13477552 bus:OrdinaryShareClass1 2023-06-30 13477552 bus:OrdinaryShareClass2 2023-06-30 13477552 bus:OrdinaryShareClass3 2023-06-30 13477552 bus:OrdinaryShareClass4 2023-06-30 13477552 2022-07-01 2023-06-30 13477552 bus:FilletedAccounts 2022-07-01 2023-06-30 13477552 bus:SmallEntities 2022-07-01 2023-06-30 13477552 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 13477552 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13477552 bus:Director1 2022-07-01 2023-06-30 13477552 bus:Director2 2022-07-01 2023-06-30 13477552 core:FurnitureFittings core:TopRangeValue 2022-07-01 2023-06-30 13477552 2021-06-25 2022-06-30 13477552 core:FurnitureFittings 2022-07-01 2023-06-30 13477552 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 13477552 bus:OrdinaryShareClass1 2021-06-25 2022-06-30 13477552 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 13477552 bus:OrdinaryShareClass2 2021-06-25 2022-06-30 13477552 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 13477552 bus:OrdinaryShareClass3 2021-06-25 2022-06-30 13477552 bus:OrdinaryShareClass4 2022-07-01 2023-06-30 13477552 bus:OrdinaryShareClass4 2021-06-25 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13477552 (England and Wales)

ACE INVEST LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

ACE INVEST LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

ACE INVEST LIMITED

BALANCE SHEET

As at 30 June 2023
ACE INVEST LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 30.06.2023 30.06.2022
£ £
Fixed assets
Tangible assets 3 9,488 11,860
Investment property 4 960,092 959,573
969,580 971,433
Current assets
Debtors 5 707 2,159
707 2,159
Creditors: amounts falling due within one year 6 ( 1,110) 0
Net current (liabilities)/assets (403) 2,159
Total assets less current liabilities 969,177 973,592
Creditors: amounts falling due after more than one year 7 ( 963,073) ( 973,541)
Provision for liabilities ( 669) 902
Net assets 5,435 953
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 5,335 853
Total shareholders' funds 5,435 953

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 financial statements of Ace Invest Limited (registered number: 13477552) were approved and authorised for issue by the Board of Directors on 29 November 2023. They were signed on its behalf by:

Mr S Pantling
Director
ACE INVEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
ACE INVEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Ace Invest Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Phoenix Madeira Drive, Widemouth Bay, Bude, EX23 0AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Year ended
30.06.2023
Period from
25.06.2021 to
30.06.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 July 2022 11,860 11,860
At 30 June 2023 11,860 11,860
Accumulated depreciation
At 01 July 2022 0 0
Charge for the financial year 2,372 2,372
At 30 June 2023 2,372 2,372
Net book value
At 30 June 2023 9,488 9,488
At 30 June 2022 11,860 11,860

4. Investment property

Investment property
£
Valuation
As at 01 July 2022 959,573
Additions 519
As at 30 June 2023 960,092

There has been no valuation of investment property by an independent valuer.

5. Debtors

30.06.2023 30.06.2022
£ £
Prepayments 707 539
Other debtors 0 1,620
707 2,159

6. Creditors: amounts falling due within one year

30.06.2023 30.06.2022
£ £
Accruals 1,110 0

7. Creditors: amounts falling due after more than one year

30.06.2023 30.06.2022
£ £
Amounts owed to connected companies 850,000 850,000
Amounts owed to directors 113,073 123,541
963,073 973,541

8. Called-up share capital

30.06.2023 30.06.2022
£ £
Allotted, called-up and fully-paid
33 Ordinary A shares of £ 1.00 each 33 33
33 Ordinary B shares of £ 1.00 each 33 33
17 Ordinary C shares of £ 1.00 each 17 17
17 Ordinary D shares of £ 1.00 each 17 17
100 100

9. Related party transactions

Other related party transactions

30.06.2023 30.06.2022
£ £
Loan from related party 850,000 850,000

During the year, the company had a loan from Fairfield Country Rest Home Ltd, a company under common control. The loan is interest free and repayable on demand.