Company registration number 08105532 (England and Wales)
ACE OPTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ACE OPTICS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
ACE OPTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
1
13,490
13,491
Year ended 30 June 2022:
Loss and total comprehensive income
-
(13,402)
(13,402)
Balance at 30 June 2022
1
88
89
Year ended 30 June 2023:
Loss and total comprehensive income
-
(9,924)
(9,924)
Balance at 30 June 2023
1
(9,836)
(9,835)
ACE OPTICS LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1
1
Current assets
Cash at bank and in hand
7,551
4,498
Creditors: amounts falling due within one year
5
(13,384)
1,620
Net current (liabilities)/assets
(5,833)
6,118
Total assets less current liabilities
(5,832)
6,119
Creditors: amounts falling due after more than one year
6
(4,003)
(6,030)
Net (liabilities)/assets
(9,835)
89
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
8
(9,836)
88
Total equity
(9,835)
89
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 November 2023
Ms P Desai-Shah
Director
Company registration number 08105532 (England and Wales)
ACE OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Ace Optics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 234 Hale Lane, Edgware, HA8 9PZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on a going concern basis. As at the balance sheet date 30 June 2023, the company had net liabilities over assets of £9,835 (2022: NIL). The director and shareholders have confirmed that they will continue to support the company for the foreseeable future and will not withdraw funds or seek repayment of their debts to the detriment of the company or its creditors.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Other income represents HMRC Grants received under Coronavirus Job Retention Scheme (CJRS)
relating to furloughed costs incurred due to COVID-19. This income has been recognised as HMRC grants under accruals model.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ACE OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
No provision for tax has been made, as the company incurred a loss in the period.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Other income represents HMRC Grants received under Coronavirus Job Retention Scheme (CJRS)
relating to furloughed costs incurred due to COVID-19. This income has been recognised as HMRC grants under accruals model.
ACE OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
5,596
Depreciation and impairment
At 1 July 2022 and 30 June 2023
5,595
Carrying amount
At 30 June 2023
1
At 30 June 2022
1
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,210
2,210
Taxation and social security
(5,457)
Other creditors
11,174
1,627
13,384
(1,620)
ACE OPTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,003
6,030
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
88
13,490
Loss for the year
(9,924)
(13,402)
At the end of the year
(9,836)
88
9
Directors' transactions
Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.
As at the balance sheet date 30 June 2023 the following amounts were owed by the company to the sole director and shareholder, Mrs Priya Desai-Shah: £11,174 (2022: £1,627).
These amounts are interest free and repayable on demand.
10
Controlling Party
At the end of 30 June 2023 the ultimate controlling interest was held by director Mrs Priya Desai- Shah, by virtue of 100 % shareholding in the company.