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Registration number: 09106387

Ace Skips Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Ace Skips Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Ace Skips Ltd

Company Information

Director

Mr Adrian James Hawkins

Registered office

Unit 1
Rushey Platt Farm
Caen View
Swidon
Wiltshire
SN5 8WQ

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Ace Skips Ltd

(Registration number: 09106387)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,455

7,275

Current assets

 

Debtors

6

2,821

1,708

Cash at bank and in hand

 

13,214

20,731

 

16,035

22,439

Creditors: Amounts falling due within one year

7

(2,080)

(3,900)

Net current assets

 

13,955

18,539

Total assets less current liabilities

 

19,410

25,814

Creditors: Amounts falling due after more than one year

7

(13,667)

(17,667)

Net assets

 

5,743

8,147

Capital and reserves

 

Called up share capital

1

1

Retained earnings

5,742

8,146

Shareholders' funds

 

5,743

8,147

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 27 February 2024
 

.........................................
Mr Adrian James Hawkins
Director

 

Ace Skips Ltd

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:
Unit 1
Rushey Platt Farm
Caen View
Swidon
Wiltshire
SN5 8WQ

These financial statements were authorised for issue by the director on 27 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current 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.

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.

 

Ace Skips Ltd

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

2

Accounting policies (continued)

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:

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.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Ace Skips Ltd

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

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,819

2,425

 

Ace Skips Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

18,195

17,500

35,695

At 30 June 2023

18,195

17,500

35,695

Depreciation

At 1 July 2022

12,633

15,787

28,420

Charge for the year

1,391

429

1,820

At 30 June 2023

14,024

16,216

30,240

Carrying amount

At 30 June 2023

4,171

1,284

5,455

At 30 June 2022

5,562

1,713

7,275

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

2,498

1,708

Other debtors

 

323

-

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

26

2,867

Accruals and deferred income

1,228

519

Other creditors

826

514

2,080

3,900

Creditors: amounts falling due after more than one year

 

Ace Skips Ltd

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

7

Creditors (continued)

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

13,667

17,667

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

13,667

17,667