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COMPANY REGISTRATION NUMBER: 07731917
Ace Developments (Chesterfield) Limited
Filleted Unaudited Abridged Financial Statements
31 August 2023
Ace Developments (Chesterfield) Limited
Abridged Financial Statements
Year Ended 31 August 2023
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 5
Ace Developments (Chesterfield) Limited
Abridged Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
5,383
7,109
Investments
6
6
6
-------
-------
5,389
7,115
Current Assets
Debtors
43,318
22,366
Cash at bank and in hand
986,853
1,274,648
------------
------------
1,030,171
1,297,014
Creditors: amounts falling due within one year
135,240
396,221
------------
------------
Net Current Assets
894,931
900,793
---------
---------
Total Assets Less Current Liabilities
900,320
907,908
Provisions
Taxation including deferred tax
1,020
1,350
---------
---------
Net Assets
899,300
906,558
---------
---------
Capital and Reserves
Called up share capital
7
97
97
Other reserves
3
3
Profit and loss account
899,200
906,458
---------
---------
Shareholders Funds
899,300
906,558
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 31 August 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Ace Developments (Chesterfield) Limited
Abridged Statement of Financial Position (continued)
31 August 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
Mr R D Whittaker
Mrs J J Whittaker
Director
Director
Company registration number: 07731917
Ace Developments (Chesterfield) Limited
Notes to the Abridged Financial Statements
Year Ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The business address is Unit 7, Ace business Park, Burley Close, Chesterfield, S40 2WL.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is recognised in the profit and loss account when, and to the extent that, the company obtains a right to consideration in exchange for its performance. A right to consideration is obtained when some, but not all, of its contractual obligations have been fulfilled. Where the company has partially performed its contractual obligations, it recognises revenue to the extent that it has obtained the right to consideration through its performance.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% Reducing balance / 33.3% Straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
£
Cost
At 1 September 2022
29,695
Disposals
( 1,385)
--------
At 31 August 2023
28,310
--------
Depreciation
At 1 September 2022
22,586
Charge for the year
1,726
Disposals
( 1,385)
--------
At 31 August 2023
22,927
--------
Carrying amount
At 31 August 2023
5,383
--------
At 31 August 2022
7,109
--------
6. Investments
£
Cost
At 1 September 2022 and 31 August 2023
6
----
Impairment
At 1 September 2022 and 31 August 2023
----
Carrying amount
At 31 August 2023
6
----
At 31 August 2022
6
----
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
97
97
97
97
----
----
----
----