Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31that of property investment and letting2022-01-01false00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11477151 2022-01-01 2022-12-31 11477151 2021-01-01 2021-12-31 11477151 2022-12-31 11477151 2021-12-31 11477151 c:Director1 2022-01-01 2022-12-31 11477151 d:FreeholdInvestmentProperty 2022-01-01 2022-12-31 11477151 d:FreeholdInvestmentProperty 2022-12-31 11477151 d:FreeholdInvestmentProperty 2021-12-31 11477151 d:CurrentFinancialInstruments 2022-12-31 11477151 d:CurrentFinancialInstruments 2021-12-31 11477151 d:Non-currentFinancialInstruments 2022-12-31 11477151 d:Non-currentFinancialInstruments 2021-12-31 11477151 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11477151 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11477151 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11477151 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 11477151 d:ShareCapital 2022-12-31 11477151 d:ShareCapital 2021-12-31 11477151 d:RetainedEarningsAccumulatedLosses 2022-12-31 11477151 d:RetainedEarningsAccumulatedLosses 2021-12-31 11477151 c:FRS102 2022-01-01 2022-12-31 11477151 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 11477151 c:FullAccounts 2022-01-01 2022-12-31 11477151 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 11477151










ACE BUY-TO-LET LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
ACE BUY-TO-LET LTD
REGISTERED NUMBER: 11477151

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
79,218
152,120

  
79,218
152,120

Current assets
  

Debtors: amounts falling due within one year
 5 
205
281

Cash at bank and in hand
  
1,885
639

  
2,090
920

Creditors: amounts falling due within one year
 6 
(19,436)
(64,211)

Net current liabilities
  
 
 
(17,346)
 
 
(63,291)

Total assets less current liabilities
  
61,872
88,829

Creditors: amounts falling due after more than one year
 7 
(82,142)
(86,410)

  

Net (liabilities)/assets
  
(20,270)
2,419


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(20,370)
2,319

  
(20,270)
2,419


Page 1

 
ACE BUY-TO-LET LTD
REGISTERED NUMBER: 11477151
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2024.




James Paul Ace
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ACE BUY-TO-LET LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


GENERAL INFORMATION

Ace Buy-To-Let Ltd is a private company, limited by shares, registered in England and Wales. The
company's registered number is 11477151 and registered office address is Mha House Charter Court, Phoenix Way, Swansea Enterprise Park, Swansea, Wales, SA7 9FS.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors have assessed the balance sheet and likely future cash flows of the company at the date of approving the financial statements and believe that the company is well placed to manage its
business risks successfully, despite the current uncertain economic outlook.
The directors have indicated their willingness to continue to provide support where required.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 3

 
ACE BUY-TO-LET LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

  
2.3

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the
company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Impairment of assets
Assets 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 income statement.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

  
2.4

Turnover and revenue recognition

Turnover represents rental income, which is recognised in the period to which it relates.

  
2.5

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from
changes in fair value is recognised in the profit or loss account.
Surpluses or deficits are subsequently transferred to the fair value reserve.

  
2.6

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price 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.
Basic financial liabilities, including trade and other creditors and bank loans, 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.

Page 4

 
ACE BUY-TO-LET LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

  
2.7

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
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.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2021 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2021 - 0).

Page 5

 
ACE BUY-TO-LET LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


INVESTMENT PROPERTY


Freehold investment property

£



Valuation


At 1 January 2022
152,120


Disposals
(72,902)



At 31 December 2022
79,218

The 2022 valuations were made by the directors, on an open market value for existing use basis.




Page 6

 
ACE BUY-TO-LET LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


DEBTORS

2022
2021
£
£


Prepayments
205
281

205
281



6.


CREDITORS: Amounts falling due within one year

2022
2021
£
£

Other loans
4,556
6,456

Corporation tax
48
719

Other creditors
12,552
55,056

Accruals and deferred income
2,280
1,980

19,436
64,211



7.


CREDITORS: Amounts falling due after more than one year

2022
2021
£
£

Other loans
82,142
86,410

82,142
86,410



2022
2021
        £
        £
Other loans - 1 - 2 years

9,111

12,910
 
Other loans - 2 - 5 years

13,666

19,365
 
Other loans more than 5 years instalments

59,364

54,136
 

Page 7

 
ACE BUY-TO-LET LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Amounts falling due in more than five years:

2022
2021
        £
        £
Repayable by installments

Other loans more than 5 years instalments

59,364

54,136
 

59,364

54,136
 


8.

Secured debts

The following secured debts are included within creditors:

2022
2021
        £
        £
Other loans

86,696

92,866
 

Other loans are secured against the company's Investment properties.


9.


Related party disclosures

Included in creditors is a loan of £12,552 (2021 - £55,056) from the directors. The loan is unsecured,
interest free and is repayable on demand.

 
Page 8