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REGISTERED NUMBER: 11027892 (England and Wales)















Financial Statements For The Year Ended 31st October 2023

for

Ace Car Breakers Limited

Ace Car Breakers Limited (Registered number: 11027892)

Contents of the Financial Statements
For The Year Ended 31st October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ace Car Breakers Limited

Company Information
For The Year Ended 31st October 2023







DIRECTORS: H W Arnold
R A Arnold
R E Arnold





REGISTERED OFFICE: 16 Manor Way Business Park
Manor Way
Swanscombe
Kent
DA10 0PP





REGISTERED NUMBER: 11027892 (England and Wales)





ACCOUNTANTS: Beak Kemmenoe
Chartered Accountants
1-3 Manor Road
Chatham
Kent
ME4 6AE

Ace Car Breakers Limited (Registered number: 11027892)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 405,659 434,223

CURRENT ASSETS
Stocks 58,225 62,487
Debtors 5 278,852 181,888
Cash at bank 395,851 386,956
732,928 631,331
CREDITORS
Amounts falling due within one year 6 430,817 397,065
NET CURRENT ASSETS 302,111 234,266
TOTAL ASSETS LESS CURRENT
LIABILITIES

707,770

668,489

CREDITORS
Amounts falling due after more than one
year

7

(129,702

)

(149,094

)

PROVISIONS FOR LIABILITIES (93,941 ) (98,893 )
NET ASSETS 484,127 420,502

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 483,827 420,202
SHAREHOLDERS' FUNDS 484,127 420,502

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ace Car Breakers Limited (Registered number: 11027892)

Balance Sheet - continued
31st October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2024 and were signed on its behalf by:





R E Arnold - Director


Ace Car Breakers Limited (Registered number: 11027892)

Notes to the Financial Statements
For The Year Ended 31st October 2023


1. STATUTORY INFORMATION

Ace Car Breakers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Ace Car Breakers Limited (Registered number: 11027892)

Notes to the Financial Statements - continued
For The Year Ended 31st October 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2022 - 40 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st November 2022 1,071,725
Additions 96,241
At 31st October 2023 1,167,966
DEPRECIATION
At 1st November 2022 637,502
Charge for year 124,805
At 31st October 2023 762,307
NET BOOK VALUE
At 31st October 2023 405,659
At 31st October 2022 434,223

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st November 2022
and 31st October 2023 56,000
DEPRECIATION
At 1st November 2022 14,697
Charge for year 10,391
At 31st October 2023 25,088
NET BOOK VALUE
At 31st October 2023 30,912
At 31st October 2022 41,303

Ace Car Breakers Limited (Registered number: 11027892)

Notes to the Financial Statements - continued
For The Year Ended 31st October 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 137,098 155,653
Other debtors and prepayments 141,754 26,235
278,852 181,888

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 38,863 81,818
Trade creditors 38,810 45,098
Corporation tax 63,537 56,714
Social security and other taxes 287,442 211,645
Other creditors and accruals 2,165 1,790
430,817 397,065

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 19,116 59,498
Other creditors 110,586 89,596
129,702 149,094

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 57,979 141,316

The amounts due on hire purchase contracts are secured on the assets concerned.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors of the company by virtue of their shareholding.