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Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Ace Contracts (London) Limited

Ace Contracts (London) Limited (Registered number: 04094960)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ace Contracts (London) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Glibbery
Mrs K J Glibbery
S J Harmond
S Glibbery





SECRETARY: Mrs K J Glibbery





REGISTERED OFFICE: 146 High Street
Billericay
Essex
CM12 9DF





REGISTERED NUMBER: 04094960 (England and Wales)





ACCOUNTANTS: Michael Letch & Partners LLP
Accountants
146 High Street
Billericay
Essex
CM12 9DF

Ace Contracts (London) Limited (Registered number: 04094960)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 441,949 718,510

CURRENT ASSETS
Stocks 573,505 621,691
Debtors 5 1,768,900 1,821,936
Cash at bank and in hand 947,154 621,854
3,289,559 3,065,481
CREDITORS
Amounts falling due within one year 6 1,571,467 1,468,222
NET CURRENT ASSETS 1,718,092 1,597,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,160,041

2,315,769

CREDITORS
Amounts falling due after more than one
year

7

(70,383

)

(123,949

)

PROVISIONS FOR LIABILITIES (88,298 ) (73,618 )
NET ASSETS 2,001,360 2,118,202

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,001,260 2,118,102
SHAREHOLDERS' FUNDS 2,001,360 2,118,202

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Contracts (London) Limited (Registered number: 04094960)

Balance Sheet - continued
31 December 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 30 July 2024 and were signed on its behalf by:





A Glibbery - Director


Ace Contracts (London) Limited (Registered number: 04094960)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Ace Contracts (London) 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.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance, 15% on reducing balance and Straight line over 15 years

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Ace Contracts (London) Limited (Registered number: 04094960)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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 31 (2022 - 31 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 241,935 136,325 175,333
Additions - - 10,000
Disposals (241,935 ) - -
At 31 December 2023 - 136,325 185,333
DEPRECIATION
At 1 January 2023 24,195 77,098 108,159
Charge for year - 11,184 11,576
Eliminated on disposal (24,195 ) - -
At 31 December 2023 - 88,282 119,735
NET BOOK VALUE
At 31 December 2023 - 48,043 65,598
At 31 December 2022 217,740 59,227 67,174

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 258,285 341,813 178,744 1,332,435
Additions 26,949 96,345 2,355 135,649
Disposals - (126,861 ) - (368,796 )
At 31 December 2023 285,234 311,297 181,099 1,099,288
DEPRECIATION
At 1 January 2023 121,833 127,141 155,499 613,925
Charge for year 24,510 60,495 17,669 125,434
Eliminated on disposal - (57,825 ) - (82,020 )
At 31 December 2023 146,343 129,811 173,168 657,339
NET BOOK VALUE
At 31 December 2023 138,891 181,486 7,931 441,949
At 31 December 2022 136,452 214,672 23,245 718,510

Ace Contracts (London) Limited (Registered number: 04094960)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1 January 2023 67,577
Transfer to ownership (26,829 )
At 31 December 2023 40,748
DEPRECIATION
At 1 January 2023 57,475
Charge for year 7,640
Transfer to ownership (47,288 )
At 31 December 2023 17,827
NET BOOK VALUE
At 31 December 2023 22,921
At 31 December 2022 10,102

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 190,748 163,065
Retentions receivable 17,734 2,841
Amounts owed by group undertakings 1,248,173 1,597,377
Other debtors 140,200 21,217
Directors' current accounts 89,191 -
Prepayments and accrued income 82,854 37,436
1,768,900 1,821,936

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 45,399 45,399
Hire purchase contracts 8,166 11,354
Payments on account 749,400 681,717
Trade creditors 302,577 347,306
Tax 207,544 177,931
Social security and other taxes 243,810 154,833
Accrued expenses 14,571 49,682
1,571,467 1,468,222

Ace Contracts (London) Limited (Registered number: 04094960)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 45,399 45,399
Bank loans - 2-5 years 15,135 60,535
Hire purchase contracts 9,849 18,015
70,383 123,949

8. SECURED DEBTS

A fixed and floating charge is held over the company (and all property and assets present, and future) by National Westminster Bank PLC.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A and Mrs K Glibbery.

Who hold all of the ordinary share capital of the parent company.