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Unaudited Financial Statements

for the Period 1 July 2023 to 31 December 2023

for

Ace Acquisition Company Limited

Ace Acquisition Company Limited (Registered number: 06077845)






Contents of the Financial Statements
for the Period 1 July 2023 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ace Acquisition Company Limited

Company Information
for the Period 1 July 2023 to 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: 06077845 (England and Wales)





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

Ace Acquisition Company Limited (Registered number: 06077845)

Balance Sheet
31 December 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 398,809 398,809
Investment property 5 202,168 352,986
600,977 751,795

CURRENT ASSETS
Debtors 6 1,024,748 1,024,748
Investments 7 249,370 253,870
Cash at bank and in hand 428,306 12,231
1,702,424 1,290,849
CREDITORS
Amounts falling due within one year 8 1,275,605 1,694,036
NET CURRENT ASSETS/(LIABILITIES) 426,819 (403,187 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,027,796

348,608

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,026,796 347,608
SHAREHOLDERS' FUNDS 1,027,796 348,608

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

The members have not required the company to obtain an audit of its financial statements for the period 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.

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 31 July 2024 and were signed on its behalf by:



A Glibbery - Director


Ace Acquisition Company Limited (Registered number: 06077845)

Notes to the Financial Statements
for the Period 1 July 2023 to 31 December 2023

1. STATUTORY INFORMATION

Ace Acquisition Company 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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the period 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 period 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 AND DIRECTORS

The average number of employees during the period was 2 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 31 December 2023 398,809
NET BOOK VALUE
At 31 December 2023 398,809
At 30 June 2023 398,809

Ace Acquisition Company Limited (Registered number: 06077845)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 352,986
Disposals (150,818 )
At 31 December 2023 202,168
NET BOOK VALUE
At 31 December 2023 202,168
At 30 June 2023 352,986

The Company purchased a property on the open market in 2021. The directors consider that there has been no significant changes to the fair value at 31st December .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Directors' current accounts 1,024,748 1,024,748

7. CURRENT ASSET INVESTMENTS
2023 2023
£    £   
Classic car investment 249,370 253,870

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade creditors 1 -
Amounts owed to group undertakings 1,248,173 1,693,001
Tax 26,396 -
Accrued expenses 1,035 1,035
1,275,605 1,694,036

9. SECURED DEBTS

A charge was created 16th May 2007 by Ace Acquisition Company Limited for securing all monies due or due to become due from the company to National Westminster Bank PLC on any account whatsoever.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A & Mrs K Glibbery whom hold all of the ordinary share capital.