Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-3042022-12-01falseNo description of principal activity4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11656654 2022-12-01 2023-11-30 11656654 2021-12-01 2022-11-30 11656654 2023-11-30 11656654 2022-11-30 11656654 c:Director1 2022-12-01 2023-11-30 11656654 d:PlantMachinery 2022-12-01 2023-11-30 11656654 d:PlantMachinery 2023-11-30 11656654 d:PlantMachinery 2022-11-30 11656654 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11656654 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 11656654 d:MotorVehicles 2022-12-01 2023-11-30 11656654 d:MotorVehicles 2023-11-30 11656654 d:MotorVehicles 2022-11-30 11656654 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11656654 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 11656654 d:FurnitureFittings 2022-12-01 2023-11-30 11656654 d:FurnitureFittings 2023-11-30 11656654 d:FurnitureFittings 2022-11-30 11656654 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11656654 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 11656654 d:OfficeEquipment 2022-12-01 2023-11-30 11656654 d:OfficeEquipment 2023-11-30 11656654 d:OfficeEquipment 2022-11-30 11656654 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11656654 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 11656654 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 11656654 d:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 11656654 d:ComputerSoftware 2023-11-30 11656654 d:ComputerSoftware 2022-11-30 11656654 d:CurrentFinancialInstruments 2023-11-30 11656654 d:CurrentFinancialInstruments 2022-11-30 11656654 d:Non-currentFinancialInstruments 2023-11-30 11656654 d:Non-currentFinancialInstruments 2022-11-30 11656654 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 11656654 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 11656654 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 11656654 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 11656654 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-11-30 11656654 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 11656654 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-11-30 11656654 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-11-30 11656654 d:ShareCapital 2023-11-30 11656654 d:ShareCapital 2022-11-30 11656654 d:RetainedEarningsAccumulatedLosses 2023-11-30 11656654 d:RetainedEarningsAccumulatedLosses 2022-11-30 11656654 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 11656654 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 11656654 c:FRS102 2022-12-01 2023-11-30 11656654 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 11656654 c:FullAccounts 2022-12-01 2023-11-30 11656654 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11656654 d:HirePurchaseContracts d:WithinOneYear 2023-11-30 11656654 d:HirePurchaseContracts d:WithinOneYear 2022-11-30 11656654 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-11-30 11656654 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-11-30 11656654 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-12-01 2023-11-30 11656654 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-11-30 11656654 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-11-30 11656654 d:LeasedAssetsHeldAsLessee 2023-11-30 11656654 d:LeasedAssetsHeldAsLessee 2022-11-30 11656654 d:ComputerSoftware d:OwnedIntangibleAssets 2022-12-01 2023-11-30 11656654 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 11656654










ACE RESIN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ACE RESIN LIMITED
REGISTERED NUMBER: 11656654

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,203
3,305

Tangible assets
 5 
99,518
107,505

  
104,721
110,810

Current assets
  

Stocks
 6 
76,445
40,322

Debtors: amounts falling due after more than one year
 7 
7,200
7,200

Debtors: amounts falling due within one year
 7 
145,970
245,131

Cash at bank and in hand
 8 
54,845
6,113

  
284,460
298,766

Creditors: amounts falling due within one year
 9 
(257,107)
(281,680)

Net current assets
  
 
 
27,353
 
 
17,086

Total assets less current liabilities
  
132,074
127,896

Creditors: amounts falling due after more than one year
 10 
(80,715)
(96,253)

Provisions for liabilities
  

Deferred tax
 13 
(6,884)
(7,537)

  
 
 
(6,884)
 
 
(7,537)

Net assets
  
44,475
24,106


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
43,475
23,106

  
44,475
24,106


Page 1

 
ACE RESIN LIMITED
REGISTERED NUMBER: 11656654

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 14 August 2024.




S Carter
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.Accounting policies

 
1.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.Accounting policies (continued)

 
1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.Accounting policies (continued)


1.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.Accounting policies (continued)

 
1.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

Ace Resin Limited is a private company incorporated in England and Wales. The registered office is Kingsridge House, 601 London Road, Westcliff on Sea, Essex SS0 9PE.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Intangible assets




Website Costs

£



Cost


At 1 December 2022
3,375


Additions
3,375



At 30 November 2023

6,750



Amortisation


At 1 December 2022
70


Charge for the year on owned assets
1,477



At 30 November 2023

1,547



Net book value



At 30 November 2023
5,203



At 30 November 2022
3,305



Page 7

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
14,766
116,789
1,350
7,999
140,904


Additions
6,087
13,000
552
2,963
22,602



At 30 November 2023

20,853
129,789
1,902
10,962
163,506



Depreciation


At 1 December 2022
4,585
25,254
267
3,293
33,399


Charge for the year on owned assets
3,332
8,267
363
1,844
13,806


Charge for the year on financed assets
-
16,783
-
-
16,783



At 30 November 2023

7,917
50,304
630
5,137
63,988



Net book value



At 30 November 2023
12,936
79,485
1,272
5,825
99,518



At 30 November 2022
10,181
91,535
1,083
4,706
107,505

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
50,350
75,781

50,350
75,781

Page 8

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
76,445
40,322

76,445
40,322



7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
7,200
7,200

7,200
7,200


2023
2022
£
£

Due within one year

Trade debtors
135,926
197,314

Other debtors
2,318
45,130

Prepayments and accrued income
7,726
2,687

145,970
245,131



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
54,845
6,113

54,845
6,113


Page 9

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,555
5,556

Trade creditors
106,480
229,199

Corporation tax
22,160
12,498

Other taxation and social security
11,835
6,501

Obligations under finance lease and hire purchase contracts
9,983
10,860

Other creditors
8,416
13,197

Accruals and deferred income
92,678
3,869

257,107
281,680


Secured loans
Creditors included £9,983 (2022 : £10,860) secured against specific fixed assets.


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
30,556
36,111

Net obligations under finance leases and hire purchase contracts
50,159
60,142

80,715
96,253


Secured loans
Creditors included £50,159 (2022 : £60,142) secured against specific fixed assets.

Page 10

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,555
5,556


5,555
5,556


Amounts falling due 2-5 years

Bank loans
22,222
22,222


22,222
22,222

Amounts falling due after more than 5 years

Bank loans
8,334
13,889

8,334
13,889

36,111
41,667



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
9,983
10,860

Between 1-5 years
50,159
60,142

60,142
71,002


13.


Deferred taxation




2023


£






At beginning of year
7,537


Charged to profit or loss
653



At end of year
6,884

Page 11

 
ACE RESIN LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
13.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
6,884
7,537

6,884
7,537


14.


Pension commitments

The company contributes to money purchase pension schemes for certain directors and employees. The schemes and their assets are held by independent managers. The pension charge represents contributions paid by the company which amounted to £3,508 (2022 : £2,166).


15.


Related party transactions

During the year, dividends amounting to £16,000 were paid to S Carter, a director of the company.
As at 30th November 2023 shareholders loans were as follows:
E Parkhurst £3,545
T Smith £2,952
D Jones £879


Page 12