IRIS Accounts Production v24.2.0.383 11441395 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh114413952023-03-31114413952024-03-31114413952023-04-012024-03-31114413952022-03-31114413952022-04-012023-03-31114413952023-03-3111441395ns15:EnglandWales2023-04-012024-03-3111441395ns14:PoundSterling2023-04-012024-03-3111441395ns10:Director12023-04-012024-03-3111441395ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3111441395ns10:SmallEntities2023-04-012024-03-3111441395ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3111441395ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3111441395ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111441395ns10:FullAccounts2023-04-012024-03-3111441395ns10:Director22023-04-012024-03-3111441395ns10:RegisteredOffice2023-04-012024-03-3111441395ns5:CurrentFinancialInstruments2024-03-3111441395ns5:CurrentFinancialInstruments2023-03-3111441395ns5:Non-currentFinancialInstruments2024-03-3111441395ns5:Non-currentFinancialInstruments2023-03-3111441395ns5:ShareCapital2024-03-3111441395ns5:ShareCapital2023-03-3111441395ns5:RetainedEarningsAccumulatedLosses2024-03-3111441395ns5:RetainedEarningsAccumulatedLosses2023-03-3111441395ns5:PlantMachinery2023-03-3111441395ns5:PlantMachinery2023-04-012024-03-3111441395ns5:PlantMachinery2024-03-3111441395ns5:PlantMachinery2023-03-3111441395ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3111441395ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31
REGISTERED NUMBER: 11441395 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 March 2024

for

AC Composites Limited

AC Composites Limited (Registered number: 11441395)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AC Composites Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Ms A S Baker
Mr A J Carroll





REGISTERED OFFICE: Unit 7
Green Farm Industrial Estate
Abbots Ripton
Huntingdon
Cambridgeshire
PE28 2PF





REGISTERED NUMBER: 11441395 (England and Wales)





ACCOUNTANTS: George Hay Partnership LLP
Chartered Accountants
St George's House
George Street
Huntingdon
Cambridgeshire
PE29 3GH

AC Composites Limited (Registered number: 11441395)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 91,632 107,947

CURRENT ASSETS
Stocks 12,000 12,000
Debtors 4 402,775 179,520
Cash at bank 132,445 133,635
547,220 325,155
CREDITORS
Amounts falling due within one year 5 227,726 159,162
NET CURRENT ASSETS 319,494 165,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

411,126

273,940

CREDITORS
Amounts falling due after more than one
year

6

16,763

30,058
NET ASSETS 394,363 243,882

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 394,263 243,782
394,363 243,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

AC Composites Limited (Registered number: 11441395)

Balance Sheet - continued
31 March 2024


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 11 July 2024 and were signed on its behalf by:





Ms A S Baker - Director


AC Composites Limited (Registered number: 11441395)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. 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.

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

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

AC Composites Limited (Registered number: 11441395)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 161,785
Additions 12,911
At 31 March 2024 174,696
DEPRECIATION
At 1 April 2023 53,838
Charge for year 29,226
At 31 March 2024 83,064
NET BOOK VALUE
At 31 March 2024 91,632
At 31 March 2023 107,947

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 379,475 100,237
Other debtors 23,300 79,283
402,775 179,520

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 3,295 13,080
Trade creditors 31,456 5,771
Taxation and social security 176,125 98,838
Other creditors 6,850 31,473
227,726 159,162

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 16,763 26,763
Hire purchase contracts - 3,295
16,763 30,058