IRIS Accounts Production v24.2.0.383 12366226 director 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary A Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh123662262022-12-31123662262023-12-31123662262023-01-012023-12-31123662262021-12-31123662262022-01-012022-12-31123662262022-12-3112366226ns15:EnglandWales2023-01-012023-12-3112366226ns14:PoundSterling2023-01-012023-12-3112366226ns10:Director12023-01-012023-12-3112366226ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3112366226ns10:SmallEntities2023-01-012023-12-3112366226ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3112366226ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3112366226ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112366226ns10:FullAccounts2023-01-012023-12-311236622612023-01-012023-12-3112366226ns10:OrdinaryShareClass12023-01-012023-12-3112366226ns5:CurrentFinancialInstruments2023-12-3112366226ns5:CurrentFinancialInstruments2022-12-3112366226ns5:ShareCapital2023-12-3112366226ns5:ShareCapital2022-12-3112366226ns5:RetainedEarningsAccumulatedLosses2023-12-3112366226ns5:RetainedEarningsAccumulatedLosses2022-12-3112366226ns10:RegisteredOffice2023-01-012023-12-3112366226ns5:NetGoodwill2023-01-012023-12-3112366226ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112366226ns5:FurnitureFittings2023-01-012023-12-3112366226ns5:NetGoodwill2022-12-3112366226ns5:NetGoodwill2023-12-3112366226ns5:NetGoodwill2022-12-3112366226ns5:FurnitureFittings2022-12-3112366226ns5:FurnitureFittings2023-12-3112366226ns5:FurnitureFittings2022-12-3112366226ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112366226ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112366226ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3112366226ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3112366226ns5:DeferredTaxation2023-12-3112366226ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 12366226 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ACE COFFEE AND CREAMS LIMITED

ACE COFFEE AND CREAMS LIMITED (REGISTERED NUMBER: 12366226)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


ACE COFFEE AND CREAMS LIMITED (REGISTERED NUMBER: 12366226)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 600 700
Tangible assets 5 27,645 32,523
28,245 33,223

CURRENT ASSETS
Stocks 6 2,000 2,000
Debtors 7 47,979 38,196
Cash at bank and in hand 1,029 1,040
51,008 41,236
CREDITORS
Amounts falling due within one year 8 278,541 193,016
NET CURRENT LIABILITIES (227,533 ) (151,780 )
TOTAL ASSETS LESS CURRENT LIABILITIES (199,288 ) (118,557 )

PROVISIONS FOR LIABILITIES 9 1,561 -
NET LIABILITIES (200,849 ) (118,557 )

CAPITAL AND RESERVES
Called up share capital 10 90 90
Retained earnings (200,939 ) (118,647 )
SHAREHOLDERS' FUNDS (200,849 ) (118,557 )

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 director acknowledges his 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 COFFEE AND CREAMS LIMITED (REGISTERED NUMBER: 12366226)

STATEMENT OF FINANCIAL POSITION - 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 director and authorised for issue on 30 August 2024 and were signed by:





A R Bennett - Director


ACE COFFEE AND CREAMS LIMITED (REGISTERED NUMBER: 12366226)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Ace Coffee and Creams Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12366226

Registered office: 4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

ACE COFFEE AND CREAMS LIMITED (REGISTERED NUMBER: 12366226)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operation existence for the foreseeable future. The validity of this assumption depends upon an improvement in the company's trading position and continued financial support from its owner.

Debtors
Short term debtors are initially measured at transaction price less attributable costs. 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.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. 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.

ACE COFFEE AND CREAMS LIMITED (REGISTERED NUMBER: 12366226)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,000
AMORTISATION
At 1 January 2023 300
Amortisation for year 100
At 31 December 2023 400
NET BOOK VALUE
At 31 December 2023 600
At 31 December 2022 700

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 51,135
DEPRECIATION
At 1 January 2023 18,612
Charge for year 4,878
At 31 December 2023 23,490
NET BOOK VALUE
At 31 December 2023 27,645
At 31 December 2022 32,523

6. STOCKS
2023 2022
£    £   
Stocks 2,000 2,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,044 1,895
Amounts owed by group undertakings 43,356 33,701
Other debtors 3,579 2,600
47,979 38,196

ACE COFFEE AND CREAMS LIMITED (REGISTERED NUMBER: 12366226)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 8,306 4,026
Amounts owed to group undertakings 172,409 99,374
Taxation and social security (56 ) 2,084
Other creditors 97,882 87,532
278,541 193,016

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 1,561 -

Deferred
tax
£   
Accelerated capital allowances 1,561
Balance at 31 December 2023 1,561

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
90 Ordinary A Shares £1.00 90 90

11. RELATED PARTY DISCLOSURES

At year end, the balances due from/(to) related parties are represented as below:
2023 2022
Inter-company loans (129,053 ) (65,673 )
Director (95,091 ) (73,284 )

The loans above are unsecured, interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Ace Coffee and Bagel Limited.