IRIS Accounts Production v24.2.0.383 13751994 director 1.12.22 30.11.23 30.11.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh137519942022-11-30137519942023-11-30137519942022-12-012023-11-30137519942021-11-17137519942021-11-182022-11-30137519942022-11-3013751994ns15:EnglandWales2022-12-012023-11-3013751994ns14:PoundSterling2022-12-012023-11-3013751994ns10:Director12022-12-012023-11-3013751994ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3013751994ns10:SmallEntities2022-12-012023-11-3013751994ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-3013751994ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3013751994ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3013751994ns10:FullAccounts2022-12-012023-11-301375199412022-12-012023-11-3013751994ns10:OrdinaryShareClass12022-12-012023-11-3013751994ns5:CurrentFinancialInstruments2023-11-3013751994ns5:CurrentFinancialInstruments2022-11-3013751994ns5:ShareCapital2023-11-3013751994ns5:ShareCapital2022-11-3013751994ns5:RetainedEarningsAccumulatedLosses2023-11-3013751994ns5:RetainedEarningsAccumulatedLosses2022-11-3013751994ns10:RegisteredOffice2022-12-012023-11-3013751994ns5:NetGoodwill2022-12-012023-11-3013751994ns5:IntangibleAssetsOtherThanGoodwill2022-12-012023-11-3013751994ns5:PlantMachinery2022-12-012023-11-3013751994ns5:ComputerEquipment2022-12-012023-11-3013751994ns5:NetGoodwill2022-11-3013751994ns5:NetGoodwill2023-11-3013751994ns5:NetGoodwill2022-11-3013751994ns5:PlantMachinery2022-11-3013751994ns5:ComputerEquipment2022-11-3013751994ns5:PlantMachinery2023-11-3013751994ns5:ComputerEquipment2023-11-3013751994ns5:PlantMachinery2022-11-3013751994ns5:ComputerEquipment2022-11-3013751994ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3013751994ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3013751994ns5:AcceleratedTaxDepreciationDeferredTax2022-11-3013751994ns5:DeferredTaxation2022-11-3013751994ns5:DeferredTaxation2023-11-3013751994ns10:OrdinaryShareClass12023-11-30
REGISTERED NUMBER: 13751994 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

AMERICAN ACE LIMITED

AMERICAN ACE LIMITED (REGISTERED NUMBER: 13751994)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


AMERICAN ACE LIMITED (REGISTERED NUMBER: 13751994)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 37,200 41,850
Tangible assets 5 26,539 31,558
63,739 73,408

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 6 96,575 17,460
Cash at bank 702 3,381
99,277 22,841
CREDITORS
Amounts falling due within one year 7 253,767 123,613
NET CURRENT LIABILITIES (154,490 ) (100,772 )
TOTAL ASSETS LESS CURRENT LIABILITIES (90,751 ) (27,364 )

PROVISIONS FOR LIABILITIES 8 - 5,996
NET LIABILITIES (90,751 ) (33,360 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (90,851 ) (33,460 )
SHAREHOLDERS' FUNDS (90,751 ) (33,360 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

AMERICAN ACE LIMITED (REGISTERED NUMBER: 13751994)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 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


AMERICAN ACE LIMITED (REGISTERED NUMBER: 13751994)

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


1. STATUTORY INFORMATION

American Ace 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: 13751994

Registered office: 4 Office Village
Forder Way
Cygnet Park
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 there 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 2022, 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.

AMERICAN ACE LIMITED (REGISTERED NUMBER: 13751994)

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


2. ACCOUNTING POLICIES - continued

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.
Plant and machinery - 25% on reducing balance
Computer equipment - 33% 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.

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.

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.

AMERICAN ACE LIMITED (REGISTERED NUMBER: 13751994)

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


2. ACCOUNTING POLICIES - continued

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 46,500
AMORTISATION
At 1 December 2022 4,650
Amortisation for year 4,650
At 30 November 2023 9,300
NET BOOK VALUE
At 30 November 2023 37,200
At 30 November 2022 41,850

AMERICAN ACE LIMITED (REGISTERED NUMBER: 13751994)

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


5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 December 2022 40,000 2,326 42,326
Additions 3,539 - 3,539
At 30 November 2023 43,539 2,326 45,865
DEPRECIATION
At 1 December 2022 10,000 768 10,768
Charge for year 8,044 514 8,558
At 30 November 2023 18,044 1,282 19,326
NET BOOK VALUE
At 30 November 2023 25,495 1,044 26,539
At 30 November 2022 30,000 1,558 31,558

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 78,829 14,377
Other debtors 17,746 3,083
96,575 17,460

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,879 -
Trade creditors 45,842 6,457
Amounts owed to group undertakings 12,741 2,051
Taxation and social security 5,206 3,522
Other creditors 188,099 111,583
253,767 123,613

8. PROVISIONS FOR LIABILITIES
2022
£   
Deferred tax
Accelerated capital allowances 5,996

Deferred
tax
£   
Balance at 1 December 2022 5,996
Accelerated capital allowances 639
Tax losses (20,166 )
Balance at 30 November 2023 (13,531 )

AMERICAN ACE LIMITED (REGISTERED NUMBER: 13751994)

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


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100

10. RELATED PARTY DISCLOSURES

At year end, the following balances were due from/(to) related parties:
2023 (£ ) 2022 (£ )
Inter-company loans 66,088 12,326
Director (186,765 ) (110,183 )

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

11. ULTIMATE CONTROLLING PARTY

The controlling party is Ace Coffee and Bagel Limited..