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REGISTERED NUMBER: 12230344 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

ACE CREAMS LIMITED

ACE CREAMS LIMITED (REGISTERED NUMBER: 12230344)

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










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


ACE CREAMS LIMITED (REGISTERED NUMBER: 12230344)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,708 -
Tangible assets 5 135,508 206,375
137,216 206,375

CURRENT ASSETS
Stocks 5,183 5,183
Debtors 6 105,294 99,982
Cash at bank and in hand 10,465 4,926
120,942 110,091
CREDITORS
Amounts falling due within one year 7 769,769 617,789
NET CURRENT LIABILITIES (648,827 ) (507,698 )
TOTAL ASSETS LESS CURRENT LIABILITIES (511,611 ) (301,323 )

CREDITORS
Amounts falling due after more than one
year

8

(24,709

)

(34,481

)

PROVISIONS FOR LIABILITIES 10 (31,633 ) (36,599 )
NET LIABILITIES (567,953 ) (372,403 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings (568,053 ) (372,503 )
SHAREHOLDERS' FUNDS (567,953 ) (372,403 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 CREAMS LIMITED (REGISTERED NUMBER: 12230344)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 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 CREAMS LIMITED (REGISTERED NUMBER: 12230344)

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


1. STATUTORY INFORMATION

ACE 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: 12230344

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.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

ACE CREAMS LIMITED (REGISTERED NUMBER: 12230344)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 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.
Leasehold improvements - 17% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost
Computer equipment - 15% on cost

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.

ACE CREAMS LIMITED (REGISTERED NUMBER: 12230344)

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


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
Additions 1,782
At 30 September 2023 1,782
AMORTISATION
Amortisation for year 74
At 30 September 2023 74
NET BOOK VALUE
At 30 September 2023 1,708

ACE CREAMS LIMITED (REGISTERED NUMBER: 12230344)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 October 2022 29,446 262,658 688
Additions - 1,525 -
Reclassification/transfer - (20,089 ) -
At 30 September 2023 29,446 244,094 688
DEPRECIATION
At 1 October 2022 15,017 86,218 269
Charge for year 5,006 33,561 103
At 30 September 2023 20,023 119,779 372
NET BOOK VALUE
At 30 September 2023 9,423 124,315 316
At 30 September 2022 14,429 176,440 419

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2022 20,558 903 314,253
Additions - 194 1,719
Reclassification/transfer (15,918 ) - (36,007 )
At 30 September 2023 4,640 1,097 279,965
DEPRECIATION
At 1 October 2022 5,968 406 107,878
Charge for year (2,256 ) 165 36,579
At 30 September 2023 3,712 571 144,457
NET BOOK VALUE
At 30 September 2023 928 526 135,508
At 30 September 2022 14,590 497 206,375

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,717
Amounts owed by group undertakings 104,901 96,768
Other debtors 393 1,497
105,294 99,982

ACE CREAMS LIMITED (REGISTERED NUMBER: 12230344)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,771 9,103
Trade creditors 65,509 135,441
Amounts owed to group undertakings 254,818 152,010
Taxation and social security 9,542 5,936
Other creditors 430,129 315,299
769,769 617,789

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 24,709 34,481

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 52,000 52,000
Between one and five years 82,333 134,333
134,333 186,333

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 31,633 36,599

Deferred
tax
£   
Balance at 1 October 2022 36,599
Accelerated capital allowances (4,966 )
Balance at 30 September 2023 31,633

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
95 Ordinary A share capital £1.00 95 95
5 Ordinary B share capital £1.00 5 5
100 100

ACE CREAMS LIMITED (REGISTERED NUMBER: 12230344)

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


12. RELATED PARTY DISCLOSURES

At year end, the following amounts owed by/(to) related parties were:
2023 (£ ) 2022 (£ )
Inter-company loans (149,917 ) (55,242 )
Director (426,388 ) (218,755 )

The amounts owed are unsecured, interest free and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Ace Coffee and Bagel Limited..