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Company registration number: 06460227







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


ACF TECHNOLOGIES (UK) LIMITED






































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ACF TECHNOLOGIES (UK) LIMITED
 



CONTENTS



Page
Company Information
1
Statement of Financial Position
2
Notes to the Financial Statements
3 - 7

 


ACF TECHNOLOGIES (UK) LIMITED
 


 
COMPANY INFORMATION


Directors
S Ronald 
H Jones 
L Leach 
A Hart 
J Mora 
J Opalka 




Company secretary
S Ronald



Registered number
06460227



Registered office
Suite A 1st Floor Midas House
62 Goldsworth Road

Woking

Surrey

GU21 6LQ




Auditor
Menzies LLP
Chartered Accountants

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ




Page 1

 


ACF TECHNOLOGIES (UK) LIMITED
REGISTERED NUMBER:06460227



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
7,269
10,558

  
7,269
10,558

Current assets
  

Stocks
  
-
170

Debtors: amounts falling due within one year
 5 
956,305
1,262,551

Cash at bank and in hand
  
497,239
859,926

  
1,453,544
2,122,647

Creditors: amounts falling due within one year
 6 
(897,351)
(1,246,561)

Net current assets
  
 
 
556,193
 
 
876,086

Total assets less current liabilities
  
563,462
886,644

  

Net assets
  
563,462
886,644


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
562,462
885,644

  
563,462
886,644


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 by: 




................................................
A Hart
Director

Date: 23 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


ACF TECHNOLOGIES (UK) LIMITED
 


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

1.


General information

ACF Technologies (UK) Limited is a private limited company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is shown on the Company Information page. There is no principal place of business.

2.Accounting policies

  
2.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

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:

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 revenue stream and period of time to which it relates. The Company has multiple revenue streams, of which some are on a subscription basis for a set period of time, and some are perpetual or relate to one-off sales, which affects the period in which the revenue is recognised.

 
2.3

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment
-
25%
Straight line

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.

 
2.4

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 reporting 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.

Page 3

 


ACF TECHNOLOGIES (UK) LIMITED
 


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

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.7

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.

 
2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


ACF TECHNOLOGIES (UK) LIMITED
 


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

2.Accounting policies (continued)

 
2.9

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 reporting 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 reporting 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 reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 27).

Page 5

 


ACF TECHNOLOGIES (UK) LIMITED
 


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

4.


Tangible assets





Equipment

£



Cost or valuation


At 1 January 2023
60,534


Additions
3,665



At 31 December 2023

64,199



Depreciation


At 1 January 2023
49,976


Charge for the year on owned assets
6,954



At 31 December 2023

56,930



Net book value



At 31 December 2023
7,269



At 31 December 2022
10,558
Page 6

 


ACF TECHNOLOGIES (UK) LIMITED
 


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

5.


Debtors

2023
2022
£
£


Trade debtors
764,502
1,023,294

Prepayments and accrued income
186,265
235,185

Deferred taxation
5,538
4,072

956,305
1,262,551



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
100,244
224,283

Amounts owed to group undertakings
-
762

Corporation tax
39,635
557,738

Other taxation and social security
263,000
236,639

Other creditors
7,119
8,529

Accruals and deferred income
487,353
218,610

897,351
1,246,561



7.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 August 2024 by Tom Woods FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7