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REGISTERED NUMBER: 10623869 (England and Wales)









Unaudited Financial Statements

for the Year Ended 29th February 2024

for

Ace Drainage & Water Solutions Ltd

Ace Drainage & Water Solutions Ltd (Registered number: 10623869)






Contents of the Financial Statements
for the year ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ace Drainage & Water Solutions Ltd

Company Information
for the year ended 29th February 2024







DIRECTORS: Mr M Akintaro
Mr E Reeves





REGISTERED OFFICE: Unit 3 Harvey Adam Centre
19 Wimbledon Avenue
Brandon
Suffolk
IP27 0NZ





REGISTERED NUMBER: 10623869 (England and Wales)





ACCOUNTANTS: TWR Accountants
The Old Registrars
57a High Street
Brandon
Suffolk
IP27 0AU

Ace Drainage & Water Solutions Ltd (Registered number: 10623869)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 90,155 16,774

CURRENT ASSETS
Debtors 5 271,041 242,344
Cash at bank 29,974 39,201
301,015 281,545
CREDITORS
Amounts falling due within one year 6 232,113 182,103
NET CURRENT ASSETS 68,902 99,442
TOTAL ASSETS LESS CURRENT LIABILITIES 159,057 116,216

CREDITORS
Amounts falling due after more than one
year

7

(87,964

)

(23,501

)

PROVISIONS FOR LIABILITIES (17,129 ) (3,187 )
NET ASSETS 53,964 89,528

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 53,864 89,428
53,964 89,528

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 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.

Ace Drainage & Water Solutions Ltd (Registered number: 10623869)

Balance Sheet - continued
29th February 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 9th September 2024 and were signed on its behalf by:





Mr M Akintaro - Director


Ace Drainage & Water Solutions Ltd (Registered number: 10623869)

Notes to the Financial Statements
for the year ended 29th February 2024

1. STATUTORY INFORMATION

Ace Drainage & Water Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Ace Drainage & Water Solutions Ltd (Registered number: 10623869)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st March 2023 19,904 7,000 26,904
Additions 2,573 107,111 109,684
Disposals - (8,132 ) (8,132 )
At 29th February 2024 22,477 105,979 128,456
DEPRECIATION
At 1st March 2023 8,380 1,750 10,130
Charge for year 2,114 26,057 28,171
At 29th February 2024 10,494 27,807 38,301
NET BOOK VALUE
At 29th February 2024 11,983 78,172 90,155
At 28th February 2023 11,524 5,250 16,774

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 98,979
At 29th February 2024 98,979
DEPRECIATION
Charge for year 24,744
At 29th February 2024 24,744
NET BOOK VALUE
At 29th February 2024 74,235

Ace Drainage & Water Solutions Ltd (Registered number: 10623869)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 231,778 222,894
Other debtors 39 39
Tax 38,239 19,411
Prepayments 985 -
271,041 242,344

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,800 9,700
Hire purchase contracts 13,972 -
Trade creditors 47,986 41,789
Tax 90,893 73,383
Social security and other taxes 8,276 5,916
VAT 45,433 38,892
Other creditors 2,495 658
Directors' loan accounts 11,333 10,145
Accrued expenses 1,925 1,620
232,113 182,103

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans more 5 yr by instal 13,479 23,501
Hire purchase contracts 74,485 -
87,964 23,501

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,479 23,501

8. RESERVES
Retained
earnings
£   

At 1st March 2023 89,428
Profit for the year 238,436
Dividends (274,000 )
At 29th February 2024 53,864

Ace Drainage & Water Solutions Ltd (Registered number: 10623869)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

9. ULTIMATE CONTROLLING PARTY

The company was under the control of its directors collectively throughout the current and previous year.