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COMPANY REGISTRATION NUMBER: 11346382
Ace Resin Flooring Limited
Filleted Unaudited Financial Statements
30 April 2024
Ace Resin Flooring Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
25,568
32,511
Current assets
Debtors
6
2,619
3,438
Cash at bank and in hand
9,354
7,506
--------
--------
11,973
10,944
Creditors: amounts falling due within one year
7
39,408
39,395
--------
--------
Net current liabilities
27,435
28,451
--------
--------
Total assets less current liabilities
( 1,867)
4,060
Creditors: amounts falling due after more than one year
8
9,532
17,333
--------
--------
Net liabilities
( 11,399)
( 13,273)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 11,499)
( 13,373)
--------
--------
Shareholders deficit
( 11,399)
( 13,273)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ace Resin Flooring Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr A J Clements
Director
Company registration number: 11346382
Ace Resin Flooring Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Deferred taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
48,990
16,823
65,813
--------
--------
--------
Depreciation
At 1 May 2023
28,322
4,980
33,302
Charge for the year
5,167
1,776
6,943
--------
--------
--------
At 30 April 2024
33,489
6,756
40,245
--------
--------
--------
Carrying amount
At 30 April 2024
15,501
10,067
25,568
--------
--------
--------
At 30 April 2023
20,668
11,843
32,511
--------
--------
--------
6. Debtors
2024
2023
£
£
Other debtors
2,619
3,438
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8,000
8,000
Trade creditors
672
1,825
Corporation tax
24,401
23,264
Social security and other taxes
4,781
4,822
Other creditors
1,554
1,484
--------
--------
39,408
39,395
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,532
17,333
-------
--------