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Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Ace Fabricators Limited

Ace Fabricators Limited (Registered number: 05047750)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ace Fabricators Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M S Reed
L Williams





SECRETARY: Mrs C K Reed





REGISTERED OFFICE: Bleak House
146 High Street
Billericay
Essex
CM12 9DF





REGISTERED NUMBER: 05047750 (England and Wales)





ACCOUNTANTS: Michael Letch & Partners LLP
Accountants
146 High Street
Billericay
Essex
CM12 9DF

Ace Fabricators Limited (Registered number: 05047750)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,545 39,134

CURRENT ASSETS
Stocks 7,320 27,570
Debtors 5 325,829 327,129
Cash at bank and in hand 211,562 30,370
544,711 385,069
CREDITORS
Amounts falling due within one year 6 429,255 284,038
NET CURRENT ASSETS 115,456 101,031
TOTAL ASSETS LESS CURRENT
LIABILITIES

146,001

140,165

CREDITORS
Amounts falling due after more than one
year

7

10,623

18,635
NET ASSETS 135,378 121,530

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 135,278 121,430
SHAREHOLDERS' FUNDS 135,378 121,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Fabricators Limited (Registered number: 05047750)

Balance Sheet - continued
31 March 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 13 September 2024 and were signed on its behalf by:





M S Reed - Director


Ace Fabricators Limited (Registered number: 05047750)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Ace Fabricators Limited 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

Going concern
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.

After making enquires, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they adopt the going concern basis in preparing the financial statements.

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.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 14 ) .

Ace Fabricators Limited (Registered number: 05047750)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 77,272 44,395 5,566 127,233
Additions 2,420 - 416 2,836
At 31 March 2024 79,692 44,395 5,982 130,069
DEPRECIATION
At 1 April 2023 66,664 17,344 4,091 88,099
Charge for year 3,257 6,763 1,405 11,425
At 31 March 2024 69,921 24,107 5,496 99,524
NET BOOK VALUE
At 31 March 2024 9,771 20,288 486 30,545
At 31 March 2023 10,608 27,051 1,475 39,134

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 309,894 296,488
Directors' current accounts - 14,008
Prepayments 15,935 16,633
325,829 327,129

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,012 8,012
Trade creditors 164,880 198,785
Tax 35,420 3,967
Social security and other taxes 91,787 65,958
Other creditors 2,382 4,666
Directors' current accounts 123,824 -
Accrued expenses 2,950 2,650
429,255 284,038

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 8,012 8,012
Bank loans - 2-5 years 2,611 10,623
10,623 18,635