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REGISTERED NUMBER: 03801683 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ACE DECOR LIMITED

ACE DECOR LIMITED (REGISTERED NUMBER: 03801683)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ACE DECOR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Stephen Smith
Sean Anthony Howard





SECRETARY: Julie Anne Masterson





REGISTERED OFFICE: Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH





REGISTERED NUMBER: 03801683 (England and Wales)





ACCOUNTANTS: Wallwork Nelson & Johnson
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

ACE DECOR LIMITED (REGISTERED NUMBER: 03801683)

BALANCE SHEET
31 DECEMBER 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 201,697 180,546

CURRENT ASSETS
Stocks 358,117 392,554
Debtors 5 769,809 765,184
Cash at bank and in hand 301,902 293,831
1,429,828 1,451,569
CREDITORS
Amounts falling due within one year 6 316,040 380,173
NET CURRENT ASSETS 1,113,788 1,071,396
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,315,485

1,251,942

CREDITORS
Amounts falling due after more than one
year

7

(35,155

)

(26,612

)

PROVISIONS FOR LIABILITIES (15,424 ) (7,703 )
NET ASSETS 1,264,906 1,217,627

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,264,806 1,217,527
SHAREHOLDERS' FUNDS 1,264,906 1,217,627

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 DECOR LIMITED (REGISTERED NUMBER: 03801683)

BALANCE SHEET - continued
31 DECEMBER 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 Board of Directors and authorised for issue on 14 May 2024 and were signed on its behalf by:




Sean Anthony Howard - Director



Stephen Smith - Director


ACE DECOR LIMITED (REGISTERED NUMBER: 03801683)

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

1. STATUTORY INFORMATION

Ace Decor 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

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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
Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter.

Freehold property - not provided
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Freehold property is maintained to ensure that its value does not diminish over time. The maintenance costs are charged to the profit and loss account as they are incurred. In the opinion of the directors, depreciation would be immaterial and, therefore, freehold property is not depreciated.

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

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.


ACE DECOR LIMITED (REGISTERED NUMBER: 03801683)

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

2. ACCOUNTING POLICIES - continued
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.

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 directors believe that the company has sufficient trade and financial resources to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the annual financial statements has been adopted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings Motor Computer
property & equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 140,000 76,528 41,240 67,172 324,940
Additions - - 39,090 - 39,090
Disposals - - (18,590 ) - (18,590 )
At 31 December 2023 140,000 76,528 61,740 67,172 345,440
DEPRECIATION
At 1 January 2023 - 52,864 30,986 60,544 144,394
Charge for year - 3,551 9,486 1,662 14,699
Eliminated on disposal - - (15,350 ) - (15,350 )
At 31 December 2023 - 56,415 25,122 62,206 143,743
NET BOOK VALUE
At 31 December 2023 140,000 20,113 36,618 4,966 201,697
At 31 December 2022 140,000 23,664 10,254 6,628 180,546

ACE DECOR LIMITED (REGISTERED NUMBER: 03801683)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 143,970 151,232
Amounts owed by group undertakings 582,153 573,488
Other debtors 600 -
Prepayments 43,086 40,464
769,809 765,184

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 10,098 9,849
Hire purchase contracts (see note 8) 8,285 -
Trade creditors 154,486 218,338
Tax 55,758 52,096
Social security and other taxes 62,300 73,204
Factoring account (6,631 ) (6,012 )
Accrued expenses 31,744 32,698
316,040 380,173

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Bank loans - 1-2 years 10,354 10,098
Bank loans - 2-5 years 6,160 16,514
Hire purchase contracts (see note 8) 18,641 -
35,155 26,612

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 8,285 -
Between one and five years 18,641 -
26,926 -

ACE DECOR LIMITED (REGISTERED NUMBER: 03801683)

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

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 58,000 58,000
Between one and five years 232,000 232,000
In more than five years 159,500 217,500
449,500 507,500

9. SECURED DEBTS

Legal charges in favour of Natwest Bank and RBS Invoice Finance Limited have been registered at Companies House secured against the company's assets and freehold property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
10,000 Ordinary £0.01 100 100

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Sean Howard and Stephen & Linda Smith by virtue of their shareholding in the parent company, Howard & Smith Limited.