Company Registration No. 14678581 (England and Wales)
Ace Adaptations Ltd
Unaudited accounts
for the period from 21 February 2023 to 29 February 2024
Ace Adaptations Ltd
Unaudited accounts
Contents
Ace Adaptations Ltd
Company Information
for the period from 21 February 2023 to 29 February 2024
Company Number
14678581 (England and Wales)
Registered Office
Unit 9
Gratton Place
Skelmersdale
Lancashire
WN8 9UE
England
Ace Adaptations Ltd
Statement of financial position
as at 29 February 2024
Cash at bank and in hand
3,275
Creditors: amounts falling due within one year
(366,858)
Net current liabilities
(330,582)
Profit and loss account
23,581
Shareholders' funds
23,582
For the period ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 September 2024 and were signed on its behalf by
Andrew Wood
Director
Company Registration No. 14678581
Ace Adaptations Ltd
Notes to the Accounts
for the period from 21 February 2023 to 29 February 2024
Ace Adaptations Ltd is a private company, limited by shares, registered in England and Wales, registration number 14678581. The registered office is Unit 9, Gratton Place, Skelmersdale, Lancashire, WN8 9UE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Ace Adaptations Ltd
Notes to the Accounts
for the period from 21 February 2023 to 29 February 2024
4
Intangible fixed assets
Other
At 29 February 2024
236,721
At 29 February 2024
236,721
The company holds cryptocurrencies classified as indefinite useful life intangible assets under IAS 38 Intangible Assets.
Cryptocurrencies are initially measured at cost. After initial recognition, they are measured at cost less any accumulated impairment losses. The company does not amortise cryptocurrencies as they are considered to have indefinite useful lives.
The carrying amount of cryptocurrencies held as of 29th February 2024 was £236,721.
5
Investments
Other investments
Valuation at 21 February 2023
-
Valuation at 29 February 2024
117,443
The company’s investments at the Balance Sheet date in the share capital of companies include the following:
Adaptation Supplies Ltd:
Nature of business: Plumbing Supplies
Class of shares: Ordinary
Holding: 90%
The total carrying value of investments in the share capital of other companies at the 29th February 2024 was £117,443.
Amounts falling due within one year
Amounts due from group undertakings etc.
8,000
7
Creditors: amounts falling due within one year
2024
Amounts owed to group undertakings and other participating interests
366,858
Ace Adaptations Ltd
Notes to the Accounts
for the period from 21 February 2023 to 29 February 2024
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
Shares issued during the period:
1 Ordinary shares of £1 each
1
9
Transactions with related parties
During the year the company made advances to a director amounting to £25,001. This was interest free and repayable on demand. At the year end the balance was £25,001. The loan was repaid within 9 months of the year end.
During the year Ace Adaptations Ltd had intercompany transactions with UPS Investments Ltd, the balance owing to UPS Investments Ltd at the year end is £366,858, no interest is payable on this loan. Andrew Wood director is also a director and shareholder of UPS Investments Ltd.
During the year Ace Adaptation Ltd had intercompany transactions with Adaptations Supplies Ltd, the balance owing to Ace Adaptation Supplies Ltd at the year end is £8,000 no interest is payable on this loan. Adaptation Supplies Ltd is owned by Ace Adaptations Ltd. Andrew Wood director is a director and shareholder of Adaptation Supplies Ltd.
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Average number of employees
During the period the average number of employees was 0.