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Registration number: 03311602

Ace Partitions and Ceilings Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Ace Partitions and Ceilings Limited

(Registration number: 03311602)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

661,057

317,591

Current assets

 

Stocks

188,833

80,120

Debtors

4

1,569,009

1,464,718

Cash at bank and in hand

 

64,684

255,876

 

1,822,526

1,800,714

Creditors: Amounts falling due within one year

5

(1,046,918)

(840,472)

Net current assets

 

775,608

960,242

Total assets less current liabilities

 

1,436,665

1,277,833

Creditors: Amounts falling due after more than one year

5

(26,225)

(26,966)

Provisions for liabilities

(54,866)

(38,674)

Net assets

 

1,355,574

1,212,193

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,355,474

1,212,093

Shareholders' funds

 

1,355,574

1,212,193

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Ace Partitions and Ceilings Limited

(Registration number: 03311602)

Balance Sheet as at 31 December 2023

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................

Mr A J Parkin
Director

 

Ace Partitions and Ceilings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Ace Partitions and Ceilings Limited is a private company, limited by shares, domiciled in England and Wales, company number 03311602. The registered office is at The Old Grammar School, 13 Moorgate Road, Rotherham, S60 2EN, England.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Turnover

Turnover represents net invoiced sales of services, excluding valued added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to monthly contract valuations.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probably will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in statement of income and retained earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Ace Partitions and Ceilings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Office equipment

33% straight line

Fixtures and fittings

15% on cost

Motor vehicles

25% 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of income and retained earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ace Partitions and Ceilings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2022 - 49).

3

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

-

159,512

34,663

637,044

831,219

Additions

383,707

13,759

2,395

54,453

454,314

Disposals

-

(12,125)

-

(52,711)

(64,836)

At 31 December 2023

383,707

161,146

37,058

638,786

1,220,697

Depreciation

At 1 January 2023

-

103,214

31,922

378,492

513,628

Charge for the year

-

9,387

1,873

73,625

84,885

Eliminated on disposal

-

(4,679)

-

(34,194)

(38,873)

At 31 December 2023

-

107,922

33,795

417,923

559,640

Carrying amount

At 31 December 2023

383,707

53,224

3,263

220,863

661,057

At 31 December 2022

-

56,299

2,742

258,550

317,591

Included within the net book value of land and buildings above is £383,707 (2022 - £Nil) in respect of freehold land and buildings.
 

4

Debtors

2023
£

2022
£

Trade debtors

1,245,420

1,153,117

Amounts owed by parent undertakings

179,667

179,667

Prepayments

9,973

-

Other debtors

133,949

131,934

1,569,009

1,464,718

 

Ace Partitions and Ceilings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

181,778

158,129

Trade creditors

593,944

377,373

PAYE and NIC creditor

81,152

110,202

Corporation tax control

71,280

52,636

Accruals and deferred income

62,662

45,715

Other creditors

56,102

96,417

1,046,918

840,472

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

26,225

26,966

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £208,003 (2022 - £185,095).

The bank holds security by way of a fixed and floating charge over all assets of the company and an unlimited composite guarantees from this company and another company which is a related party. The related party has also given a guarantee for £250,000 and a first legal charge over their freehold property.

The bank also hold a guarantee from a director for £50,000.

The hire purchase contracts are secured on the asset they relate to.

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £60,000 (2022: £78,000) of operating lease commitments.

 

Ace Partitions and Ceilings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to directors
£

Repayments by director
£

At 31 December 2023
£

Mr A J Parkin

(6,402)

39,931

(42,491)

(8,962)

         
       

 

2022

At 1 January 2022
£

Advances to directors
£

Repayments by director
£

At 31 December 2022
£

Mr A J Parkin

49,078

9,377

(64,857)

(6,402)