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Registered number: 13109834
Ace Plumbing & Heating South West Ltd
Financial Statements
For The Year Ended 31 January 2024
Trek Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13109834
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 64,466 35,474
64,466 35,474
CURRENT ASSETS
Debtors 5 29,178 -
Cash at bank and in hand 17,018 5,884
46,196 5,884
Creditors: Amounts Falling Due Within One Year 6 (91,239 ) (51,641 )
NET CURRENT ASSETS (LIABILITIES) (45,043 ) (45,757 )
TOTAL ASSETS LESS CURRENT LIABILITIES 19,423 (10,283 )
Creditors: Amounts Falling Due After More Than One Year 7 (25,276 ) (9,962 )
NET LIABILITIES (5,853 ) (20,245 )
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account (5,854 ) (20,246 )
SHAREHOLDERS' FUNDS (5,853) (20,245)
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Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Scott Conners
Director
25th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Ace Plumbing & Heating South West Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13109834 . The registered office is The Barbican Centre Lustleigh Close, Marsh Barton Trading Estate, Exeter, EX2 8PW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 18% Reducing balance
Motor Vehicles 18% Reducing balance
Computer Equipment 18% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 7,000 44,600 300 51,900
Additions 994 42,145 - 43,139
As at 31 January 2024 7,994 86,745 300 95,039
Depreciation
As at 1 February 2023 2,293 14,035 98 16,426
Provided during the period 1,026 13,085 36 14,147
As at 31 January 2024 3,319 27,120 134 30,573
Net Book Value
As at 31 January 2024 4,675 59,625 166 64,466
As at 1 February 2023 4,707 30,565 202 35,474
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 13,725 -
VAT 15,453 -
29,178 -
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 4,932 8,372
Accruals and deferred income 1,570 1,440
Director's loan account 84,737 41,829
91,239 51,641
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,673 -
Bank loans 4,603 9,962
25,276 9,962
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 20,673 -
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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