Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A J Stephens 01/01/2024 D Stephens 01/06/1995 J Stephens 07/03/2007 N D Stephens 01/01/2024 26 September 2024 The principal activity of the Company during the financial year is that of the design, manufacture and installation of fire escapes, balustrades, ducting and other steel products, and engineering and welding repairers. 02876747 2023-12-31 02876747 bus:Director1 2023-12-31 02876747 bus:Director2 2023-12-31 02876747 bus:Director3 2023-12-31 02876747 bus:Director4 2023-12-31 02876747 2022-12-31 02876747 core:CurrentFinancialInstruments 2023-12-31 02876747 core:CurrentFinancialInstruments 2022-12-31 02876747 core:Non-currentFinancialInstruments 2023-12-31 02876747 core:Non-currentFinancialInstruments 2022-12-31 02876747 core:ShareCapital 2023-12-31 02876747 core:ShareCapital 2022-12-31 02876747 core:RetainedEarningsAccumulatedLosses 2023-12-31 02876747 core:RetainedEarningsAccumulatedLosses 2022-12-31 02876747 core:PlantMachinery 2022-12-31 02876747 core:Vehicles 2022-12-31 02876747 core:OfficeEquipment 2022-12-31 02876747 core:PlantMachinery 2023-12-31 02876747 core:Vehicles 2023-12-31 02876747 core:OfficeEquipment 2023-12-31 02876747 bus:OrdinaryShareClass1 2023-12-31 02876747 bus:PreferenceShareClass1 2023-12-31 02876747 2023-01-01 2023-12-31 02876747 bus:FilletedAccounts 2023-01-01 2023-12-31 02876747 bus:SmallEntities 2023-01-01 2023-12-31 02876747 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02876747 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02876747 bus:Director1 2023-01-01 2023-12-31 02876747 bus:Director2 2023-01-01 2023-12-31 02876747 bus:Director3 2023-01-01 2023-12-31 02876747 bus:Director4 2023-01-01 2023-12-31 02876747 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 02876747 core:Vehicles 2023-01-01 2023-12-31 02876747 core:OfficeEquipment 2023-01-01 2023-12-31 02876747 2022-01-01 2022-12-31 02876747 core:PlantMachinery 2023-01-01 2023-12-31 02876747 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 02876747 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02876747 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 02876747 bus:PreferenceShareClass1 2023-01-01 2023-12-31 02876747 bus:PreferenceShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02876747 (England and Wales)

ACE GENERAL ENGINEERING (CORNWALL) LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ACE GENERAL ENGINEERING (CORNWALL) LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ACE GENERAL ENGINEERING (CORNWALL) LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
ACE GENERAL ENGINEERING (CORNWALL) LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS A J Stephens (Appointed 01 January 2024)
D Stephens
J Stephens
N D Stephens (Appointed 01 January 2024)
SECRETARY J Stephens
REGISTERED OFFICE Quarry Park Road
Newquay
Cornwall
TR7 2NY
United Kingdom
COMPANY NUMBER 02876747 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
ACE GENERAL ENGINEERING (CORNWALL) LTD

BALANCE SHEET

As at 31 December 2023
ACE GENERAL ENGINEERING (CORNWALL) LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 145,442 130,283
145,442 130,283
Current assets
Stocks 36,417 51,950
Debtors 4 367,403 390,232
Cash at bank and in hand 5 56,828 101,381
460,648 543,563
Creditors: amounts falling due within one year 6 ( 245,489) ( 279,606)
Net current assets 215,159 263,957
Total assets less current liabilities 360,601 394,240
Creditors: amounts falling due after more than one year 7 ( 22,799) ( 8,376)
Provision for liabilities ( 27,052) ( 24,753)
Net assets 310,750 361,111
Capital and reserves
Called-up share capital 8 60,000 60,000
Profit and loss account 250,750 301,111
Total shareholders' funds 310,750 361,111

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 financial statements of Ace General Engineering (Cornwall) Ltd (registered number: 02876747) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

A J Stephens
Director
ACE GENERAL ENGINEERING (CORNWALL) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ACE GENERAL ENGINEERING (CORNWALL) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ace General Engineering (Cornwall) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Quarry Park Road, Newquay, Cornwall, TR7 2NY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/ reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Provisions

Provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows .

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 14

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2023 114,146 118,828 8,034 241,008
Additions 20,117 33,324 29 53,470
Disposals 0 ( 11,900) 0 ( 11,900)
At 31 December 2023 134,263 140,252 8,063 282,578
Accumulated depreciation
At 01 January 2023 37,575 67,342 5,808 110,725
Charge for the financial year 20,644 13,462 335 34,441
Disposals 0 ( 8,030) 0 ( 8,030)
At 31 December 2023 58,219 72,774 6,143 137,136
Net book value
At 31 December 2023 76,044 67,478 1,920 145,442
At 31 December 2022 76,571 51,486 2,226 130,283

4. Debtors

2023 2022
£ £
Trade debtors 166,373 186,668
Other debtors 201,030 203,564
367,403 390,232

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 56,828 101,381

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 205,091 256,203
Taxation and social security 9,002 11,318
Obligations under finance leases and hire purchase contracts 14,601 7,379
Other creditors 16,795 4,706
245,489 279,606

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 22,799 8,376

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary Shares shares of £ 1.00 each 10,000 10,000
50,000 Preference Share shares of £ 1.00 each 50,000 50,000
60,000 60,000

9. Financial commitments

Other financial commitments

2023 2022
£ £
Operating Lease 1,920 0