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Company No: 02876755 (England and Wales)

ACE ENGINEERING (SOUTH WEST) LTD

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

ACE ENGINEERING (SOUTH WEST) LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ACE ENGINEERING (SOUTH WEST) LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
ACE ENGINEERING (SOUTH WEST) LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS J Stephens
D Stephens
SECRETARY J Stephens
REGISTERED OFFICE Quarry Park Road
Newquay
Cornwall
TR7 2NY
United Kingdom
COMPANY NUMBER 02876755 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
ACE ENGINEERING (SOUTH WEST) LTD

BALANCE SHEET

As at 31 December 2023
ACE ENGINEERING (SOUTH WEST) LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 800,000 800,000
800,000 800,000
Current assets
Debtors 4 61,870 64,195
Cash at bank and in hand 5 3,558 4,965
65,428 69,160
Creditors: amounts falling due within one year 6 ( 192,114) ( 192,114)
Net current liabilities (126,686) (122,954)
Total assets less current liabilities 673,314 677,046
Net assets 673,314 677,046
Capital and reserves
Called-up share capital 7 60,000 60,000
Revaluation reserve 554,121 554,121
Profit and loss account 59,193 62,925
Total shareholder's funds 673,314 677,046

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 Engineering (South West) Ltd (registered number: 02876755) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

J Stephens
Director
ACE ENGINEERING (SOUTH WEST) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ACE ENGINEERING (SOUTH WEST) 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 Engineering (South West) 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 the revaluation of freehold properties and to include investment properties and 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, returns, 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Long term loan to third parties; 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 800,000
As at 31 December 2023 800,000

There has been no valuation of investment property by an independent valuer.

4. Debtors

2023 2022
£ £
Trade debtors 59,120 60,380
Corporation tax 10 10
Other debtors 2,740 3,805
61,870 64,195

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 3,558 4,965

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,522 1,522
Other creditors 190,592 190,592
192,114 192,114

7. 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 Shares shares of £ 1.00 each 50,000 50,000
60,000 60,000