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REGISTERED NUMBER: 07839948 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

ACE FIBREGLASS (SHERBORNE) LIMITED

ACE FIBREGLASS (SHERBORNE) LIMITED (Registered number: 07839948)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

ACE FIBREGLASS (SHERBORNE) LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: I Gay
Mrs R M Gay





SECRETARY: R Morris





REGISTERED OFFICE: 1 Greenhill
SHERBORNE
Dorset
DT9 4EW





REGISTERED NUMBER: 07839948 (England and Wales)





ACCOUNTANTS: Ron Morris
1 Greenhill
SHERBORNE
Dorset
DT9 4EW

ACE FIBREGLASS (SHERBORNE) LIMITED (Registered number: 07839948)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 30,000 40,000
Tangible assets 5 36,779 42,185
66,779 82,185

CURRENT ASSETS
Stocks 17,000 16,300
Debtors 6 111,208 81,691
Cash at bank and in hand 105,831 81,572
234,039 179,563
CREDITORS
Amounts falling due within one year 7 47,812 28,485
NET CURRENT ASSETS 186,227 151,078
TOTAL ASSETS LESS CURRENT
LIABILITIES

253,006

233,263

CREDITORS
Amounts falling due after more than one
year

8

9,333

13,000
NET ASSETS 243,673 220,263

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 243,671 220,261
SHAREHOLDERS' FUNDS 243,673 220,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ACE FIBREGLASS (SHERBORNE) LIMITED (Registered number: 07839948)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





I Gay - Director


ACE FIBREGLASS (SHERBORNE) LIMITED (Registered number: 07839948)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

ACE FIBREGLASS (SHERBORNE) LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

ACE FIBREGLASS (SHERBORNE) LIMITED (Registered number: 07839948)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 150,000
AMORTISATION
At 1 April 2023 110,000
Charge for year 10,000
At 31 March 2024 120,000
NET BOOK VALUE
At 31 March 2024 30,000
At 31 March 2023 40,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 76,601
Additions 1,085
At 31 March 2024 77,686
DEPRECIATION
At 1 April 2023 34,416
Charge for year 6,491
At 31 March 2024 40,907
NET BOOK VALUE
At 31 March 2024 36,779
At 31 March 2023 42,185

ACE FIBREGLASS (SHERBORNE) LIMITED (Registered number: 07839948)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 82,174 56,541
Other debtors 25,234 25,150
107,408 81,691

Amounts falling due after more than one year:
Other debtors 3,800 -

Aggregate amounts 111,208 81,691

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 887 761
Trade creditors 12,471 10,260
Taxation and social security 33,282 15,642
Other creditors 1,172 1,822
47,812 28,485

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 9,333 13,000

ACE FIBREGLASS (SHERBORNE) LIMITED

Report of the Accountants to the Directors of
ACE FIBREGLASS (SHERBORNE) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2024 set out on pages three to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Ron Morris
1 Greenhill
SHERBORNE
Dorset
DT9 4EW


Date: .............................................