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Registration number: 13845666

Acetown Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Acetown Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Acetown Services Ltd

Company Information

Directors

Dr K M Ho

Ms K G Ang

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Acetown Services Ltd

(Registration number: 13845666)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

826

1,627

Investment property

5

112,387

112,387

 

113,213

114,014

Current assets

 

Debtors

6

1,652

2,861

Cash at bank and in hand

 

25,295

811

 

26,947

3,672

Creditors: Amounts falling due within one year

7

(65,768)

(40,421)

Net current liabilities

 

(38,821)

(36,749)

Total assets less current liabilities

 

74,392

77,265

Creditors: Amounts falling due after more than one year

7

(81,905)

(81,905)

Net liabilities

 

(7,513)

(4,640)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(7,613)

(4,740)

Shareholders' deficit

 

(7,513)

(4,640)

For the financial 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.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

 

Acetown Services Ltd

(Registration number: 13845666)
Balance Sheet as at 31 January 2024

.........................................
Dr K M Ho
Director

.........................................
Ms K G Ang
Director

 
     
 

Acetown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis as although the company had net liabilities at 31st Janaury 2024 the directors have confirmed that they will support the company to enable it to meet its liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the rental of property in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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.

 

Acetown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024


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.

Tangible assets

tangible assets are stated in the statement of financial position 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

Office equipment

33% straight line

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Acetown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Acetown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

2,429

2,429

At 31 January 2024

2,429

2,429

Depreciation

At 1 February 2023

802

802

Charge for the year

801

801

At 31 January 2024

1,603

1,603

Carrying amount

At 31 January 2024

826

826

At 31 January 2023

1,627

1,627

5

Investment properties

2024
£

At January 2024

112,387

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

6

Debtors

Current

2024
£

2023
£

Prepayments

286

399

Other debtors

1,366

2,462

 

1,652

2,861

 

Acetown Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

64,224

38,885

Accruals and deferred income

 

1,544

1,536

 

65,768

40,421

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

81,905

81,905

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

81,905

81,905

Bank borrowings are secured by way of fixed and floating charges on the company's assets.

Current loans and borrowings

2024
£

2023
£

Other borrowings

64,224

38,885

The directors' loan account is non-interest bearing and has no formal repayment terms.