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REGISTERED NUMBER: 11874748 (England and Wales)












ACE AUTOLOCKSMITHS LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2024






ACE AUTOLOCKSMITHS LIMITED (REGISTERED NUMBER: 11874748)






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


ACE AUTOLOCKSMITHS LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs L Southern
N G Southern





REGISTERED OFFICE: 1 Palmer Close
Redhill
Surrey
RH1 4BU





REGISTERED NUMBER: 11874748 (England and Wales)





ACCOUNTANTS: The Bailey Partnership
Chartered Accountants
The Old Mill, Kings Mill
Kings Mill Lane
South Nutfield
Surrey
RH1 5NB

ACE AUTOLOCKSMITHS LIMITED (REGISTERED NUMBER: 11874748)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,929 42,810

CURRENT ASSETS
Stocks 5 14,500 19,700
Debtors 6 18,643 17,397
Cash at bank and in hand 12,930 12,170
46,073 49,267
CREDITORS
Amounts falling due within one year 7 69,095 84,573
NET CURRENT LIABILITIES (23,022 ) (35,306 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,907

7,504

CREDITORS
Amounts falling due after more than one
year

8

907

6,349
NET ASSETS 14,000 1,155

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 13,900 1,055
SHAREHOLDERS' FUNDS 14,000 1,155

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 AUTOLOCKSMITHS LIMITED (REGISTERED NUMBER: 11874748)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





N G Southern - Director


ACE AUTOLOCKSMITHS LIMITED (REGISTERED NUMBER: 11874748)

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

1. STATUTORY INFORMATION

Ace Autolocksmiths 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.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Fixed assets do not require replacement of parts or the cost of major inspections to be recognised separately.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

ACE AUTOLOCKSMITHS LIMITED (REGISTERED NUMBER: 11874748)

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

2. ACCOUNTING POLICIES - continued

Holiday pay
No liability is recognised in respect of holiday pay as employees are unable to carry forward holiday into future periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 42,983 58,875 977 102,835
Additions 6,800 - 963 7,763
At 31 March 2024 49,783 58,875 1,940 110,598
DEPRECIATION
At 1 April 2023 25,648 33,812 565 60,025
Charge for year 6,034 6,266 344 12,644
At 31 March 2024 31,682 40,078 909 72,669
NET BOOK VALUE
At 31 March 2024 18,101 18,797 1,031 37,929
At 31 March 2023 17,335 25,063 412 42,810

5. STOCKS
2024 2023
£    £   
Stocks 14,500 19,700

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 14,005 16,626
Other debtors 4,638 771
18,643 17,397

ACE AUTOLOCKSMITHS LIMITED (REGISTERED NUMBER: 11874748)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 27,005 37,131
Hire purchase contracts 5,442 5,442
Trade creditors 240 240
Tax 20,355 13,442
Social security and other taxes 3,397 8,873
VAT 6,574 8,696
Other creditors 3,458 3,224
Directors' loan accounts 1,099 6,325
Accrued expenses 1,525 1,200
69,095 84,573

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 907 6,349

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loan 27,005 -
Bounce Back Loan - 37,131
27,005 37,131

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 April 2023 1,055
Profit for the year 64,845
Dividends (52,000 )
At 31 March 2024 13,900