Company registration number 4362615 (England and Wales)
ACEPRO SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ACEPRO SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ACEPRO SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,521
2,737
Tangible assets
5
1,844
1,511
4,365
4,248
Current assets
Stocks
5,280
3,250
Debtors
6
4,877
5,520
Cash at bank and in hand
269
6,136
10,426
14,906
Creditors: amounts falling due within one year
7
(20,243)
(22,528)
Net current liabilities
(9,817)
(7,622)
Total assets less current liabilities
(5,452)
(3,374)
Creditors: amounts falling due after more than one year
8
(4,653)
(5,486)
Net liabilities
(10,105)
(8,860)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(10,205)
(8,960)
Total equity
(10,105)
(8,860)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ACEPRO SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 October 2024
Peter Scordellis
Director
Company registration number 4362615 (England and Wales)
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Acepro Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of crypto assets at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and trade discounts.
Where work has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.
1.3
Intangible fixed assets other than goodwill
Intangible assets, including crypto assets acquired separately from a business are recognised at cost and are subsequently carried forward at fair value and the changes in fair value are recognised in profit or loss. Crypto currencies has been classified as Intangible Assets other than Goodwill per FRS 102, Section 18.
Intangible assets with indefinite useful lives, like crypto assets, are tested for impairment annually. Whenever there is an indication that the asset may be impaired then the asset is written down to fair value with adjustments recognised in profit or loss immediately.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost 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.
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Crypto assets
Crypto currency is an identifiable non-monetary asset and recognition is based on a lot of judgement and uncertainty. The director has used the exchange platform on which the crypto asset is stored to value the assets at the balance sheet date.
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Employees
The average monthly number of persons (including director) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Intangible fixed assets
Crypto asset
£
Cost
At 1 February 2023
2,737
Revaluation
(216)
At 31 January 2024
2,521
Amortisation and impairment
At 1 February 2023 and 31 January 2024
Carrying amount
At 31 January 2024
2,521
At 31 January 2023
2,737
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
3,175
Additions
1,210
At 31 January 2024
4,385
Depreciation and impairment
At 1 February 2023
1,664
Depreciation charged in the year
877
At 31 January 2024
2,541
Carrying amount
At 31 January 2024
1,844
At 31 January 2023
1,511
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,974
3,968
Corporation tax recoverable
412
Director's current account
428
-
Other debtors
-
1,427
4,814
5,395
Deferred tax asset
63
125
4,877
5,520
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,305
2,480
Trade creditors
2,005
1,065
Corporation tax
576
Other taxation and social security
2,733
3,799
Director's current account
-
792
Other creditors
13,200
13,816
20,243
22,528
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,653
5,486
The above represents two bank loans taken by the company. One of the loans, paid during the year, was an unsecured loan and the other represents borrowing under the Bounce Back Loan Scheme introduced by the UK Government. The government guarantees 100% of the Bounce Back Loan.
9
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
ACEPRO SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
10
Controlling party
The company was controlled throughout the current and previous year by the director, by virtue of him holding the entire issued share capital of the company.