2023-02-012024-01-312024-01-31false13842232ACE PRIME 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ACE PRIME LIMITED

Registered Number
13842232
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

ACE PRIME LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

AHMED, Shafiq

Registered Address

115 Bucknall New Road
Hanley
Stoke-On-Trent
ST1 2BG

Registered Number

13842232 (England and Wales)
ACE PRIME LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3629211
629211
Current assets
Debtors418,97311,558
Cash at bank and on hand1,269924
20,24212,482
Creditors amounts falling due within one year5(18,808)(12,537)
Net current assets (liabilities)1,434(55)
Total assets less current liabilities2,063156
Net assets2,063156
Capital and reserves
Called up share capital100100
Profit and loss account1,96356
Shareholders' funds2,063156
The financial statements were approved and authorised for issue by the Director on 28 October 2024, and are signed on its behalf by:
AHMED, Shafiq
Director
Registered Company No. 13842232
ACE PRIME LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 February 23250250
Additions525525
At 31 January 24775775
Depreciation and impairment
At 01 February 233939
Charge for year107107
At 31 January 24146146
Net book value
At 31 January 24629629
At 31 January 23211211
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,7251,440
Other debtors17,24810,118
Total18,97311,558
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables821,050
Taxation and social security18,3609,537
Accrued liabilities and deferred income3661,950
Total18,80812,537
6.Related party transactions
Included in other debtors falling due within one year is an amount of £5,672 ( 2023: £3,256 Dr) due from director.