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REGISTERED NUMBER: 11195200 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

ACE CARS & MINIBUSES LTD

ACE CARS & MINIBUSES LTD (REGISTERED NUMBER: 11195200)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ACE CARS & MINIBUSES LTD

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTOR: Miss S Akhtar





REGISTERED OFFICE: 90 High Street
Brownhills
Walsall
WS8 6EW





REGISTERED NUMBER: 11195200 (England and Wales)





ACCOUNTANTS: Rice & Co (Brownhills) Limited
Chartered Accountants
90 High Street
Brownhills
Walsall
West Midlands
WS8 6EW

ACE CARS & MINIBUSES LTD (REGISTERED NUMBER: 11195200)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 171,297 196,860

CURRENT ASSETS
Debtors 5 206,734 283,728
Cash at bank - 26,428
206,734 310,156
CREDITORS
Amounts falling due within one year 6 507,469 536,962
NET CURRENT LIABILITIES (300,735 ) (226,806 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(129,438

)

(29,946

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (129,439 ) (29,947 )
SHAREHOLDERS' FUNDS (129,438 ) (29,946 )

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

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

The director acknowledges her 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.

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 director and authorised for issue on 15 October 2024 and were signed by:





Miss S Akhtar - Director


ACE CARS & MINIBUSES LTD (REGISTERED NUMBER: 11195200)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Ace Cars & Minibuses Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover is recognised when goods have been delivered to customers, or services completed, such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Office Furniture & Equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

ACE CARS & MINIBUSES LTD (REGISTERED NUMBER: 11195200)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 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 23 (2023 - 33 ) .

4. TANGIBLE FIXED ASSETS
Improvements Office Fixtures
to Furniture and Motor
property & Equipment fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 86,805 16,985 7,291 297,411 408,492
Additions 1,510 1,196 - 34,842 37,548
Disposals - - - (78,872 ) (78,872 )
At 31 January 2024 88,315 18,181 7,291 253,381 367,168
DEPRECIATION
At 1 February 2023 15,881 10,676 4,876 180,199 211,632
Charge for year 8,832 1,876 604 33,418 44,730
Eliminated on disposal - - - (60,491 ) (60,491 )
At 31 January 2024 24,713 12,552 5,480 153,126 195,871
NET BOOK VALUE
At 31 January 2024 63,602 5,629 1,811 100,255 171,297
At 31 January 2023 70,924 6,309 2,415 117,212 196,860

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST
At 1 February 2023
and 31 January 2024 (55,616 )
NET BOOK VALUE
At 31 January 2024 (55,616 )
At 31 January 2023 (55,616 )

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 202,931 264,800
Other debtors 3,803 18,928
206,734 283,728

ACE CARS & MINIBUSES LTD (REGISTERED NUMBER: 11195200)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,744 -
Trade creditors 128,162 310,504
Taxation and social security 76,893 54,917
Other creditors 297,670 171,541
507,469 536,962