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COMPANY REGISTRATION NUMBER: 03997822
ACES Property Services Ltd
Filleted Unaudited Abridged Financial Statements
30 April 2024
ACES Property Services Ltd
Abridged Financial Statements
Year ended 30 April 2024
Contents
Pages
Report to the board of directors on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 6
ACES Property Services Ltd
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of ACES Property Services Ltd
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of ACES Property Services Ltd for the year ended 30 April 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
31 October 2024
ACES Property Services Ltd
Abridged Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
560,000
513,597
Current assets
Debtors
1,095
74
Cash at bank and in hand
13,716
10,827
--------
--------
14,811
10,901
Creditors: amounts falling due within one year
150,087
149,928
---------
---------
Net current liabilities
135,276
139,027
---------
---------
Total assets less current liabilities
424,724
374,570
Creditors: amounts falling due after more than one year
5
372,782
372,751
Provisions
16,250
---------
---------
Net assets
35,692
1,819
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
34,692
819
--------
-------
Shareholders funds
35,692
1,819
--------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
ACES Property Services Ltd
Abridged Statement of Financial Position (continued)
30 April 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr M S Norman
Director
Company registration number: 03997822
ACES Property Services Ltd
Notes to the Abridged Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Investment properties
The company's investment property is shown at it's open market value which is considered to be the fair value of the property. The surplus or deficit arising from the annual revaluation is recognised in the statement of comprehensive income for the year.
Depreciation is not charged on the property as required by the Companies Acts and FRS102.
Revenue recognition
The turnover shown in the profit and loss account represents rental income derived from letting the company's investment property.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
£
Cost or valuation
At 1 May 2023
513,597
Revaluations
46,403
---------
At 30 April 2024
560,000
---------
Depreciation
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 30 April 2024
560,000
---------
At 30 April 2023
513,597
---------
Tangible assets held at valuation
The freehold property that is owned by the company is held as an investment. The directors consider that the fair value of the property at 30 April 2024 was £560,000.
5. Creditors: amounts falling due after more than one year
The company has given security for some of the creditors that fall due after more than one year.
The bank loan of £372,782 (2023 - £372,751) is secured on the investment property held.
Included within creditors: amounts falling due after more than one year is an amount of £372,782 (2023 - £372,751) in respect of liabilities that are payable other than by instalments which fall due for payment after more than five years from the reporting date.
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr S J Sage
( 49,064)
( 49,064)
Mr R J Mullis
( 49,060)
( 49,060)
Mr M S Norman
( 49,060)
( 49,060)
---------
----
---------
( 147,184)
( 147,184)
---------
----
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr S J Sage
( 5)
( 49,059)
( 49,064)
Mr R J Mullis
( 49,060)
( 49,060)
Mr M S Norman
( 49,060)
( 49,060)
----
---------
---------
( 5)
( 147,179)
( 147,184)
----
---------
---------
All loans are interest free and repayable on demand .