REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
ACR Systems (UK) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
ACR Systems (UK) Limited |
ACR Systems (UK) Limited (Registered number: 05114687) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
ACR Systems (UK) Limited |
Company Information |
for the year ended 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Datum House |
Electra Way |
Crewe |
Cheshire |
CW1 6ZF |
ACR Systems (UK) Limited (Registered number: 05114687) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDER FUNDS |
The director acknowledges his 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. |
ACR Systems (UK) Limited (Registered number: 05114687) |
Statement of Financial Position - continued |
31 March 2024 |
The financial statements were approved by the director and authorised for issue on |
ACR Systems (UK) Limited (Registered number: 05114687) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
ACR Systems (UK) Limited ('The Company') is a trading and property investment company. |
The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is 64 Brown Avenue, Church Lawton, Stoke On Trent, Staffordshire, ST7 3EP. The registered number can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Summary of significant accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented, unless otherwise stated. |
Basis of preparation |
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
Going concern |
No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the director. |
Therefore the director considers it appropriate to prepare the financial statements on the going concern basis. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 end of the financial year. |
ACR Systems (UK) Limited (Registered number: 05114687) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of the financial year. |
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. |
Investment property |
Investment property is shown at fair value, the fair value is reviewed annually by the directors. Any aggregate surplus or deficit arising from changes in the fair value in the year is recognised in the profit or loss within the Statement of Comprehensive Income. The cumulative fair value surplus on the investment property is recognised as a separate non-distributable reserve. |
Rentals are recognised on a straight line basis over the period of the lease or to the date of the next rent review. Net rental income after direct costs is included in other operating income. |
Impairment of assets |
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ACR Systems (UK) Limited (Registered number: 05114687) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
On 31 December 2022 the company acquired tangible fixed assets from its subsidiary company at their net book value of £526. |
6. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Other investments not loans |
Additional information is as follows: |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
PROVISIONS |
At 1 April 2023 | 53,471 |
Eliminated on disposal | (53,471 | ) |
At 31 March 2024 | - |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Investments (neither listed nor unlisted) were as follows: |
2024 | 2023 |
£ | £ |
Investment properties | 670,000 | 670,000 |
Revaluation | 14,000 | - |
ACR Systems (UK) Limited (Registered number: 05114687) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
684,000 | 670,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts due to group undertakings |
Other creditors |
Amounts due to group undertakings are unsecured, interest free and repayable on demand. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans due after more than |
five years - non-instalments |
The mortgage loans are secured on the company's investment properties. The loans are paid monthly on an interest only basis. |
10. | LEASING AGREEMENTS |
Minimum lease payments receivable fall due as follows: |
Non-cancellable operating |
leases |
2024 | 2023 |
£ | £ |
Within one year | 11,750 | 12,950 |
Between one and five years | - | - |
11,750 | 12,950 |
ACR Systems (UK) Limited (Registered number: 05114687) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The above loans are secured against the investment properties. |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 25,107 | 22,323 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge to Income Statement during year |
Balance at 31 March 2024 |
13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
An amount of £62,097 (2023: £54,666) owed to the director is included within creditors: amounts falling due within one year. |
During the year interest of £3,377 (2023: £3,439) has been incurred by the company in respect of the director's loan. At 31 March 2024 this remains unpaid and is included within accruals: amounts falling due within one year. |
14. | RELATED PARTY DISCLOSURES |
Transactions with related parties during the year and balances outstanding at the end of the reporting period were as follows: |
Entities over which the company has control: |
2024 | 2023 |
£ | £ |
Amounts due to entities | - | 73,215 |
15. | NON-DISTRIBUTABLE RESERVES |
Included within retained earnings is an amount of £247,849 (2023: £237,349) which is non-distributable. |