REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Acoustical Control Engineers Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Acoustical Control Engineers Limited |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Acoustical Control Engineers Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings |
SHAREHOLDERS' 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. |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Acoustical Control Engineers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value. |
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. |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Long term contracts |
Profit on contracting activities is taken as work progresses. Unless a more conservative approach is necessary, the percentage margin on each individual contract is the lower of the margin earned to date and that forecast to completion. Full provision is made for contract losses as soon as they are foreseen. Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 March 2023 |
Transfer to ownership | (36,705 | ) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Transfer to ownership | (24,728 | ) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | STOCKS |
29.2.24 | 28.2.23 |
£ | £ |
Stocks |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
Amount owed by related party | 3,369 | 4,200 |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Other loans (see note 9) |
Hire purchase contracts (see note 10) |
Trade creditors |
Social security and other taxes |
VAT | 15,338 | 19,209 |
Sundry creditors | 3,587 | 4,379 |
Amounts owed to related party | - | 25,643 |
Directors' loan accounts | 29,398 | 93,299 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans (see note 9) |
Other loans (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
29.2.24 | 28.2.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Other loans |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | LOANS - continued |
29.2.24 | 28.2.23 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | - |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
10. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Net obligations repayable: |
Within one year |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bounce back loan | 26,615 | 36,464 |
On 7 September 2016 a fixed and floating charge was registered against the assets of the company in relation to the loan from the shareholders, Richard A Collman and Anne M Collman |
The loan of £100,000 drawn down dated 4 March 2019 with HSBC UK Bank PLC is secured against, albeit not exclusively limited to, all fixed assets as held by the Company. |
On 5 April 2020 delivered a debenture with a mixture of fixed and floating charges of which is secured over, albeit not exclusively limited to, all fixed assets, trade debtors and cash at bank as held by the Company. |
In September 2020 the company received a government backed loan in light of the Covid 19 pandemic. The loan is secured by the government over a 6 year repayment period. The loan is repaid in installments which began in October 2021. Interest is charged at 2.5% per annum from the first repayment date. |
12. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 30,204 | 29,719 |
Acoustical Control Engineers Limited (Registered number: 01061402) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Accelerated capital allowances | 485 |
Balance at 29 February 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary A | £1 | - | - |
Ordinary B | £1 | 5,000 | 5,000 |
(28.2.23 - 5,000 ) |
Ordinary B | £1 | 100 | 100 |
5,100 | 5,100 |
14. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,734 (2023: £12,349). The pension contributions outstanding at the year end amounted to £3,587 (2023 - £4,321). |
15. | RELATED PARTY DISCLOSURES |
As at the balance sheet date there is a director loan account due by the Company to the Director of £29,398 (2023 - £93,299). The loan is repayable on demand. Interest paid on the loan for the financial year amounted to £0 (2023 - £6,036). |