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REGISTERED NUMBER: 04435484 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ACE BUILDING CONTRACTORS (WALES) LIMITED

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)






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


ACE BUILDING CONTRACTORS (WALES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: K N Jones





SECRETARY: Mrs D L Hopkins





REGISTERED OFFICE: Pandy Farm
Brecon Rd
Merthyr Tydfil
Mid Glamorgan
CF47 8PA





REGISTERED NUMBER: 04435484 (England and Wales)





ACCOUNTANTS: Baker Knoyle Chartered Accountants
Orbit Business Centre
Merthyr Tydfil
CF48 1DL

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 148,835 153,243

CURRENT ASSETS
Stocks 115,301 321,193
Debtors 5 266,465 337,593
Cash at bank 11,216 35,409
392,982 694,195
CREDITORS
Amounts falling due within one year 6 307,822 331,402
NET CURRENT ASSETS 85,160 362,793
TOTAL ASSETS LESS CURRENT
LIABILITIES

233,995

516,036

CREDITORS
Amounts falling due after more than one
year

7

123,593

137,963
NET ASSETS 110,402 378,073

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 110,401 378,072
110,402 378,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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.

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 28 November 2024 and were signed by:





K N Jones - Director


ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Ace Building Contractors (Wales) Limited 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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
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.

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 314,964
Additions 34,625
At 29 February 2024 349,589
DEPRECIATION
At 1 March 2023 161,721
Charge for year 39,033
At 29 February 2024 200,754
NET BOOK VALUE
At 29 February 2024 148,835
At 28 February 2023 153,243

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 87,950 79,376
Other debtors 178,515 258,217
266,465 337,593

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 14,306 12,995
Hire purchase contracts (see note 8) 24,052 15,408
Trade creditors 127,030 233,765
Taxation and social security 44,756 61,444
Other creditors 97,678 7,790
307,822 331,402

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 11,643 27,844
Hire purchase contracts (see note 8) 111,950 110,119
123,593 137,963

ACE BUILDING CONTRACTORS (WALES) LIMITED (REGISTERED NUMBER: 04435484)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 24,052 15,408
Between one and five years 111,950 110,119
136,002 125,527

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
K N Jones
Balance outstanding at start of year 72,908 47,394
Amounts advanced 43,824 64,825
Amounts repaid (128,723 ) (39,311 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (11,991 ) 72,908