ACH FLOORING SERVICES LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
29 FEBRUARY 2024
Company Registration Number: 03963686
ACH FLOORING SERVICES LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
ACH FLOORING SERVICES LTD.
COMPANY INFORMATION
FOR THE PERIOD ENDED 29 FEBRUARY 2024
DIRECTORS
A C Harbert
resigned 31 December 2022
D A Rist
appointed 30 December 2022
SECRETARY
P Harbert
resigned 31 December 2022
The company no longer has an appointed secretary
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
03963686 England and Wales
ACH FLOORING SERVICES LTD.
BALANCE SHEET
AS AT 29 FEBRUARY 2024
Notes 29 February 2024 31 October 2022
£ £
FIXED ASSETS
Tangible assets 6 33,841 6,784
CURRENT ASSETS
Stock 27,918 26,588
Debtors 7 164,895 155,844
Cash at bank and in hand 500 58,728
193,313 241,160
CREDITORS: Amounts falling due within one year 8 146,615 157,779
NET CURRENT ASSETS 46,698 83,381
TOTAL ASSETS LESS CURRENT LIABILITIES 80,539 90,165
CREDITORS: Amounts falling due after more than one year 9 12,500 25,833
Provisions for liabilities and charges 8,460 1,289
NET ASSETS 59,579 63,043
CAPITAL AND RESERVES
Called up share capital 110 110
Distributable profit and loss account 59,469 62,933
SHAREHOLDER'S FUNDS 59,579 63,043
ACH FLOORING SERVICES LTD.
BALANCE SHEET
AS AT 29 FEBRUARY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial period ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
D A Rist
Director
Date approved by the board: 29 November 2024
ACH FLOORING SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1 GENERAL INFORMATION
ACH Flooring Services Ltd. is a private company limited by shares and incorporated in England and Wales. Its registered office is:
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of floor coverings installed, as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
ACH FLOORING SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery Straight line basis at 25% per annum
Computer equipment Straight line basis at 25% per annum
Motor vehicles Straight line basis at 25% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ACH FLOORING SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
ACH FLOORING SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the period are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the period / year was:
29/02/2024 31/10/2022
Average number of employees 14 14
ACH FLOORING SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
5 INTANGIBLE FIXED ASSETS
Net goodwill
£
Cost
At 1 November 2022 14,400
At 29 February 2024 14,400
Accumulated amortisation and impairments
At 1 November 2022 14,400
At 29 February 2024 14,400
Net book value
At 1 November 2022 -
At 29 February 2024 -
6 TANGIBLE ASSETS
Plant and machinery Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 25,569 7,004 67,700 100,273
Additions - 2,207 36,185 38,392
At 29 February 2024 25,569 9,211 103,885 138,665
Accumulated depreciation and impairments
At 1 November 2022 24,205 7,001 62,283 93,489
Charge for period 875 414 10,046 11,335
At 29 February 2024 25,080 7,415 72,329 104,824
Net book value
At 1 November 2022 1,364 3 5,417 6,784
At 29 February 2024 489 1,796 31,556 33,841
ACH FLOORING SERVICES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
7 DEBTORS
29/02/2024 31/10/2022
£ £
Trade debtors 73,059 37,730
Prepayments and accrued income 5,711 7,030
Other debtors 86,125 111,084
164,895 155,844
8 CREDITORS: Amounts falling due within one year
29/02/2024 31/10/2022
£ £
Bank loans and overdrafts 24,688 10,000
Trade creditors 42,564 64,196
Taxation and social security 19,938 52,125
Accruals and deferred income 4,351 4,354
Other creditors 55,074 27,104
146,615 157,779
9 CREDITORS: Amounts falling due after more than one year
29/02/2024 31/10/2022
£ £
Bank loans and overdrafts 12,500 25,833
10 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the period / year was:
Balance at 1 November 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 29 February 2024
£ £ £ £ £
A C Harbert 89,570 12,950 102,520 - -
D A Rist 605 40,000 40,605 - -
90,175 52,950 143,125 - -
Interest has been charged on these advances at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. These advances are repayable on demand.
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