Registered number
07296658
Acelux Ltd
Filleted Accounts
30 June 2024
Acelux Ltd
Registered number: 07296658
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 25,552 29,021
Current assets
Stocks 450,215 570,215
Debtors 5 1,611,033 2,222,213
Cash at bank and in hand 1,333,328 943,448
3,394,576 3,735,876
Creditors: amounts falling due within one year 6 (833,087) (940,476)
Net current assets 2,561,489 2,795,400
Total assets less current liabilities 2,587,041 2,824,421
Creditors: amounts falling due after more than one year 7 (75,833) (140,000)
Provisions for liabilities (4,187) (4,875)
Net assets 2,507,021 2,679,546
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,506,921 2,679,446
Shareholders' funds 2,507,021 2,679,546
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Leslie Lee
Director
Approved by the board on 15 January 2025
Acelux Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Office Equipment 25% reducing balance
Motor vehicles 50% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 3,500
At 30 June 2024 3,500
Amortisation
At 1 July 2023 3,500
At 30 June 2024 3,500
Net book value
At 30 June 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Office equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 22,366 5,162 159,678 187,206
Additions - - 20,600 20,600
At 30 June 2024 22,366 5,162 180,278 207,806
Depreciation
At 1 July 2023 19,401 5,162 133,622 158,185
Charge for the year 741 - 23,328 24,069
At 30 June 2024 20,142 5,162 156,950 182,254
Net book value
At 30 June 2024 2,224 - 23,328 25,552
At 30 June 2023 2,965 - 26,056 29,021
5 Debtors 2024 2023
£ £
Trade debtors 569,282 1,059,753
Other debtors 1,004,813 1,029,175
Loan 36,938 133,285
1,611,033 2,222,213
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 70,000 70,000
Obligations under finance lease and hire purchase contracts 8,694 -
Trade creditors 546,859 654,884
Taxation and social security costs 199,474 178,660
Other creditors 8,060 36,932
833,087 940,476
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 75,833 140,000
8 Related party transactions
During the period the company made purchases from Oscar Fairchild (London) Ltd, a company which Mr L Lee has an interest of £122,390 (2023: £120,850). The purchases where at a market rate.
9 Other information
Acelux Ltd is a private company limited by shares and incorporated in England. Its registered office is:
88a High Street
Room 5
Billericay
Essex
CM12 9BT
Acelux Ltd 07296658 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts July 2024 Leslie Lee No description of principal activity 07296658 2022-07-01 2023-06-30 07296658 core:WithinOneYear 2023-06-30 07296658 core:AfterOneYear 2023-06-30 07296658 core:ShareCapital 2023-06-30 07296658 core:RetainedEarningsAccumulatedLosses 2023-06-30 07296658 2023-07-01 2024-06-30 07296658 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07296658 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07296658 bus:Director40 2023-07-01 2024-06-30 07296658 1 2023-07-01 2024-06-30 07296658 2 2023-07-01 2024-06-30 07296658 core:LandBuildings 2023-07-01 2024-06-30 07296658 core:PlantMachinery 2023-07-01 2024-06-30 07296658 core:Vehicles 2023-07-01 2024-06-30 07296658 countries:England 2023-07-01 2024-06-30 07296658 bus:FRS102 2023-07-01 2024-06-30 07296658 bus:FilletedAccounts 2023-07-01 2024-06-30 07296658 2024-06-30 07296658 core:WithinOneYear 2024-06-30 07296658 core:AfterOneYear 2024-06-30 07296658 core:ShareCapital 2024-06-30 07296658 core:RetainedEarningsAccumulatedLosses 2024-06-30 07296658 core:Goodwill 2024-06-30 07296658 core:LandBuildings 2024-06-30 07296658 core:PlantMachinery 2024-06-30 07296658 core:Vehicles 2024-06-30 07296658 2023-06-30 07296658 core:Goodwill 2023-06-30 07296658 core:LandBuildings 2023-06-30 07296658 core:PlantMachinery 2023-06-30 07296658 core:Vehicles 2023-06-30 iso4217:GBP xbrli:pure