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Registered number: 13325855
Ace In The Hole Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Edmonds Accountancy
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13325855
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,137 16,700
13,137 16,700
CURRENT ASSETS
Stocks 5 646 850
Debtors 6 481 272
Cash at bank and in hand 4,359 1,954
5,486 3,076
Creditors: Amounts Falling Due Within One Year 7 (23,570 ) (26,384 )
NET CURRENT ASSETS (LIABILITIES) (18,084 ) (23,308 )
TOTAL ASSETS LESS CURRENT LIABILITIES (4,947 ) (6,608 )
Creditors: Amounts Falling Due After More Than One Year 8 (9,382 ) (12,247 )
NET LIABILITIES (14,329 ) (18,855 )
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account (14,330 ) (18,856 )
SHAREHOLDERS' FUNDS (14,329) (18,855)
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Rees
Director
23/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ace In The Hole Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13325855 . The registered office is 5 Stone Street, Reading, RG30 1HU.
2. Accounting Policies
2.1. Basis of Preparation of 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.
2.2. Going Concern Disclosure
The director has confirmed that he will continue to give financial support to the company until such time as the
company's position improves. In addition, the director has confirmed that he will not recall loans within 12 months.
The director considers that it is appropriate to prepare the financial statements on a going concerns basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
Revenue is recognised for the provision of services as the contractual activity progresses.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on cost
2.5. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.
2.7. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained
Earnings, 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 statement of financial position date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: 1)
- 1
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4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 17,495 325 17,820
Additions - 799 799
As at 30 April 2024 17,495 1,124 18,619
Depreciation
As at 1 May 2023 1,093 27 1,120
Provided during the period 4,101 261 4,362
As at 30 April 2024 5,194 288 5,482
Net Book Value
As at 30 April 2024 12,301 836 13,137
As at 1 May 2023 16,402 298 16,700
5. Stocks
2024 2023
£ £
Stock 646 850
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 481 272
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,404 2,681
Trade creditors 450 129
Other creditors 17,124 23,574
Taxation and social security 2,592 -
23,570 26,384
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,382 12,247
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Page 5
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,404 2,681
Later than one year and not later than five years 9,382 12,247
12,786 14,928
12,786 14,928
10. Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement
of financial position 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.
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr David Rees (5,254 ) 15,570 (738 ) - 9,577
The above loan is unsecured, interest free and repayable on demand.
Page 5