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Registration number: 13486998

Acet Circular Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Acet Circular Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Acet Circular Solutions Ltd

Company Information

Director

Matthew James Kennedy

Registered office

Units 6-9 Hardwick Road
Astmoor Industrial Estate
Runcorn
Cheshire
WA7 1PH

 

Acet Circular Solutions Ltd

(Registration number: 13486998)
Balance Sheet as at 31 July 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

783

890

Tangible assets

5

241,036

273,242

 

241,819

274,132

Current assets

 

Stocks

6

-

35,124

Debtors

7

78,078

246,029

Cash at bank and in hand

 

69,956

637,387

 

148,034

918,540

Creditors: Amounts falling due within one year

8

(1,135,708)

(50,787)

Net current (liabilities)/assets

 

(987,674)

867,753

Net (liabilities)/assets

 

(745,855)

1,141,885

Capital and reserves

 

Called up share capital

11

11

Share premium reserve

2,304,655

2,304,655

Retained earnings

(3,050,521)

(1,162,781)

Shareholders' (deficit)/funds

 

(745,855)

1,141,885

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 December 2024
 

 

Acet Circular Solutions Ltd

(Registration number: 13486998)
Balance Sheet as at 31 July 2024

.........................................
Matthew James Kennedy
Director

 

Acet Circular Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Units 6-9 Hardwick Road
Astmoor Industrial Estate
Runcorn
Cheshire
WA7 1PH
United Kingdom

These financial statements were authorised for issue by the director on 18 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. At 31st July 2024, the company was loss making and had net liabilities. The director has confirmed that in his opinion the company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months.)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue is recognised when all the following conditions are met:
- The Company has transferred the significant risks and rewards of the ownership to the buyer;
- The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- The amount can be reliably measured;
- It is probable that the Company will receive the consideration due under the transaction; and

When the outcome of a transaction can be estimated reliably, turnover from services provided is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the contract duration.

 

Acet Circular Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Rental income is to be recognised once it is probable that the income will be received and the amounts can be reliably measured.

Rental income is recognised on a straight-line basis over the life of the lease.
 

Grant income

The company receives grants. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Furniture, fittings and equipment

25% straight line

 

Acet Circular Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Acet Circular Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Borrowings

Hire purchase contracts are initially recorded at the fair value of the contract. Interest-bearing contracts are subsequently carried at fair value adjusted for repayments and interest incurred on the debt, with interest being recognised as a charge to the profit and loss account over the period of the relevant contract.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Hire purchase contracts are classified between current liabilities and non-current liabiltiies as the settlemnet of the debts lie per the contracts.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2023 - 16).

 

Acet Circular Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 August 2023

1,065

1,065

At 31 July 2024

1,065

1,065

Amortisation

At 1 August 2023

175

175

Amortisation charge

107

107

At 31 July 2024

282

282

Carrying amount

At 31 July 2024

783

783

At 31 July 2023

890

890

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

37,990

58,751

247,740

344,481

Additions

-

7,920

55,853

63,773

Disposals

-

(128)

-

(128)

At 31 July 2024

37,990

66,543

303,593

408,126

Depreciation

At 1 August 2023

7,591

12,840

50,808

71,239

Charge for the year

9,497

16,143

70,211

95,851

At 31 July 2024

17,088

28,983

121,019

167,090

Carrying amount

At 31 July 2024

20,902

37,560

182,574

241,036

At 31 July 2023

30,399

45,911

196,932

273,242

Included within the net book value of land and buildings above is £20,901 (2023 - £30,399) in respect of short leasehold land and buildings.
 

 

Acet Circular Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Stocks

2024
£

2023
£

Inventory

-

35,124

7

Debtors

Current

2024
£

2023
£

Trade debtors

5,214

3,912

Prepayments

16,837

9,359

Other debtors

56,027

232,758

 

78,078

246,029

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,000,000

4,484

Trade creditors

 

72,260

15,770

Taxation and social security

 

53,440

26,720

Accruals and deferred income

 

7,835

-

Other creditors

 

2,173

3,813

 

1,135,708

50,787

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

-

4,484

Convertible debt

1,000,000

-

1,000,000

4,484

During the year the Company issued convertible loan notes totalling £1,000,000. Under the terms of the convertible notes, cash advanced by investors converts into shares upon completion of a qualifying finance event. No interest is accruing on these notes.

 

Acet Circular Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

4,484

-

4,484

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

102,124

118,139

Later than one year and not later than five years

89,041

257,334

191,165

375,473

The amount of non-cancellable operating lease payments recognised as an expense during the year was £96,679 (2023 - £43,532).

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.0001 each

68,842

6.88

68,842

6.88

Ordinary A shares of £0.0001 each

25,375

2.54

25,375

2.54

Deferred shares of £0.0001 each

19,410

1.94

19,410

1.94

 

113,627

11.36

113,627

11

12

Control

The controlling party is the director, Mr. Matthew Kennedy.