Ace Carpet Edging Limited 04193678 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is carpet edging Digita Accounts Production Advanced 6.30.9574.0 true true 04193678 2023-05-01 2024-04-30 04193678 2024-04-30 04193678 bus:OrdinaryShareClass1 2024-04-30 04193678 core:RetainedEarningsAccumulatedLosses 2024-04-30 04193678 core:ShareCapital 2024-04-30 04193678 core:CurrentFinancialInstruments 2024-04-30 04193678 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 04193678 core:Non-currentFinancialInstruments 2024-04-30 04193678 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 04193678 core:FurnitureFittingsToolsEquipment 2024-04-30 04193678 core:MotorVehicles 2024-04-30 04193678 core:OtherPropertyPlantEquipment 2024-04-30 04193678 1 2024-04-30 04193678 bus:SmallEntities 2023-05-01 2024-04-30 04193678 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04193678 bus:FilletedAccounts 2023-05-01 2024-04-30 04193678 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04193678 bus:RegisteredOffice 2023-05-01 2024-04-30 04193678 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 04193678 bus:Director1 2023-05-01 2024-04-30 04193678 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 04193678 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04193678 core:ComputerEquipment 2023-05-01 2024-04-30 04193678 core:FurnitureFittings 2023-05-01 2024-04-30 04193678 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 04193678 core:MotorVehicles 2023-05-01 2024-04-30 04193678 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 04193678 core:PlantMachinery 2023-05-01 2024-04-30 04193678 core:VehiclesPlantMachinery 2023-05-01 2024-04-30 04193678 countries:EnglandWales 2023-05-01 2024-04-30 04193678 1 2023-05-01 2024-04-30 04193678 2023-04-30 04193678 core:FurnitureFittingsToolsEquipment 2023-04-30 04193678 core:MotorVehicles 2023-04-30 04193678 core:OtherPropertyPlantEquipment 2023-04-30 04193678 1 2023-04-30 04193678 2022-05-01 2023-04-30 04193678 2023-04-30 04193678 bus:OrdinaryShareClass1 2023-04-30 04193678 core:RetainedEarningsAccumulatedLosses 2023-04-30 04193678 core:ShareCapital 2023-04-30 04193678 core:CurrentFinancialInstruments 2023-04-30 04193678 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04193678 core:Non-currentFinancialInstruments 2023-04-30 04193678 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 04193678 core:FurnitureFittingsToolsEquipment 2023-04-30 04193678 core:MotorVehicles 2023-04-30 04193678 core:OtherPropertyPlantEquipment 2023-04-30 04193678 1 2023-04-30 04193678 1 2022-05-01 2023-04-30 04193678 1 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04193678

Ace Carpet Edging Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Ace Carpet Edging Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Ace Carpet Edging Limited

Company Information

Directors

Mr Stuart Mackenzie

Mrs Joanna Mackenzie

Registered office

Unit 5 Station Yard Industrial Estate
Station Road
Gt Dunmow
Essex
CM6 1XD

Accountants

Anthony Russel Limited
1st Floor
11 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

 

Ace Carpet Edging Limited

(Registration number: 04193678)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

57,452

34,865

Current assets

 

Stocks

5

68,500

50,000

Debtors

6

79,712

76,142

Cash at bank and in hand

 

221,494

230,721

 

369,706

356,863

Creditors: Amounts falling due within one year

7

(146,869)

(143,579)

Net current assets

 

222,837

213,284

Total assets less current liabilities

 

280,289

248,149

Creditors: Amounts falling due after more than one year

7

(14,167)

(24,167)

Provisions for liabilities

(14,363)

-

Net assets

 

251,759

223,982

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

251,659

223,882

Shareholders' funds

 

251,759

223,982

 

Ace Carpet Edging Limited

(Registration number: 04193678)
Balance Sheet as at 30 April 2024

For the financial 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.

Directors' 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 directors acknowledge 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mrs Joanna Mackenzie
Company secretary and director

 

Ace Carpet Edging Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Unit 5 Station Yard Industrial Estate
Station Road
Gt Dunmow
Essex
CM6 1XD
England

These financial statements were authorised for issue by the Board on 30 January 2025.

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.

 

Ace Carpet Edging Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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

Computer Equipment

25% Straight Line

Fixtures and Fittings

25% Straight Line

Plant and Machinery

25% Straight Line

Motor Vehicle

25% Straight Line

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.

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.

 

Ace Carpet Edging Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 13 (2023 - 12).

 

Ace Carpet Edging Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

10,452

20,736

37,641

68,829

Additions

-

25,125

10,499

35,624

At 30 April 2024

10,452

45,861

48,140

104,453

Depreciation

At 1 May 2023

8,594

5,616

19,754

33,964

Charge for the year

711

6,754

5,572

13,037

At 30 April 2024

9,305

12,370

25,326

47,001

Carrying amount

At 30 April 2024

1,147

33,491

22,814

57,452

At 30 April 2023

1,858

15,120

17,887

34,865

5

Stocks

2024
£

2023
£

Other inventories

68,500

50,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

73,495

72,112

Prepayments

5,887

3,640

Other debtors

330

390

 

79,712

76,142

 

Ace Carpet Edging Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Bank loans and overdrafts

9

10,000

10,000

trade creditors

 

19,510

24,252

Taxation and social security

 

36,886

39,705

Other creditors

 

76,606

66,157

Accrued expenses

 

3,867

3,465

 

146,869

143,579

Due after one year

 

Loans and borrowings

9

14,167

24,167

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

14,167

24,167

 

Ace Carpet Edging Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,167

24,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

 

Ace Carpet Edging Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Transactions with directors

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

Interest is charged on the loan at 2.25%.

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

(37,729)

66,239

(74,226)

(45,716)

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

(9,904)

54,365

(82,190)

(37,729)

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,926

17,280