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Registration number: 06570166

Acop Group Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Acop Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Acop Group Limited

Company Information

Director

Mr S Jones

Registered office

Capel Quarry
Gorslas
Llanelli
Carmarthenshire
SA14 7NH
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Acop Group Limited

(Registration number: 06570166)
Balance Sheet as at 31 October 2024

Note

31 October
2024
£

31 October
2023
£

Fixed assets

 

Tangible assets

4

501,339

472,292

Current assets

 

Debtors

5

56,632

81,794

Cash at bank and in hand

 

33,528

9,229

 

90,160

91,023

Creditors: Amounts falling due within one year

6

(142,604)

(135,784)

Net current liabilities

 

(52,444)

(44,761)

Total assets less current liabilities

 

448,895

427,531

Creditors: Amounts falling due after more than one year

6

(136,473)

(160,955)

Provisions for liabilities

(90,919)

(85,531)

Net assets

 

221,503

181,045

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

221,403

180,945

Shareholders' funds

 

221,503

181,045

For the financial year ending 31 October 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 his 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.

 

Acop Group Limited

(Registration number: 06570166)
Balance Sheet as at 31 October 2024

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 30 November 2024
 

.........................................
Mr S Jones
Director

 

Acop Group Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 October 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:
Capel Quarry
Gorslas
Llanelli
Carmarthenshire
SA14 7NH
Wales

These financial statements were authorised for issue by the director on 30 November 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

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.

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.

 

Acop Group Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

10-15% on cost

Fixtures and Fittings

15% on cost

Motor Vehicles

20% on cost

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.

 

Acop Group Limited

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

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Acop Group Limited

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

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.

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 the director) during the year, was 7 (2023 - 7).

 

Acop Group Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

22,127

31,720

69,774

854,802

978,423

Additions

2,925

8,921

36,995

100,381

149,222

Disposals

-

-

(15,990)

(155,750)

(171,740)

At 31 October 2024

25,052

40,641

90,779

799,433

955,905

Depreciation

At 1 November 2023

-

25,565

57,248

423,318

506,131

Charge for the year

-

2,080

13,323

95,664

111,067

Eliminated on disposal

-

-

(15,990)

(146,642)

(162,632)

At 31 October 2024

-

27,645

54,581

372,340

454,566

Carrying amount

At 31 October 2024

25,052

12,996

36,198

427,093

501,339

At 31 October 2023

22,127

6,155

12,526

431,484

472,292

 

Acop Group Limited

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

Included within the net book value of land and buildings above is £25,052 (2023 - £22,127) in respect of freehold land and buildings.
 

 

Acop Group Limited

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

5

Debtors

Current

31 October
2024
£

31 October
2023
£

Trade debtors

44,816

68,813

Prepayments

11,816

10,089

Other debtors

-

2,892

 

56,632

81,794

 

Acop Group Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

31 October
2024
£

31 October
2023
£

Due within one year

 

Bank loans and overdrafts

8

108,093

108,936

Trade creditors

 

12,772

12,292

Taxation and social security

 

7,260

10,281

Accruals and deferred income

 

2,087

2,006

Other creditors

 

12,392

2,269

 

142,604

135,784

Creditors: amounts falling due after more than one year

Note

31 October
2024
£

31 October
2023
£

Due after one year

 

Loans and borrowings

8

136,473

160,955

7

Share capital

Allotted, called up and fully paid shares

31 October
2024

31 October
2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Acop Group Limited

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

8

Loans and borrowings

Non-current loans and borrowings

31 October
2024
£

31 October
2023
£

Bank borrowings

20,451

40,985

Hire purchase contracts

116,022

119,970

136,473

160,955

Current loans and borrowings

31 October
2024
£

31 October
2023
£

Bank borrowings

20,532

20,361

Hire purchase contracts

87,561

88,575

108,093

108,936

9

Dividends

Interim dividends paid

31 October
2024
£

31 October
2023
£

Interim dividend of £170.00 (2023 - £530.00) per each Ordinary shares

17,000

53,002

 

 

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,492

12,492