Company Registration No. 02506398 (England and Wales)
ACONPEX (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
St Matthews House
Haugh Lane
Hexham
Northumberland
NE46 3PU
ACONPEX (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ACONPEX (UK) LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
194,186
204,661
Investments
4
486,765
420,827
680,951
625,488
Current assets
Stocks
50,000
118,000
Debtors
5
83,999
191,484
Cash at bank and in hand
671,935
709,169
805,934
1,018,653
Creditors: amounts falling due within one year
6
(100,586)
(242,434)
Net current assets
705,348
776,219
Total assets less current liabilities
1,386,299
1,401,707
Provisions for liabilities
(13,704)
(6,283)
Net assets
1,372,595
1,395,424
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
1,362,595
1,385,424
Total equity
1,372,595
1,395,424

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ACONPEX (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mr J B West
Director
Company registration number 02506398 (England and Wales)
ACONPEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Aconpex (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Glenshele House, Scroggswood, Bardon Mill, Northumberland, NE47 7JQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Invoices are raised on provision of goods and services.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
nil
Land and buildings leasehold
20% per annum straight line
Fixture, fittings & equipment
15% per annum reducing balance & 33% straight line
Motor vehicles
25% per annum reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ACONPEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stock is valued at the lower of cost and net realisable value.

 

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

ACONPEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
9
ACONPEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Tangible fixed assets
Freehold property
Land and buildings leasehold
Fixture, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
153,738
41,359
81,334
97,591
374,022
Depreciation and impairment
At 1 June 2023
-
0
41,359
57,039
70,963
169,361
Depreciation charged in the year
-
0
-
0
3,818
6,657
10,475
At 31 May 2024
-
0
41,359
60,857
77,620
179,836
Carrying amount
At 31 May 2024
153,738
-
0
20,477
19,971
194,186
At 31 May 2023
153,738
-
0
24,295
26,628
204,661
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
486,765
420,827
Fixed asset investments revalued

Investments are held at market value at 31st May 2024 as provided by Schroders.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2023
420,827
Additions
30,000
Valuation changes
35,938
At 31 May 2024
486,765
Carrying amount
At 31 May 2024
486,765
At 31 May 2023
420,827
ACONPEX (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
75,807
168,182
Other debtors
8,192
23,302
83,999
191,484
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
89,805
186,995
Taxation and social security
4,761
44,873
Other creditors
6,020
10,566
100,586
242,434
7
Directors' transactions

Dividends totalling £46,600 (2023 - £21,600) were paid in the year in respect of shares held by the company's directors.

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