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COMPANY REGISTRATION NUMBER: 07859468
ACD Projects Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
ACD Projects Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
243,912
107,075
Current assets
Debtors
6
820,126
975,828
Cash at bank and in hand
654,618
435,769
------------
------------
1,474,744
1,411,597
Creditors: amounts falling due within one year
7
395,392
479,989
------------
------------
Net current assets
1,079,352
931,608
------------
------------
Total assets less current liabilities
1,323,264
1,038,683
Creditors: amounts falling due after more than one year
8
131,777
50,246
Provisions
Taxation including deferred tax
10,654
------------
------------
Net assets
1,180,833
988,437
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,180,733
988,337
------------
---------
Shareholders funds
1,180,833
988,437
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ACD Projects Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 4 March 2025 , and are signed on behalf of the board by:
Mr A Darvill
Director
Company registration number: 07859468
ACD Projects Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Kings Court, Willie Snaith Road, Newmarket, Suffolk, CB8 7SG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents work done during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2023: 20 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 May 2023
87,459
96,944
184,403
Additions
168,814
51,585
220,399
Disposals
( 77,109)
( 77,109)
---------
---------
---------
At 30 April 2024
179,164
148,529
327,693
---------
---------
---------
Depreciation
At 1 May 2023
40,569
36,759
77,328
Charge for the year
24,946
18,049
42,995
Disposals
( 36,542)
( 36,542)
---------
---------
---------
At 30 April 2024
28,973
54,808
83,781
---------
---------
---------
Carrying amount
At 30 April 2024
150,191
93,721
243,912
---------
---------
---------
At 30 April 2023
46,890
60,185
107,075
---------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
336,923
333,728
Other debtors
483,203
642,100
---------
---------
820,126
975,828
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
41,710
Trade creditors
89,247
83,878
Social security and other taxes
261,278
322,699
Other creditors
34,867
31,702
---------
---------
395,392
479,989
---------
---------
In respect of the bank loans stated above a Director has given personal guarantees as security for loans of £nil (2023: £31,710).
Included within the liabilities disclosed above under other creditors is an amount of £16,862 (2023: £13,622) for which security over the assets to which the liability relates has been given.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Other creditors
119,277
27,746
---------
--------
131,777
50,246
---------
--------
Included within the liabilities disclosed above under other creditors is an amount of £119,277 (2023: £27,746) for which security over the assets to which the liability relates has been given.
9. Other financial commitments
The total amount of financial commitments not included in the balance sheet is £ 34,817 (2023: £ 560 ). There were no contingencies or guarantees.
10. Director's advances, credits and guarantees
During the year the company continued to extend credit and make advances to the director. These amounts are repayable on demand and interest has been charged on any outstanding balances on a daily basis, calculated at the HMRC official beneficial loan rate. Details of the balances, advances and amounts repaid are;
2024 2023
£ £
Amounts advanced 187,809 263,220
Amounts repaid 316,571 239,684
Balance due to the company at the year end 168,893 297,655