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Registration number: 08222689

ACME Flooring & Paving Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

ACME Flooring & Paving Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

ACME Flooring & Paving Ltd

Company Information

Directors

J Maryon

J Whelan

Registered office

The Old Church School
Butts Hill
Frome
Somerset
BA11 1HR

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

ACME Flooring & Paving Ltd

(Registration number: 08222689)
Balance Sheet
30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,607,774

3,076,564

Investments

5

200

200

 

3,607,974

3,076,764

Current assets

 

Debtors

6

508,127

505,306

Cash at bank and in hand

 

12,417

17,933

 

520,544

523,239

Creditors: Amounts falling due within one year

7

(2,668,932)

(2,110,629)

Net current liabilities

 

(2,148,388)

(1,587,390)

Total assets less current liabilities

 

1,459,586

1,489,374

Creditors: Amounts falling due after more than one year

7

(791,566)

(791,566)

Provisions for liabilities

(166,886)

(166,886)

Net assets

 

501,134

530,922

Capital and reserves

 

Called up share capital

1

1

Retained earnings

501,133

530,921

Shareholders' funds

 

501,134

530,922

 

ACME Flooring & Paving Ltd

(Registration number: 08222689)
Balance Sheet
30 June 2024

For the financial year ending 30 June 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 24 March 2025 and signed on its behalf by:
 

.........................................
J Maryon
Director

 

ACME Flooring & Paving Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 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:
The Old Church School
Butts Hill
Frome
Somerset
BA11 1HR

These financial statements were authorised for issue by the Board on 24 March 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.

Revenue recognition

Rental income from investment property leased out under operating leases is recognised in the statement of income and retained earnings on a straight-line basis over the term of the lease.

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.

 

ACME Flooring & Paving Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

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.

Investment property

Investment property is initially recognised at cost, which included the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with chagnes in fair value recognised in profit or loss. Deferred taxtion is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for the existing use basis.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 for services performed in the ordinary course of business and are recognised at the transaction price. 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.

 

ACME Flooring & Paving Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recognised at their transaction price. 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

ACME Flooring & Paving Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

4

Investment properties

2024
£

At 1 July

3,076,564

Additions

531,210

At 30 June

3,607,774


The 2023 valuations were made by the directors, on an open market value for existing use basis.

5

Investments

2024
£

2023
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 July 2023

200

Provision

Carrying amount

At 30 June 2024

200

At 30 June 2023

200

6

Debtors

2024
£

2023
£

Amounts owed by related parties

483,303

481,542

Other debtors

20,710

20,254

Prepayments

4,114

3,510

508,127

505,306

 

ACME Flooring & Paving Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

3,819

662

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,879,541

1,854,540

Taxation and social security

 

5,029

4,344

Accruals and deferred income

 

780,543

251,083

 

2,668,932

2,110,629

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

791,566

791,566


Creditors include bank loans which are secured by a fixed and floating charge over the assets of the company in respect of a loan totalling £791,566 ( 2023- £791,566).

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

791,566

791,566