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COMPANY REGISTRATION NUMBER: 12123114
ACE PRESTIGE LTD
Filleted Unaudited Financial Statements
30 June 2024
ACE PRESTIGE LTD
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,495
6,057
Current assets
Stocks
36,011
42,812
Debtors
6
1,746
1,750
Cash at bank and in hand
36,310
53,466
--------
--------
74,067
98,028
Creditors: amounts falling due within one year
7
101,927
130,626
---------
---------
Net current liabilities
27,860
32,598
--------
--------
Total assets less current liabilities
( 25,365)
( 26,541)
Creditors: amounts falling due after more than one year
8
27,577
32,437
--------
--------
Net liabilities
( 52,942)
( 58,978)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 52,943)
( 58,979)
--------
--------
Shareholders deficit
( 52,942)
( 58,978)
--------
--------
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 June 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 .
ACE PRESTIGE LTD
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
Mr K SOKHI
Director
Company registration number: 12123114
ACE PRESTIGE LTD
Notes to the Financial Statements
Year ended 30 June 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 28 HIGHFIELD DRIVE, ICKENHAM, UB10 8AN.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
All assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
18% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: Nil).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023
5,163
6,500
11,663
Disposals
( 6,500)
( 6,500)
-------
-------
--------
At 30 June 2024
5,163
5,163
-------
-------
--------
Depreciation
At 1 July 2023
2,045
3,561
5,606
Charge for the year
623
623
Disposals
( 3,561)
( 3,561)
-------
-------
--------
At 30 June 2024
2,668
2,668
-------
-------
--------
Carrying amount
At 30 June 2024
2,495
2,495
-------
-------
--------
At 30 June 2023
3,118
2,939
6,057
-------
-------
--------
6. Debtors
2024
2023
£
£
Other debtors
1,746
1,750
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
790
39
Other creditors
101,137
130,587
---------
---------
101,927
130,626
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bounce back loan
27,577
32,437
--------
--------
9. Director's advances, credits and guarantees
Directors loan account relates to directors current account.