Registration number:
Ace Vehicle Services Limited
for the Year Ended 30 April 2024
Ace Vehicle Services Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Statement of Comprehensive Income |
Ace Vehicle Services Limited
Company Information
Directors |
Mr CE Davis Mr A P Davis |
Registered office |
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Accountants |
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Ace Vehicle Services Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors of the company
The directors who held office during the year were as follows:
Approved and authorised by the
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Chartered
Certified
Accountants' Report to the
Board of Directors
on the Preparation of the Unaudited Statutory Accounts of
Ace Vehicle Services Limited
for the
Year
Ended
30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ace Vehicle Services Limited for the year ended 30 April 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Ace Vehicle Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ace Vehicle Services Limited and state those matters that we have agreed to state to the Board of Directors of Ace Vehicle Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ace Vehicle Services Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ace Vehicle Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ace Vehicle Services Limited. You consider that Ace Vehicle Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Ace Vehicle Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountants
West Wickham
Kent
BR4 0LS
Ace Vehicle Services Limited
Statement of Comprehensive Income for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
|
Operating profit/(loss) |
57,261 |
(74,710) |
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
( |
|
(2,623) |
(5,126) |
||
Profit/(loss) before tax |
|
( |
|
Tax on profit/(loss) |
( |
|
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Ace Vehicle Services Limited
(Registration number: 08987549)
Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
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|
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Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
181,236 |
146,742 |
|
Shareholders' funds |
181,336 |
146,842 |
For the financial 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.
Directors' responsibilities:
• |
|
• |
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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
Ace Vehicle Services Limited
(Registration number: 08987549)
Statement of Financial Position as at 30 April 2024
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Ace Vehicle Services Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Profit and loss account |
Total |
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At 1 May 2023 |
|
|
|
Profit for the year |
- |
|
|
At 30 April 2024 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 May 2022 |
|
|
|
Loss for the year |
- |
( |
( |
At 30 April 2023 |
100 |
146,742 |
146,842 |
Ace Vehicle Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
England
Principal activity
The principal activity of the company is motor vehicle services
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Ace Vehicle Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
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 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.
Tax
The tax expense for the period comprises current 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Computer equipment |
25% reducing balance |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Ace Vehicle Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 statement of comprehensive income 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.
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 statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Ace Vehicle Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
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.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Ace Vehicle Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 May 2023 |
|
|
|
|
Disposals |
- |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
|
|
|
Ace Vehicle Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Ace Vehicle Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
- |
|
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Bank overdrafts |
|
|
Hire purchase contracts |
|
|
|
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Ace Vehicle Services Limited
Detailed Statement of Comprehensive Income for the Year Ended 30 April 2024
2024 |
2023 |
|
Turnover |
||
Sales |
1,329,151 |
1,295,161 |
Sales type 9 |
1,323 |
- |
Interest received |
885 |
285 |
1,331,359 |
1,295,446 |
|
Cost of sales |
||
Opening stock |
44,240 |
42,100 |
Purchases |
766,780 |
858,742 |
Closing stock |
(43,600) |
(44,250) |
Subcontract cost |
13,000 |
6,960 |
780,420 |
863,552 |
|
Gross profit |
550,939 |
431,894 |
Gross profit (%) |
41.38% |
33.34% |
Administrative expenses |
||
Wages and salaries (excluding directors) |
174,849 |
169,004 |
Staff NIC (Employers) |
10,975 |
16,465 |
Directors remuneration |
52,457 |
51,600 |
Directors NIC (Employers) |
4,727 |
4,819 |
Staff pensions (Defined contribution) |
2,844 |
3,808 |
Directors pensions (Defined contribution) |
1,199 |
- |
Rates and water |
7,285 |
5,932 |
Rent |
18,300 |
7,800 |
Light, heat and power |
11,211 |
10,917 |
Insurance |
28,734 |
29,826 |
Repairs and renewals |
30,601 |
49,306 |
Telephone |
7,357 |
6,848 |
Computer software and maintenance costs |
12,030 |
11,712 |
Printing, postage and stationery |
398 |
2,324 |
Trade subscriptions |
399 |
794 |
Charitable donations |
100 |
- |
Hire of plant and machinery (Operating leases) |
- |
363 |
Sundry expenses |
1,820 |
4,890 |
Cleaning |
2,457 |
2,349 |
Management charges payable |
3,000 |
3,000 |
Motor expenses |
53,370 |
48,212 |
Travel and subsistence |
516 |
111 |
Advertising |
528 |
2,636 |
Accountancy fees |
9,985 |
8,680 |
Ace Vehicle Services Limited
Detailed Statement of Comprehensive Income for the Year Ended 30 April 2024
2024 |
2023 |
|
Bookkeeping |
1,651 |
950 |
Legal and professional fees |
17,821 |
11,640 |
Fines and penalties |
2,112 |
2,550 |
Bank charges |
4,976 |
4,095 |
Depreciation of plant and machinery (owned) |
7,512 |
10,017 |
Depreciation of motor vehicles (owned) |
22,728 |
31,285 |
Depreciation of office equipment (owned) |
241 |
321 |
(Profit)/loss on disposal of tangible fixed assets |
1,935 |
4,350 |
494,118 |
506,604 |
|
Other operating income |
||
Interest on tax |
440 |
- |
Operating profit/(loss) |
57,261 |
(74,710) |
Other interest receivable and similar income |
- |
(255) |
Interest payable and similar expenses |
2,623 |
5,381 |
2,623 |
5,126 |
|
Profit/(loss) before tax |
54,638 |
(79,836) |