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Registration number: 08987549

Ace Vehicle Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Ace Vehicle Services Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Statement of Comprehensive Income

4

Statement of Financial Position

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

Detailed Statement of Comprehensive Income

15 to 16

 

Ace Vehicle Services Limited

Company Information

Directors

Mr CE Davis

Mr A P Davis

Registered office

83 High Street
West Wickham
Kent
BR4 0LS

Accountants

Sherwoods
Chartered Certified Accountants83 High Street
West Wickham
Kent
BR4 0LS

 

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:

Mr CE Davis

Mr A P Davis

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 


Mr CE Davis
Director

 

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.

......................................

Sherwoods
Chartered Certified Accountants
83 High Street
West Wickham
Kent
BR4 0LS

9 April 2024

 

Ace Vehicle Services Limited

Statement of Comprehensive Income for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

1,331,359

1,295,446

Cost of sales

 

(780,420)

(863,552)

Gross profit

 

550,939

431,894

Administrative expenses

 

(494,118)

(506,604)

Other operating income

 

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

4

54,638

(79,836)

Tax on profit/(loss)

 

(20,144)

6,937

Profit/(loss) for the financial year

 

34,494

(72,899)

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

5

91,445

124,862

Current assets

 

Stocks

6

43,610

44,250

Debtors

7

135,304

184,208

Cash at bank and in hand

 

117,404

57,434

 

296,318

285,892

Creditors: Amounts falling due within one year

8

(194,925)

(239,936)

Net current assets

 

101,393

45,956

Total assets less current liabilities

 

192,838

170,818

Creditors: Amounts falling due after more than one year

8

(11,502)

(23,976)

Net assets

 

181,336

146,842

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 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 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 Board on 9 April 2024 and signed on its behalf by:
 

 

Ace Vehicle Services Limited

(Registration number: 08987549)
Statement of Financial Position as at 30 April 2024


Mr CE Davis
Director


Mr A P Davis
Director

 

Ace Vehicle Services Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2023

100

146,742

146,842

Profit for the year

-

34,494

34,494

At 30 April 2024

100

181,236

181,336

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2022

100

219,641

219,741

Loss for the year

-

(72,899)

(72,899)

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
83 High Street
West Wickham
Kent
BR4 0LS
England

Principal activity

The principal activity of the company is motor vehicle services

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.

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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

30,481

41,623

 

Ace Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

91,310

7,295

251,522

350,127

Disposals

-

-

(22,000)

(22,000)

At 30 April 2024

91,310

7,295

229,522

328,127

Depreciation

At 1 May 2023

61,259

6,331

157,675

225,265

Charge for the year

7,513

241

22,728

30,482

Eliminated on disposal

-

-

(19,065)

(19,065)

At 30 April 2024

68,772

6,572

161,338

236,682

Carrying amount

At 30 April 2024

22,538

723

68,184

91,445

At 30 April 2023

30,051

964

93,847

124,862

6

Stocks

2024
£

2023
£

Other inventories

43,610

44,250

7

Debtors

2024
£

2023
£

Trade debtors

116,994

168,277

Prepayments

18,310

15,931

135,304

184,208

 

Ace Vehicle Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

12,688

32,226

Trade creditors

 

55,782

52,117

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

14,513

14,033

Taxation and social security

 

65,066

95,200

Accruals and deferred income

 

35,675

28,937

Other creditors

 

11,201

17,423

 

194,925

239,936

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

11,502

23,976

9

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,502

22,329

Hire purchase contracts

-

1,647

11,502

23,976

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

9,707

Bank overdrafts

1,041

12,638

Hire purchase contracts

1,647

9,881

12,688

32,226

 

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)