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Registered number: 04575736
Ace Lettings Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Statement of Financial Position
Registered number: 04575736
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 3,304 4,130
3,304 4,130
CURRENT ASSETS
Debtors 6 7,518 4,468
Cash at bank and in hand 6,715 4,557
14,233 9,025
Creditors: Amounts Falling Due Within One Year 7 (17,985 ) (19,140 )
NET CURRENT ASSETS (LIABILITIES) (3,752 ) (10,115 )
TOTAL ASSETS LESS CURRENT LIABILITIES (448 ) (5,985 )
NET LIABILITIES (448 ) (5,985 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement (548 ) (6,085 )
SHAREHOLDERS' FUNDS (448) (5,985)
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Mary Vasili
Director
11 April 2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Ace Lettings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04575736 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis on the grounds that the company's shareholders will continue to support the company over the following twelve months at least.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is not amortised to the income statement.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
2.6. Taxation
The tax expense represents the sum of the corporation tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.8. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest.
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Page 3
2.9. Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investmens with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 10,000
As at 30 September 2024 10,000
Amortisation
As at 1 October 2023 10,000
As at 30 September 2024 10,000
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 9,690 16,635 12,161 38,486
As at 30 September 2024 9,690 16,635 12,161 38,486
Depreciation
As at 1 October 2023 8,632 16,214 9,510 34,356
Provided during the period 212 84 530 826
As at 30 September 2024 8,844 16,298 10,040 35,182
Net Book Value
As at 30 September 2024 846 337 2,121 3,304
As at 1 October 2023 1,058 421 2,651 4,130
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,150 745
Prepayments and accrued income 4,095 1,450
Corporation tax recoverable assets 2,273 2,273
7,518 4,468
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Page 4
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1,876
Corporation tax 87 -
Other taxes and social security 138 265
Landlords' deposits 5,012 5,512
Accruals and deferred income 1,040 400
Directors' loan accounts 11,708 11,087
17,985 19,140
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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