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Registered number: 07143515
Ace IT Relocation Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2025
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07143515
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,147 6,552
10,147 6,552
CURRENT ASSETS
Debtors 5 32,598 39,650
Cash at bank and in hand 1 1
32,599 39,651
Creditors: Amounts Falling Due Within One Year 6 (75,851 ) (72,663 )
NET CURRENT ASSETS (LIABILITIES) (43,252 ) (33,012 )
TOTAL ASSETS LESS CURRENT LIABILITIES (33,105 ) (26,460 )
Creditors: Amounts Falling Due After More Than One Year 7 - (15,725 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,906 ) (2,906 )
NET LIABILITIES (36,011 ) (45,091 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement (36,111 ) (45,191 )
SHAREHOLDERS' FUNDS (36,011) (45,091)
Page 1
Page 2
For the year ending 28 February 2025 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.
The financial statements were approved by the board of directors on 8 April 2025 and were signed on its behalf by:
Mr K R Taylor
Director
8 April 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Ace IT Relocation Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07143515 . The registered office is Second Floor, Finance House, 20/21 Aviation Way, Southend-on-Sea, Essex, SS2 6UN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. 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 25% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred 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.
2.6. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the
company's pension scheme are charged to profit or loss in the period to which they relate.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
Page 3
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4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 March 2024 10,994
Additions 5,233
As at 28 February 2025 16,227
Depreciation
As at 1 March 2024 4,442
Provided during the period 1,638
As at 28 February 2025 6,080
Net Book Value
As at 28 February 2025 10,147
As at 1 March 2024 6,552
5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 12,141 23,856
Other debtors 20,457 15,794
32,598 39,650
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 3,905 4,395
Bank loans and overdrafts 41,823 43,802
Other creditors 14,677 14,791
Taxation and social security 15,446 9,675
75,851 72,663
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Business loan - 15,725
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2024 Amounts advanced Amounts repaid Amounts written off As at 28 February 2025
£ £ £ £ £
Mr Kyle Taylor 9,012 9,746 9,012 - 9,746
Mrs Sophie Taylor 2,934 6,935 2,934 - 6,935
The above loan is unsecured, interest free and repayable on demand.
10. Controlling Party
The company's controlling party is K R Taylor .
Page 5