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ACE Lifts Ltd
Registered Number:01960580
For the year ended 31 January 2025
England and Wales
Unaudited Financial Statements
2
For the year ended 31 January 2025
ACE Lifts Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
01960580
As at 31 January 2025
ACE Lifts Ltd
Statement of Financial Position
£
£
2024
2025
Notes
Fixed assets
Intangible assets
1,372,812
1,386,298
2
Property, plant and equipment
65,547
137,967
3
1,438,359
1,524,265
Current assets
Inventories
304,609
219,848
4
Trade and other receivables
409,044
527,508
5
70,183
Cash and cash equivalents
104,953
852,309
783,836
Trade and other payables: amounts falling due within one
year
(1,273,645)
(1,470,779)
6
(489,809)
(618,470)
Net current liabilities
Total assets less current liabilities
819,889
1,034,456
Trade and other payables: amounts falling due after more
than one year
(824,586)
(466,827)
7
(11,327)
(26,214)
Provisions for liabilities
341,735
Net assets
183,656
Capital and reserves
Called up share capital
250
200
Retained earnings
341,485
183,456
341,735
183,656
Shareholders' funds
For the year ended 31 January 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 of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
01960580
For the year ended 31 January 2025
ACE Lifts Ltd
Statement of Financial Position Continued
Mr C Salter Director
These financial statements were approved and authorised for issue by the Board on 06 May 2025 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 January 2025
ACE Lifts Ltd
Notes to the Financial Statements
Statutory Information
ACE Lifts Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
01960580.
Registered address:
Units 4 & 5
St Ives Way
Sandycroft
Flintshire
CH5 2QS
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and development
Expenditure on research and development is capitalised under Intangible assets.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant & machinery
20% Straight line
20% Straight line
Motor vehicles
20% Straight line
Fixtures & fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Debtors include amounts recoverable on long term contracts which are stated at the net sales value of the work done after provision for contingencies and any anticipated future losses on contracts, less amounts received as progress payments on account. Any excess progress payments are included in creditors as payments on account.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
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6
For the year ended 31 January 2025
ACE Lifts Ltd
Notes to the Financial Statements Continued
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
2. Intangible fixed assets
Research &
Development
Cost or valuation
£
At 01 February 2024
2,295,203
Additions
47,514
At 31 January 2025
2,342,717
Amortisation
At 01 February 2024
908,905
61,000
Charge for year
At 31 January 2025
969,905
Net book value
At 31 January 2025
1,372,812
3. Property, plant and equipment
Total
Fixtures &
fittings
Motor vehicles
Plant &
machinery
£
£
£
£
Cost or
valuation
At 01 February 2024
421,220
49,906
285,411
85,903
19,721
19,721
-
-
Additions
-
(97,733)
-
Disposals
(97,733)
At 31 January 2025
85,903
187,678
69,627
343,208
Provision for depreciation and impairment
At 01 February 2024
283,253
41,787
158,811
82,655
Charge for year
72,686
3,179
67,590
1,917
(78,278)
-
(78,278)
-
On disposal
At 31 January 2025
277,661
44,966
148,123
84,572
At 31 January 2025
Net book value
1,331
39,555
24,661
65,547
At 31 January 2024
3,248
126,600
8,119
137,967
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7
For the year ended 31 January 2025
ACE Lifts Ltd
Notes to the Financial Statements Continued
4. Inventories
2024
2025
£
£
Stocks
219,848
304,609
5. Trade and other receivables
2024
2025
£
£
Trade debtors
457,472
351,696
Prepayments and accrued income
70,036
40,992
Taxation and social security
-
16,356
409,044
527,508
6. Trade and other payables: amounts falling due within one year
2024
2025
£
£
Bank loans and overdraft (secured)
96,879
96,610
Bank loans and overdraft
13,253
41,607
Trade creditors
370,302
392,533
Taxation and social security
190,772
183,285
Accruals and deferred income
568,044
419,797
Directors' loan accounts
227,811
91,788
Other creditors
3,718
48,025
1,470,779
1,273,645
7. Trade and other payables: amounts falling due after more than one year
2024
2025
£
£
Bank loans and overdraft (secured)
19,459
116,339
708,247
447,368
Directors' loan accounts
466,827
824,586
8. Average number of persons employed
During the year the average number of employees was 33 (2024 : 30)
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