Registration number:
A.C.A. Assets Ltd
for the Year Ended 31 August 2024
A.C.A. Assets Ltd
Contents
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Company Information |
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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 |
A.C.A. Assets Ltd
Company Information
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Director |
Dara Changizi |
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Registered office |
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Accountants |
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A.C.A. Assets Ltd
(Registration number: SC353339)
Statement of Financial Position as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
18,332 |
18,332 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Revaluation reserve |
871,250 |
871,250 |
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Retained earnings |
2,310,502 |
2,365,815 |
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Shareholders' funds |
3,181,754 |
3,237,067 |
A.C.A. Assets Ltd
(Registration number: SC353339)
Statement of Financial Position as at 31 August 2024
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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A.C.A. Assets Ltd
Statement of Changes in Equity for the Year Ended 31 August 2024
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 September 2023 |
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Loss for the year |
- |
- |
( |
( |
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Dividends |
- |
- |
( |
( |
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At 31 August 2024 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 September 2022 |
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Loss for the year |
- |
- |
( |
( |
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Other comprehensive income |
- |
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- |
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Total comprehensive income |
- |
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( |
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At 31 August 2023 |
2 |
871,250 |
2,365,815 |
3,237,067 |
A.C.A. Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 presented in sterling (£) and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
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 sales/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.
A.C.A. Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets, other than Land and Buildings, are stated in the Balance Sheet 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.
Land and Buildings have been revalued on a Market Value basis by an independent valuer.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold Property |
2% on cost |
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Plant and machinery |
25% reducing balance and 10% on cost |
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Motor vehicles |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and bank deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
A.C.A. Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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 profit and loss account 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 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 profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
A.C.A. Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
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Disposals |
- |
( |
( |
( |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Included within the net book value of land and buildings above is £1,858,452 (2023 - £1,870,000) in respect of freehold land and buildings.
A.C.A. Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Other financial assets (current and non-current) |
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Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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Additions |
18,332 |
18,332 |
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At 31 August 2024 |
18,332 |
18,332 |
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Impairment |
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Carrying amount |
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At 31 August 2024 |
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18,332 |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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A.C.A. Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Amounts owed to related parties |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors include finance lease liabilities which are secured of £56,885 (2023 - £20,453) and bank loans of £29,250 (2023 - £29,250). Finance lease liabilities are secured over the assets to which they relate.
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include finance lease liabilities which are secured of £191,193 (2023 - £68,752) and bank loans of £1,102,438 (2023 - £1,131,688). Finance lease liabilities are secured over the assets to which they relate.
A.C.A. Assets Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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Revaluation reserve |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
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Related party transactions |
Summary of transactions with other related parties
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is