| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| FOR |
| ACE LIFTAWAY LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| FOR |
| ACE LIFTAWAY LIMITED |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Statement of Income and Retained Earnings | 8 |
| Balance Sheet | 9 |
| Cash Flow Statement | 10 |
| Notes to the Cash Flow Statement | 11 |
| Notes to the Financial Statements | 13 |
| ACE LIFTAWAY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Chartered Certified Accountants |
| Statutory Auditor |
| 25 St Thomas Street |
| Winchester |
| Hampshire |
| SO23 9HJ |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| The directors present their strategic report for the year ended 31st October 2024. |
| REVIEW OF BUSINESS |
| 2023/24 was a challenging year which saw the completion and commissioning of the bespoke wash plant. All these challenges have been overcome resulting in a fully operational additional sector in the organisation. |
| During 2023/24 we continued to be subjected to extreme competitiveness in the tipper business, skip and container sector however we have been successful in maintaining our market position through our efficiencies, reliability and the outstanding customer service that we offer our customers. |
| We have continued to maintain reliable and consistent outlets for our products. |
| Ace Loos continued to go from strength to strength - we were successful in winning and retaining major events throughout Hampshire and Dorset. As a result we invested in additional portable toilets to increase our event fleet. |
| Our earlier investment in a new pre-MOT inspection service lane has proven to increase efficiencies, reducing the need for third party brake testing, and allowed us to increase the number of vehicles inspections and pre-MOT inspections going through the workshop without the need for additional staffing. |
| We have been successful in developing our young people through to skilled members of staff who are playing key roles within our business. This is an ongoing commitment. |
| Like all companies, we have been under pressure with increased costs across all sectors. We have reviewed suppliers and working practices to reduce the impact on the company's profitability. |
| We continue to invest in new equipment throughout all sectors but with reduced levels in departments that have adequate resources. A large volume of mobile plant was purchased prior to inflation pressures and interest rate rises and our recycling division is particularly benefiting from this pre-planning, taking the pressure off purchasing new machines whilst the interest rates sit at their current position. |
| Our staffing levels have been reviewed and we have reduced staff levels in departments through natural wastage. |
| We are extremely grateful for the continued support and hard work of all our employees and loyalty of our clients, suppliers and business partners. |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| FINANCIAL INSTRUMENTS, RISK MANAGEMENT AND POLICIES |
| The company has no financial instruments at the year end other than bank loans and cash, and financial instruments such as debtors and creditors that arise directly from its operations. |
| The company is exposed to a variety of financial risks which result from its operating activities. The board is responsible for coordinating the company's risk management and focuses on securing the company's short to medium term cash flows. |
| The company does not actively engage in the trading of financial assets and has no financial derivatives. The company seeks to manage risks to ensure sufficient liquidity is available to meet its foreseeable needs. Regular contact is maintained with the company's bankers to ensure that sufficient funding is available for the company's needs if required. |
| ON BEHALF OF THE BOARD: |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31st October 2024. |
| DIVIDENDS |
| Ordinary dividends were paid amounting to £180,000. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st November 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| Shaw Gibbs (Audit) Limited will be deemed to be reappointed in the following year under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ACE LIFTAWAY LIMITED |
| Opinion |
| We have audited the financial statements of Ace Liftaway Limited (the 'company') for the year ended 31st October 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31st October 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ACE LIFTAWAY LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We obtained an understanding of the legal and regulatory framework applicable to the company via discussions with the directors and our previous knowledge of the company. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The company complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements. |
| As part of our planning process we assessed susceptibility of the company's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Aceliftaway Limited are revenue recognition and management override. |
| Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing sales cut off and testing controls in place in respect of sales and those areas susceptible to management override including testing manual journals and making enquiries of management. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ACE LIFTAWAY LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Certified Accountants |
| Statutory Auditor |
| 25 St Thomas Street |
| Winchester |
| Hampshire |
| SO23 9HJ |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| STATEMENT OF INCOME AND RETAINED EARNINGS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 294,196 | 307,856 |
| Other operating income | 4 |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 320,328 | 329,110 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year |
| Dividends | 9 | ( |
) | ( |
) |
| RETAINED EARNINGS AT END OF YEAR |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| BALANCE SHEET |
| 31ST OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Finance costs paid | (1,710 | ) | - |
| Tax paid | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Loan repayments in year | ( |
) | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 187,890 | 131,960 |
| Amount withdrawn by directors | (185,036 | ) | (131,213 | ) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Decrease in cash and cash equivalents | ( |
) | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
1,302,579 |
| Cash and cash equivalents at end of year | 2 | 394,495 | 737,134 |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | 141,294 | 87,212 |
| Finance income | (6,675 | ) | (7,780 | ) |
| 1,197,494 | 1,256,317 |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31st October 2024 |
| 31.10.24 | 1.11.23 |
| £ | £ |
| Cash and cash equivalents | 394,495 | 737,134 |
| Year ended 31st October 2023 |
| 31.10.23 | 1.11.22 |
| £ | £ |
| Cash and cash equivalents | 737,134 | 1,302,579 |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 1.11.23 | Cash flow | changes | At 31.10.24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 737,134 | (342,639 | ) | 394,495 |
| 737,134 | ( |
) | 394,495 |
| Debt |
| Finance leases | (2,440,228 | ) | 780,267 | (370,262 | ) | (2,030,223 | ) |
| Debts falling due |
| within 1 year | (73,313 | ) | (6,031 | ) | - | (79,344 | ) |
| Debts falling due |
| after 1 year | (911,311 | ) | 79,402 | - | (831,909 | ) |
| (3,424,852 | ) | 853,638 | (370,262 | ) | (2,941,476 | ) |
| Total | (2,687,718 | ) | 510,999 | (370,262 | ) | (2,546,981 | ) |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Ace Liftaway Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
| Related party exemption |
| The financial statements contain information about Ace Liftaway Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Liddell Holdings (Wessex) Limited, The Estate Office, Yokesford Hill Estate Belbins, Romsey, Hampshire, SO51 0PF. |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
| 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
| party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimate and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
| - Depreciation policy |
| - Tipping provision |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Key sources of estimation uncertainty |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
| Trade debtors |
| Trade debtors are reviewed on an account-by-account basis for recoverability. Where the amount due is considered irrecoverable, or only partly recoverable, a provision is made against the amount which is not expected to be recovered. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and funding has been secured with the company's bankers as required. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
| Revenue from recycling is recognised when waste is physically received on site through the weighbridge. Revenue from sanitation hire and services is recognised on a monthly basis in line with the hire periods during that month. Revenue from the provision of skips is recognised on initial delivery of the skip to the customer with provision made for collection and waste disposal costs. |
| Intangible fixed assets other than goodwill |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Amortisation has not been provided as the intellectual property as the waste transfer license exists until it is transferred to another company or is surrendered. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
| Depreciation is provided at the following annual rates in order to to write off each asset over its estimated useful life. |
| Plant and machinery - 20% on reducing balance, 4% on cost and 5% on cost less residual value |
| Fixtures and fittings - 20% on reducing balance |
| Motor vehicles - 20% on reducing balance |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
| Investments in subsidiaries |
| Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affect. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed hat the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the assets expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the assets in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.Financial liabilities classified as payable within one year are not amortised. |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Pension costs and other post-retirement benefits |
| 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. |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Recoverable amount is the higher or fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset of which the estimates of future cash flows have not been adjusted. |
| If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
| Cash at bank and in hand |
| Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| 4. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Insurance claim received | 7,253 | 1,270 |
| Government grants |
| 19,457 | 13,474 |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 2 | 2 |
| Administration | 15 | 14 |
| Sales | 4 | 4 |
| Direct | 92 | 91 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 6. | OPERATING PROFIT |
| 2024 | 2023 |
| Operating profit for the year is stated after charging/(crediting) | £ | £ |
| Government grants | (12,204 | ) | (12,204 | ) |
| Audit fees | 12,600 | 11,500 |
| Depreciation of owned tangible fixed assets | 659,990 | 624,965 |
| Depreciation of tangible fixed assets held under finance leases | 254,290 | 311,525 |
| Profit on disposal of tangible fixed assets | (30,439 | ) | (1,503 | ) |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Hire purchase |
| Other interest paid |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | ( |
) |
| Deferred tax |
| Tax on profit |
| UK corporation tax has been charged at 25% . |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| corporation tax rate |
| Group relief | 47,702 | - |
| Tax losses carried forward | 575,125 | - |
| Deferred tax charge | 231,153 | 15,397 |
| Total tax charge | 141,401 | 105,191 |
| On 1st April 2023 the standard rate of UK corporation tax applicable to the company changed from 19% to 25%. |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of 1 each |
| Interim |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 10. | INTANGIBLE FIXED ASSETS |
| Intellectual |
| property |
| £ |
| COST |
| At 1st November 2023 |
| and 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| 11. | TANGIBLE FIXED ASSETS |
| Assets | Fixtures |
| under | Plant and | and | Motor |
| construction | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Transfer to ownership | (4,202,259 | ) | 4,202,259 | - | - | - |
| At 31st October 2024 |
| DEPRECIATION |
| At 1st November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Plant and machinery | 3,734,912 | 3,873,393 |
| Motor vehicles | 32,242 | - |
| TOTAL | 3,767,154 | 3,873,393 |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1st November 2023 |
| and 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: The Estate Office, Yokesford Hill Estates, Belbins, Romsey, Hampshire, SO51 0PF |
| Nature of business: |
| % |
| Class of shares: | holding |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Tax |
| Prepayments and accrued income |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Hire purchase contracts (see note 17) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 259,200 | 261,116 |
| Other creditors |
| Directors' current accounts | 3,600 | 747 |
| Accruals and deferred income |
| Deferred government grants |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Obligations under finance leases are secured by fixed charges on the assets concerned. |
| There is a cross party guarantee between the company and its fellow subsidiary, Liddell Estates Limited, relating to the bank borrowings which are secured against the assets of the company. |
| Included above are secured creditors of £744,680 (2023 - £595,145). |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 16) |
| Hire purchase contracts (see note 17) |
| Deferred government grants |
| Obligations under finance leases are secured by fixed charges on the assets concerned. |
| There is a cross party guarantee between the company and its fellow subsidiary, Liddell Estates Limited, relating to the bank borrowings which are secured against the assets of the company. |
| Included above are secured creditors of £2,196,796 (2023 - £2,829,707). |
| The government grant deferred at the year end, relates to a WRAP grant, which is recognised over the useful life of the asset required. There are no unfulfilled conditions relating to this grant. |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 17. | LEASING AGREEMENTS |
| 2024 | 2023 |
| Future minimum lease payments due under finance leases: | £ | £ |
| Within one year | 736,436 | 579,174 |
| In two to five years | 1,539,548 | 2,148,969 |
| 2,275,984 | 2,728,143 |
| Less: future finance charges | (245,761 | ) | (287,915 | ) |
| 2,030,223 | 2,440,228 |
| Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. |
| 18. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 1,273,105 | 1,041,952 |
| Deferred |
| tax |
| £ |
| Balance at 1st November 2023 |
| Charge to Statement of Comprehensive Income during year |
| Balance at 31st October 2024 |
| The deferred tax liability above relates to accelerated capital allowances that are expected to reverse in due course. |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 4 | 4 |
| All shares have full voting and dividend rights and rank pari passu for repayment and any distribution on winding up. Shares are not redeemable. |
| 20. | PENSION COMMITMENTS |
| The company operated a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
| £67,753 (2023: £61,958) was charged to profit or loss in respect of defined contribution schemes in the year. |
| ACE LIFTAWAY LIMITED (REGISTERED NUMBER: 04297480) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST OCTOBER 2024 |
| 21. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
| There is a cross party guarantee between the company and its fellow subsidiary, Liddell Estates Limited. The potential liability to the company at the year end was £124,640 (2023: £182,538), relating to the bank borrowings within Liddell Estates Limited. |
| 22. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 23. | RELATED PARTY DISCLOSURES |
| The directors are considered to be the only key management personnel. The remuneration of the directors is given in note 5. |
| Aceliftaway Limited rents land from a fellow subsidiary Liddell Estates Limited. During the current year Liddell Estates Limited gave Aceliftaway Limited a rent reduction of £300,000. |
| 24. | ULTIMATE CONTROLLING PARTY |
| The parent and ultimate parent company company is Liddell Holdings (Wessex) Limited, a company registered in England & Wales. |
| The ultimate controlling parties are Mr P & Mrs M Liddell by virtue of their 100% shareholdings in the parent company. |
| The smallest and largest group that the company is consolidated in is that of the parent company, Liddell Holdings (Wessex) Limited. Financial statements can be obtained from The Estate Office, Yokesford Hill Estate, Belbins, Romsey, Hampshire, SO51 0PF. |