Company registration number 10247588 (England and Wales)
ACE CASUAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ACE CASUAL LIMITED
COMPANY INFORMATION
Directors
Mr M S Valene
Mr R A McNae
Mr G C Shaw
Company number
10247588
Registered office
Bradford Road
Brighouse
HD6 4DJ
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
ACE CASUAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
ACE CASUAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

 

The directors have provided information regarding the company's decisions and strategies during the financial year in the ‘review of the business’ section of this report.

Review of the business

The principal activity of the company is the design, manufacture, sales and marketing of gaming furniture, wholesale to retailers and direct to customers through online channels. The company’s objective is to grow turnover and profitability, by increasing the product portfolio and looking to expand into different geographies.

In pursuit of these objectives the company aims to maintain sound financial management and avoid excessive risks.

During the year, the company has continued to progress in the implementation of its strategic objectives. This is focused on delivering a high degree of perceived customer value through our products and services, which is monitored with the help of online review platforms. The company has further invested in infrastructure and in people to achieve its strategic objectives.

The strategy is under constant review by the Board and Senior Executives to ensure it remains appropriate to achieve the company's objectives.

 

Financial performance and KPI’s

Sustainable and profitable financial growth is the core of the company’s strategy. The company uses several financial measures to monitor progress against strategies and objectives:

These are:

 

12-month period ended

31 December 2024

£’000

12-month period ended

31 December 2023

£’000

Turnover

22,386

17,565

Profit Before Tax (PBT)

259

283

 

The company showed increased turnover compared to the prior year as inventory levels following the pandemic returned to a more normalized level. There continue to be ongoing challenges in the retail environment, with persistent inflation, that has returned to the more targeted level, however household disposable income continues to be a challenge, but we are seeing improvement. The company continues to sell product into the gaming market that continues to be a growth market within retail. The company is also expanding its product offering, allowing it to reach more customers. The company continues to be proactive with its cost management and cutting where needed.

ACE CASUAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The company is exposed to various operational risks in the course of its business. To further support its successful growth the company undertakes adequate operational risk management, and focuses on effective risk assessment, implementing adequate controls, senior management commitment, as well as recruiting and retaining the right personnel. The following describes the material risks that could affect the company.

External Risks

Managing risks and uncertainties

The company seeks to manage, as far as possible, the key risks that it faces.

The company seeks to manage external risks, through the diversification of its portfolio of products and geographies into which it sells. The company looks to build and maintain good relationships with retail partners and suppliers alike. Further the company seeks to ensure that operating margins are maintain by trying to diversify the supplier base to maintain continuity of supply and ensuring competitive costs for supplies.

In consideration of the above the directors have a strong expectation that the company has the resources and experience to continue operating for the foreseeable future.

Although the UK left the EU at the end of 2020, the company has been largely unaffected as stocks are sourced from the Far East and sales into European customers are on a Direct Import basis.

On behalf of the board

Mr R A McNae
Director
26 June 2025
ACE CASUAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continues to be that of the wholesale of gaming equipment and furniture.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M S Valene
Mr R A McNae
Mr G C Shaw
Auditor

In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

ACE CASUAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr R A McNae
Director
26 June 2025
ACE CASUAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ACE CASUAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Ace Casual Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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.

Material uncertainty relating to going concern

We draw attention to note 1.2 in the financial statements, which states that the group is reliant on the renewal of a revolving credit facility with JP Morgan Chase Bank which amounts to a maximum US$7,500,000 on 31 December 2024. The facility is due for review on 31 August 2025. As at the date of signing these financial statements, the group has yet to receive confirmation that the facility will be renewed. As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

ACE CASUAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ACE CASUAL LIMITED (CONTINUED)
- 6 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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 ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of the industry. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the General Product Safety Regulations of Great Britain and EU, the Consumer Rights Act 2015, Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, employment, environmental, and health and safety legislations. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

To address the risk of fraud through management bias and override of controls, we: 

ACE CASUAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ACE CASUAL LIMITED (CONTINUED)
- 7 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Luke Metson (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
26 June 2025
ACE CASUAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
22,386,099
17,565,117
Cost of sales
(15,015,289)
(12,222,966)
Gross profit
7,370,810
5,342,151
Administrative expenses
(7,113,715)
(5,140,416)
Other operating income
-
0
75,000
Operating profit
4
257,095
276,735
Interest receivable and similar income
8
2,170
8,527
Interest payable and similar expenses
9
(211)
(1,854)
Profit before taxation
259,054
283,408
Tax on profit
10
(144,891)
(33,496)
Profit for the financial year
114,163
249,912

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ACE CASUAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
103,333
163,872
Investments
12
21,625
21,625
124,958
185,497
Current assets
Stocks
14
3,392,220
1,277,855
Debtors falling due after more than one year
15
2,989,760
4,601,833
Debtors falling due within one year
15
7,464,747
6,333,813
Cash at bank and in hand
2,428,292
1,183,413
16,275,019
13,396,914
Creditors: amounts falling due within one year
16
(8,423,133)
(5,704,288)
Net current assets
7,851,886
7,692,626
Total assets less current liabilities
7,976,844
7,878,123
Provisions for liabilities
Deferred tax liability
17
7,340
22,782
(7,340)
(22,782)
Net assets
7,969,504
7,855,341
Capital and reserves
Called up share capital
19
105
105
Profit and loss reserves
7,969,399
7,855,236
Total equity
7,969,504
7,855,341

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mr R A McNae
Director
Company registration number 10247588 (England and Wales)
ACE CASUAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
105
7,605,324
7,605,429
Year ended 31 December 2023:
Profit and total comprehensive income
-
249,912
249,912
Balance at 31 December 2023
105
7,855,236
7,855,341
Year ended 31 December 2024:
Profit and total comprehensive income
-
114,163
114,163
Balance at 31 December 2024
105
7,969,399
7,969,504
ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Ace Casual Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradford Road, Brighouse, HD6 4DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in Sterling, although the functional currency of the company is US Dollars. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of XR Holdings Limited. These consolidated financial statements are available from Companies House.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Ace Casual Limited is a wholly owned subsidiary of XR Holdings Limited and the results of Ace Casual Limited are included in the consolidated financial statements of XR Holdings Limited which are available from Companies House.

1.2
Going concern

These financial statements are prepared on the going concern basis, as the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.true

 

The group, as detailed in note 16, has a revolving credit facility with JP Morgan Chase Bank which amounts to a maximum, and has been utilised, US$7,500,000 on 31 December 2024. The facility was renewed post period end and is due for review on 31 August 2025. As at the date of signing these financial statements, the group has yet to receive confirmation that the facility will be renewed. The group has not been made aware that this facility will be withdrawn however, the bank could draw on assets of the company if the facility enters default or is not renewed. The directors expect the facility to be renewed. However, should the facility enter default or not be renewed, the group does not have sufficient liquid resources to repay the facility and will be reliant on the company's resources.

 

The directors are therefore aware of certain material uncertainties which may cause doubt on the company’s ability to continue as a going concern, should the facility enter default or not be renewed. However, the directors continue to adopt the going concern basis of accounting in preparing these financial statements, which do not reflect any adjustments that would be necessary if the facility was to enter default or not be renewed.

ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for goods 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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over estimated useful life
Plant and equipment
20-33% straight line

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 profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 of 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 for 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.

ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.9
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 bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. 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 affected. 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 current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset 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 asset 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, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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 method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, 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 estimates 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.

Stock

Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow-moving and obsolete stock items. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, likely repair cost and sale price and the economic environment.

Trade and other debtors

Trade and other debtors are provided net of any potential bad debt provisions.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 16 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,671,686
12,755,209
Europe
4,837,274
3,788,883
Rest of the world
877,139
1,021,025
22,386,099
17,565,117
2024
2023
£
£
Other revenue
Interest income
2,170
8,527
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
97,359
181,808
Research and development costs
49,552
137,602
Depreciation of owned tangible fixed assets
72,826
82,313
Loss on disposal of tangible fixed assets
2,598
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
106,500
155,253
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
3
3
Admin
15
14
Warehouse
5
3
Total
23
20
ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,506,615
1,342,025
Social security costs
169,516
146,822
Pension costs
26,570
23,494
1,702,701
1,512,341
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
425,788
378,689

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
425,788
317,165
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,170
8,527
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
211
1,854
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
160,333
35,526
ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
(15,442)
(2,030)
Total tax charge
144,891
33,496

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
259,054
283,408
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
64,764
66,659
Tax effect of expenses that are not deductible in determining taxable profit
82,215
15,072
Gains not taxable
650
-
0
Adjustments in respect of prior years
-
0
35,527
Group relief
-
0
(90,162)
Permanent capital allowances in excess of depreciation
(4,352)
(10,546)
Depreciation on assets not qualifying for tax allowances
18,207
19,360
Deferred tax
(15,442)
(2,031)
Tax charge arising on timing differences
(1,151)
(383)
Taxation charge for the year
144,891
33,496
ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024
75,000
283,211
358,211
Additions
3,480
15,155
18,635
Disposals
-
0
(18,614)
(18,614)
At 31 December 2024
78,480
279,752
358,232
Depreciation and impairment
At 1 January 2024
15,000
179,339
194,339
Depreciation charged in the year
15,000
57,826
72,826
Eliminated in respect of disposals
-
0
(12,266)
(12,266)
At 31 December 2024
30,000
224,899
254,899
Carrying amount
At 31 December 2024
48,480
54,853
103,333
At 31 December 2023
60,000
103,872
163,872
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
21,625
21,625
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
XRocker GmbH
Bahnhofsplatz 42, 28195 Bremen, Germany
Ordinary
100.00
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,392,220
1,277,855
ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,353,857
2,942,843
Amounts owed by group undertakings
2,835,095
2,648,767
Other debtors
182,767
625,973
Prepayments and accrued income
93,028
116,230
7,464,747
6,333,813
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,989,760
4,601,833
Total debtors
10,454,507
10,935,646
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,645,442
3,518,879
Amounts owed to group undertakings
96
96
Corporation tax
160,333
-
0
Other taxation and social security
708,027
570,799
Other creditors
206,280
145,133
Accruals and deferred income
1,702,955
1,469,381
8,423,133
5,704,288

XR Holdings Limited, along with it's US subsidiary, Ace Bayou Corporation, entered into a line of revolving credit facility, based on an eligible borrowing base as defined in an agreement dated 30 December 2021. The revolving credit agreement was subject to various financial covenants and the loan was secured by substantially all corporate assets of the company, Ace Bayou Corporation, XR Holdings Limited, Norval Inc. and unlimited personal guarantees by the directors. An amendment to the agreement in 2022 added substantially all corporate assets of MV Crestland LLC to the security, the company being owned by one of the directors.

 

During 2023, an amendment provided for a maximum revolving commitment of US$7.5m (£5,982,770), subject to the following seasonal limits: (a) from 1 January to 31 July of US$7m (£5,583,918) and (b) from 1 August to 31 December of US$7.5m (£5,982,770). A third, fourth and fifth, amendment in 2023, 2024, and 2025, removed seasonal limits. Since the period end, the facility has been renewed on the same terms. The facility is due for review on 31 August 2025.

 

The revolving credit facility bears interest based on an adjusted term SOFR rate +3.125%.

ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
7,340
24,812
Tax losses
-
(2,030)
7,340
22,782
2024
Movements in the year:
£
Liability at 1 January 2024
22,782
Credit to profit or loss
(15,442)
Liability at 31 December 2024
7,340
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,570
23,494

The company operates 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. The pension cost charge represents contributions payable by the company to the fund. Contributions totalling £5,604 (2023: nil) were payable to the fund at the balance sheet date.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
4,000
4,000
40
40
Ordinary B shares of 1p each
500
500
5
5
Ordinary C shares of 1p each
6,000
6,000
60
60
10,500
10,500
105
105

Each class of share ranks pari-passu in all respects.

ACE CASUAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
20
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
166,929
220,728
Between two and five years
650,057
584,829
In over five years
-
0
124,089
816,986
929,646
21
Related party transactions
Transactions with related parties

At the reporting date the company was owed nil (2023: £308,592) by a company under common control and management. The balance was written off as irrecoverable.

 

At the reporting date the company was owed £115,458 (2023: £42,390), by the directors of the company. The amounts are interest fee and repayable on demand.

 

At the reporting date the company owed £96 (2023: £96) to a related party. The amount is interest free and repayable on demand.

 

The company has taken advantage of the exemption in accordance with Section 33 of FRS 102 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is a party to the transactions.

22
Ultimate controlling party

The parent company of Ace Casual Limited is XR Holdings Limited and its registered office is Bradford Road, Brighouse, HD6 4DJ.

The ultimate parent company is Norval Inc., a company incorporated in the United States of America.

The smallest and largest group preparing consolidated accounts is that headed by XR Holdings Limited.

Copies of consolidated accounts are available from Companies House.

Largest group
XR Holdings Limited
Smallest group
XR Holdings Limited
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