Company Registration No. 03696676 (England and Wales)
Ace Container Services Limited
Unaudited accounts
for the year ended 30 June 2024
Ace Container Services Limited
Unaudited accounts
Contents
Ace Container Services Limited
Company Information
for the year ended 30 June 2024
Directors
Mitchell Kurt Brenner
John Douglas Hanson
Samual David Hanson
Secretary
John Douglas Hanson
Company Number
03696676 (England and Wales)
Registered Office
Haigh Park Road
Leeds
West Yorkshire
LS10 1RT
United Kingdom
Ace Container Services Limited
Statement of financial position
as at 30 June 2024
Tangible assets
(27,225)
202,843
Investments
2,059,832
2,022,639
Inventories
694,649
445,288
Cash at bank and in hand
18,325
2,059
Creditors: amounts falling due within one year
(1,093,828)
(2,920,311)
Net current liabilities
(80,389)
(1,982,188)
Total assets less current liabilities
1,952,218
243,294
Creditors: amounts falling due after more than one year
(1,948,722)
(165,483)
Provisions for liabilities
Called up share capital
111
111
Profit and loss account
1,768
25,559
Shareholders' funds
3,496
27,287
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2025 and were signed on its behalf by
John Douglas Hanson
Director
Company Registration No. 03696676
Ace Container Services Limited
Notes to the Accounts
for the year ended 30 June 2024
Ace Container Services Limited is a private company, limited by shares, registered in England and Wales, registration number 03696676. The registered office is Haigh Park Road, Leeds, West Yorkshire, LS10 1RT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to give a true and fair view.
The financial statements have been prepared under the historical cost convention
The financial statements are denominated in GBP.
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.
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised on delivery. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.
Turnover from rents receivable is recognised on a straight line basis over the term of the lease.
Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, net of depreciation and any provision for impairment.
Depreciation is provided on all tangible assets, at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life.
Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.
Land & buildings
5% on reducing balance
Plant & machinery
15% on reducing balance and 5% on reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
33% on cost
Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
Ace Container Services Limited
Notes to the Accounts
for the year ended 30 June 2024
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Hire purchase and leasing commitments
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme and that of directors' personal pension schemes are charged to profit or loss in the period to which they relate.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
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.
All financial assets and liabilities are initially measured at at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value if the future payments discounted at a market rate of interest for a similar debt instrument.
The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors, other creditors and inter-company balances.
Trade debtors, other debtors, cash and bank balances, trade creditors, other creditors and inter-company balances (being repayable on demand) are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method.
Ace Container Services Limited
Notes to the Accounts
for the year ended 30 June 2024
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.
Non financial assets
An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had impairment not been recognised.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by shareholders at an Annual General Meeting.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 July 2023
26,871
213,330
26,860
2,670
14,613
284,344
Additions
-
-
-
-
3,537
3,537
Disposals
(22,447)
(213,330)
(19,960)
-
-
(255,737)
At 30 June 2024
4,424
-
6,900
2,670
18,150
32,144
At 1 July 2023
8,956
-
61,248
1,127
10,170
81,501
Charge for the year
(7,214)
-
-
391
2,181
(4,642)
On disposals
-
-
(17,490)
-
-
(17,490)
At 30 June 2024
1,742
-
43,758
1,518
12,351
59,369
At 30 June 2024
2,682
-
(36,858)
1,152
5,799
(27,225)
At 30 June 2023
17,915
213,330
(34,388)
1,543
4,443
202,843
5
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 July 2023
2,022,639
-
2,022,639
Valuation at 30 June 2024
2,022,639
37,193
2,059,832
Ace Container Services Limited
Notes to the Accounts
for the year ended 30 June 2024
Amounts falling due within one year
Trade debtors
134,988
120,035
Deferred tax asset
4,162
-
Accrued income and prepayments
12,791
-
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
903,619
532,875
Amounts owed to group undertakings and other participating interests
-
1,493,232
Taxes and social security
29,393
181,637
Other creditors
10,355
712,567
8
Creditors: amounts falling due after more than one year
2024
2023
Amounts owed to group undertakings and other participating interests
1,239,683
-
Other creditors
709,039
165,483
Allotted, called up and fully paid:
89 Ordinary shares of £1 each
89
89
11 A Ordinary shares of £1 each
11
11
11 B Ordinary shares of £1 each
11
11
At 30 June 2024 there were amounts due from directors of £133,336 (2023: £173,857).
11
Average number of employees
During the year the average number of employees was 10 (2023: 10).