Registration number:
Ace Partitions and Ceilings Limited
for the Year Ended 31 December 2024
Ace Partitions and Ceilings Limited
(Registration number: 03311602)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.
Ace Partitions and Ceilings Limited
(Registration number: 03311602)
Balance Sheet as at 31 December 2024 (continued)
.........................................
Mr A J Parkin
Director
Ace Partitions and Ceilings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Accounting policies |
Statutory information
Ace Partitions and Ceilings Limited is a private company, limited by shares, domiciled in England and Wales, company number 03311602. The registered office is at The Old Grammar School, 13 Moorgate Road, Rotherham, S60 2EN.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Going concern
The financial statements have been prepared on a going concern basis.
Turnover
Turnover represents net invoiced sales of services, excluding valued added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to monthly contract valuations.
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probably will be recoverable.
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in statement of income and retained earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Ace Partitions and Ceilings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
1 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
15% reducing balance |
|
Office equipment |
33% straight line |
|
Fixtures and fittings |
15% on cost |
|
Motor vehicles |
25% reducing balance |
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Ace Partitions and Ceilings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
1 |
Accounting policies (continued) |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of income and retained earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Ace Partitions and Ceilings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Tangible assets |
|
Land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
( |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
- |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
|
At 31 December 2024 |
- |
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £532,113 (2023 - £383,707) in respect of freehold land and buildings.
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Ace Partitions and Ceilings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Creditors |
Creditors: amounts falling due within one year
|
2024 |
2023 |
|
|
Due within one year |
||
|
Loans and borrowings |
|
181,778 |
|
Trade creditors |
|
593,944 |
|
PAYE and NIC creditor |
63,283 |
81,152 |
|
Corporation tax control |
28,224 |
71,280 |
|
Accruals and deferred income |
|
62,662 |
|
Other creditors |
51,694 |
56,102 |
|
621,155 |
1,046,918 |
Creditors: amounts falling due after more than one year
|
2024 |
2023 |
|
|
Due after one year |
||
|
Loans and borrowings |
|
26,225 |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £79,915 (2023 - £208,003).
The bank holds security by way of a fixed and floating charge over all assets of the company and an unlimited composite guarantees from this company and another company which is a related party. The related party has also given a guarantee for £250,000 and a first legal charge over their freehold property.
The bank also hold a guarantee from a director for £50,000.
The hire purchase contracts are secured on the asset they relate to.
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £42,000 (2023: £60,000) of operating lease commitments.
Ace Partitions and Ceilings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
|
Related party transactions |
|
Transactions with the director |
|
2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
|
Mr A J Parkin |
||||
|
|
( |
|
( |
( |
|
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
|
Mr A J Parkin |
||||
|
|
( |
|
( |
( |