1 Ace Skips Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

1 Ace Skips Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06300776 . The registered office is Unit 3 Whitegate, White Lund Industrial Estate, Morecambe, Lancashire, LA3 3BS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% straight line
Plant & Machinery	10% reducing balance
Motor Vehicles	25% reducing balance
Computer Equipment	33% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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1 Ace Skips Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 33 (2024: 29)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	69,728	1,078,718	1,391,425	6,452	2,546,323
Additions	-	106,220	271,050	610	377,880
Disposals	-	(139,479 )	(61,500 )	(493 )	(201,472 )

As at 31 March 2025	69,728	1,045,459	1,600,975	6,569	2,722,731

Depreciation
As at 1 April 2024	6,114	382,709	797,666	4,760	1,191,249
Provided during the period	1,394	75,877	213,537	570	291,378
Disposals	-	(96,019 )	(50,839 )	(472 )	(147,330 )

As at 31 March 2025	7,508	362,567	960,364	4,858	1,335,297

Net Book Value
As at 31 March 2025	62,220	682,892	640,611	1,711	1,387,434

As at 1 April 2024	63,614	696,009	593,759	1,692	1,355,074

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	378,085	383,328
Prepayments and accrued income	21,470	32,399
Other debtors	10,044	5,044
Inter company - Catlows Properties	210,000	145,000
Inter company - Robin Sutton Gases	19,668	19,668

	639,267	585,439

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1 Ace Skips Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	153,219	137,142
Trade creditors	202,873	107,875
Corporation tax	186,363	170,572
PAYE and NIC	16,255	18,657
VAT	75,994	59,214
Net wages	52,691	-
Pension Control	3,132	3,174
BSM Metals	1,982	1,982
V Catlow & Sons Ltd	13,202	13,202
Accruals and deferred income	123,025	2,750
Directors' loan accounts	10,275	10,180

	839,011	524,748

Lloyds TSB hold a fixed and floating charge over all of the company assets.

The bank borrowings are secured on property owned by the three directors.

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	274,409	369,911

8. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	153,219	137,142
Later than one year and not later than five years	274,409	369,911

	427,628	507,053

	427,628	507,053

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	31	31

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1 Ace Skips Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Related Party Transactions

The company was under the control of the directors throughout the current and previous year.

Mr J B Catlow is the managing director and largest shareholder.

The three directors are directors of of V Catlow & Sons Ltd. At 31 March 2025 £13,202 (2024 -

£13,202) was owed by the company to V Catlow & Sons Ltd which is included in Other Creditors.

The three directors are directors of Catlow Properties Ltd. At 31 March 2024 £210,000 (2024 -

£145,000) was owed to the company by Catlow Properties Ltd which is included in Other

Debtors.

The three directors are directors of BSM Metals Ltd. At 31 March 2025 £1982 (2024 - £1982)

was owed by the company to BSM Metals Ltd which is included in Other Creditors.

Mr M Catlow & Mr S Catlow have interests in Robin Sutton Gases. At 31 March 2025 £19,668

(2024 - £19,668) was owed to the company by Robin Sutton Gases which is included in Other Debtors.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,387,434		1,355,074

			1,387,434		1,355,074
CURRENT ASSETS
Debtors	5	639,267		585,439
Cash at bank and in hand		1,360,184		726,462

		1,999,451		1,311,901
Creditors: Amounts Falling Due Within One Year	6	(839,011 )		(524,748 )

NET CURRENT ASSETS (LIABILITIES)			1,160,440		787,153

TOTAL ASSETS LESS CURRENT LIABILITIES			2,547,874		2,142,227

Creditors: Amounts Falling Due After More Than One Year	7		(274,409 )		(369,911 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(332,553 )		(322,865 )

NET ASSETS			1,940,912		1,449,451

CAPITAL AND RESERVES
Called up share capital	9		31		31
Profit and Loss Account			1,940,881		1,449,420

SHAREHOLDERS' FUNDS			1,940,912		1,449,451