Company registration number 01935714 (England and Wales)
A.C. SPECIAL PROJECTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
A.C. SPECIAL PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
A.C. SPECIAL PROJECTS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
584
1,167
Tangible assets
5
67,250
97,926
67,834
99,093
Current assets
Stocks
42,121
11,348
Debtors
6
470,789
249,283
Cash at bank and in hand
55,729
440,578
568,639
701,209
Creditors: amounts falling due within one year
7
(308,308)
(334,325)
Net current assets
260,331
366,884
Total assets less current liabilities
328,165
465,977
Provisions for liabilities
-
0
(6,114)
Net assets
328,165
459,863
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
328,065
459,763
Total equity
328,165
459,863

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 February 2026 and are signed on its behalf by:
D A Gordon
Director
Company registration number 01935714 (England and Wales)
A.C. SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
1
Accounting policies
Company information

A.C. Special Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is Centauri House, Sands Industrial Estate, Hillbottom Road, High Wycombe, Buckinghamshire, United Kingdom, HP12 4HQ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue from a sale of goods is recognised upon delivery of the goods which is the point in time at which the significant risks and rewards of ownership of the goods are transferred to the customer. Revenue is valued at invoiced amounts, excluding sales taxes and less trade discounts where relevant.

Revenue from project sales are fixed price and relate to the sale of goods and implementation of the project. Revenue is recognised by reference to the stage of completion at the Balance Sheet date.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
- finite useful life which shall not exceed 10 years
1.5
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.

A.C. SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 3 -

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:

Office equipment
- 20% on cost
Computers
- 25% on cost
Motor vehicles
- 25% on cost

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 financing 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.

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.

A.C. SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. 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. A m ounts 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

A.C. SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits

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

1.13
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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The Company estimates the net realisable value of stock at the end of the reporting period taking into account the age profile of stock and expected demand from customers. The Company also assesses the likelihood of recovering outstanding balances from customers and make a provision against these balances as required.

Long terms contracts entered into by the company are recognised on a percentage completion basis. Any contracts which are incomplete as at the balance sheet date are recognised proportionately as deferred income/prepaid expenditure within other creditors and debtors.

3
Employees

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

2025
2024
Number
Number
Total
5
6
4
Intangible fixed assets
Software
£
Cost
At 1 February 2024 and 31 January 2025
15,023
Amortisation and impairment
At 1 February 2024
13,856
Amortisation charged for the year
583
At 31 January 2025
14,439
Carrying amount
At 31 January 2025
584
At 31 January 2024
1,167
A.C. SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
5
Tangible fixed assets
Office equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024
6,220
24,306
107,500
138,026
Additions
-
0
1,084
-
0
1,084
At 31 January 2025
6,220
25,390
107,500
139,110
Depreciation and impairment
At 1 February 2024
2,073
17,871
20,156
40,100
Depreciation charged in the year
1,244
3,641
26,875
31,760
At 31 January 2025
3,317
21,512
47,031
71,860
Carrying amount
At 31 January 2025
2,903
3,878
60,469
67,250
At 31 January 2024
4,147
6,435
87,344
97,926
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
172,974
238,132
Amounts owed by group undertakings
226,181
-
0
Other debtors
71,634
11,151
470,789
249,283
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
44,431
73,804
Amounts owed to group undertakings
72,279
81,933
Taxation and social security
23,318
88,927
Other creditors
168,280
89,661
308,308
334,325
A.C. SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
7
Creditors: amounts falling due within one year
(Continued)
- 7 -

Securities

The company registered a debenture with its parent company A.C. Worldwide Group Limited which holds fixed and floating charges over its assets dated 14 September 2012.

The company registered a debenture with Lloyds Bank Plc which holds fixed and floating charges and a negative pledge over its assets dated 14 November 2016.

The company is party to an omnibus guarantee and set-off agreement registered on 14 November 2016. This contains a fixed charge over its assets and a negative pledge.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its loss 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.

Senior Statutory Auditor:
Adam East FCA
Statutory Auditor:
Azets Audit Services
Date of audit report:
6 February 2026
9
Operating lease commitments

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

2025
2024
£
£
Total commitments
30,379
5,024
10
Parent company

The parent company and largest and smallest group in which A.C. Special Projects Limited is consolidated is A.C. Worldwide Group Limited, a company incorporated in England and Wales. The registered address of the parent company is Centauri House, Sands Industrial Estate, Hillbottom Road, High Wycombe, Buckinghamshire, HP12 4HQ. Copies of the consolidated financial statements can be obtained from this address. The ultimate controlling party is D A Leggett by virtue of his controlling interest in A.C. Worldwide Group Limited.

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