For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

Ace Property Lettings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Holmes Close, Castlefields Village, Stafford, Staffordshire, ST16 1AR.

These financial statements have been prepared in accordance with Financial Reporting Standard 102

"The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the

provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have

been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover is measured at the fair value of the consideration received or receivable.    

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Investment properties are initially measured at cost and subsequently measured at fair value. Changes

in fair value are recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts

with the generally accepted accounting principle set out in FRS 102. The directors consider that,

because investment properties are not held for consumption, but for their investment potential, to

depreciate them would not give a true and fair view.

If this departure from the Companies Act 2006 had not been made in order to give a true and fair view,

the profit for the financial year would have been reduced by depreciation. However the amount of

depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected

in the annual valuation and the amount relating to the depreciation of the property cannot be separately

identified.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable 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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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