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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended |
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30 June 2017 |
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for |
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Ace Container Services Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended |
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30 June 2017 |
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for |
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Ace Container Services Limited |
Ace Container Services Limited (Registered number: 03696676) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Ace Container Services Limited |
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Company Information |
for the Year Ended 30 June 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Ace Container Services Limited (Registered number: 03696676) |
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Balance Sheet |
30 June 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Ace Container Services Limited (Registered number: 03696676) |
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Balance Sheet - continued |
30 June 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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Ace Container Services Limited (Registered number: 03696676) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Ace Container Services Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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. |
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The financial statements have been prepared under the historical cost convention. |
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This is the first year in which the financial statements have been prepared under FRS 102. Refer to |
note 11 below for an explanation of the transition. |
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The functional and presentational currency of the company is considered to be pounds sterling. |
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Preparation of consolidated financial statements |
The financial statements contain information about Ace Container Services Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company |
has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated |
financial statements. |
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Related party exemption |
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. |
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Turnover |
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. |
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Tangible fixed assets |
Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, |
net of depreciation and any provision for impairment. |
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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. |
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Improvements to property | - | 5% on reducing balance |
Plant and machinery | - | 15% on reducing balance and 5% on reducing balance |
Fixtures and fittings | - | 25% reducing balance |
Motor vehicles | - | 25% reducing balance |
Computer equipment | - | 33% on cost |
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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. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Ace Container Services Limited (Registered number: 03696676) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent |
to the net realisable value. Cost is calculated on material purchase price using the FIFO (first-in, |
first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate. |
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Taxation |
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. |
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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. |
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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. |
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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. |
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Pension costs |
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. |
Ace Container Services Limited (Registered number: 03696676) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the |
contractual provisions of the instrument. |
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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. |
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All financial assets and liabilities are initially measured 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 of the future |
payments discounted at a market rate of interest for a similar debt instrument. |
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The following assets and liabilities are classified as basic financial instruments - trade debtors, other |
debtors, cash and bank balances, trade creditors, other creditors, bank loans and inter-company |
balances. |
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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. |
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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. |
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Impairment of assets |
Assets, other than those measured at fair value, 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. |
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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. |
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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. |
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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 the impairment loss not been recognised. |
Ace Container Services Limited (Registered number: 03696676) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Critical accounting judgements |
In the application of the Company's accounting policies, management is required to make judgements, |
estimates and assumptions about the carrying values of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors that are considered to be relevant. Actual results may differ from these |
estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects both |
current and future periods. |
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The critical judgements that the directors have made in applying the company's accounting policies |
and the key sources of estimation uncertainty that have had the most significant effect on the amounts |
recognised in the financial statements are described below: |
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Net realisable value of stock |
The company establishes an impairment provision for stock estimated to realise a lower value than |
cost. When calculating the stock provision, management considers the nature and condition of the |
stock, as well as applying assumptions around anticipated saleability of stocks and its estimated selling |
value less costs expected to be incurred to sell the item. The directors also consider the purchase |
history of the stock items to assess whether the items remain in use. |
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Recoverability of trade debtors |
Outstanding trade debtor balances are reviewed on a line by line bass by management to identify |
possible amounts where an impairment provision is required. When assessing recoverability the |
directors have considered factors such as the ageing of the debts, past experience of recoverability, |
and the credit profile of individual customers. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2016 |
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Additions |
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At 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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The net book value of tangible fixed assets included £17,929 (2016 - £18,825) in respect of assets |
held under hire purchase agreements. |
Ace Container Services Limited (Registered number: 03696676) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2016 |
and 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Finance leases |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Finance leases |
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Other creditors |
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Ace Container Services Limited (Registered number: 03696676) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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Finance leases | 4,649 | 16,179 |
Invoice discounting | 72,378 | - |
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Assets held under hire purchase are secured on the assets to which the lease relates. |
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The Royal Bank of Scotland hold a fixed and floating charge over the company's assets in relation to |
the Invoice Discounting liability. |
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Natwest Bank plc hold a fixed and floating charge over the company's assets in relation to the bank |
loans. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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11. | FIRST YEAR ADOPTION |
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This is the first year that the Company has presented its financial statements under Financial |
Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial |
statements prepared under the previous UK GAAP were for the year ended 30 June 2016 and the date |
of transition was therefore 1 July 2015. As a consequence of adopting FRS 102 the Directors are of |
the opinion that no changes need to be made upon transition to this accounting standard as the effect |
of any changes are not material. |