COMPANY REGISTRATION NO. 07116030 (England and Wales)
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,010
94,303
Current assets
Stocks
179,620
132,120
Debtors
4
1,625,840
1,445,894
Cash at bank and in hand
202,480
151,149
2,007,940
1,729,163
Creditors: amounts falling due within one year
5
(1,019,934)
(989,564)
Net current assets
988,006
739,599
Total assets less current liabilities
1,052,016
833,902
Creditors: amounts falling due after more than one year
6
(2,055)
(24,506)
Provisions for liabilities
(5,030)
(9,351)
Net assets
1,044,931
800,045
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,044,930
800,044
Total equity
1,044,931
800,045
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 June 2019 and are signed on its behalf by:
Mr J Pearce
Director
Company Registration No. 07116030
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 2 -
1
Accounting policies
Company information
Ace Essential Supplies (Trading) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1+2, Eastgate Business Park, Wentloog Avenue, Cardiff, United Kingdom, CF3 2EY.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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.
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:
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
Computer equipment
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
.
1.4
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.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2017 - 23).
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2017
258,131
Additions
15,300
At 30 September 2018
273,431
Depreciation and impairment
At 1 October 2017
163,828
Depreciation charged in the year
45,593
At 30 September 2018
209,421
Carrying amount
At 30 September 2018
64,010
At 30 September 2017
94,303
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
868,877
781,449
Other debtors
756,963
664,445
1,625,840
1,445,894
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
547,125
519,368
Corporation tax
79,102
107,502
Other taxation and social security
89,354
63,998
Other creditors
304,353
298,696
1,019,934
989,564
Included in creditors above is an hire purchase amount of £12,205 (2017 : £12,205) which is secured over the related motor vehicles.
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 5 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
2,055
24,506
Included in creditors above is an hire purchase amount of £
2,
0
55
(201
7
: £
14,260
) which is secured over the
related
motor vehicles.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included in debtors amounts falling due within one year, is an amount of £
510,649
(201
7
: £
392
,
284
) due from The Pontcanna Pub Company (Trading) Limited, another subsidiary of the same group
.
Included in debtors amounts falling due within one year is
an amount of £
7
,
123
(201
7
: £
7
,
701
) due from Ace Essential Supplies Limited,
another subsidiary of the same group.
Included in debtors amounts falling due within one year is an amount of £
217
,
834
(201
7
: £
217,834
) due
from The Pontcanna Pub Company Limited
, another subsidiary of the same group.
Included in creditors amounts falling due within one year, is an
amount
of £120,000 (2017 : £120,000) due to H
D & JP Limited
, the parent company of the group.
9
Parent company
The parent company is HD& JP Limited, whose registered office address is Unit 1 & 2, Eastgate Business Park, Wentloog Avenue,Cardiff CF3 2EY.