Company registration number 07116030 (England and Wales)
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,747
83,910
Current assets
Stocks
349,902
214,907
Debtors
4
2,746,644
2,171,043
Cash at bank and in hand
206,236
628,913
3,302,782
3,014,863
Creditors: amounts falling due within one year
5
(990,916)
(1,196,360)
Net current assets
2,311,866
1,818,503
Total assets less current liabilities
2,374,613
1,902,413
Creditors: amounts falling due after more than one year
6
(527)
(234,057)
Provisions for liabilities
(15,474)
(12,734)
Net assets
2,358,612
1,655,622
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
2,358,611
1,655,621
Total equity
2,358,612
1,655,622
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 2021 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 29 June 2022 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 2021
- 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, 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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:
2021
2020
Number
Number
Total
28
26
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2020
14,638
7,874
51,023
200,096
273,631
Additions
20,990
20,990
Disposals
(68,860)
(68,860)
At 30 September 2021
14,638
7,874
51,023
152,226
225,761
Depreciation and impairment
At 1 October 2020
14,638
7,874
50,375
116,834
189,721
Depreciation charged in the year
648
29,669
30,317
Eliminated in respect of disposals
(57,024)
(57,024)
At 30 September 2021
14,638
7,874
51,023
89,479
163,014
Carrying amount
At 30 September 2021
62,747
62,747
At 30 September 2020
648
83,262
83,910
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
799,640
902,870
Amounts owed by group undertakings
1,929,562
1,249,951
Other debtors
17,442
18,222
2,746,644
2,171,043
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
31,833
Trade creditors
522,701
668,842
Amounts owed to group undertakings
17,716
Taxation and social security
312,901
237,025
Other creditors
155,314
240,944
990,916
1,196,360
Included in
Other
creditors above
are obligations under finance lease totaling
£4,364 (2020: £10,355) secured
against
the assets
they have financed.
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
229,167
Other creditors
527
4,890
527
234,057
Included in
Other
creditors above
are obligations under finances lease totaling
£527
(2020: £4,890) secured
against
the assets
they have financed.
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
29,167
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
The directors operate a current loan account with the company, which is debited with payments made on behalf of the directors and credited with funds introduced and undrawn directors' fees. At the year end, the amount outstanding to the directors was £
1,664
(2020 - £
2,114)
and is included in creditors: amounts falling due
within
one year.
ACE ESSENTIAL SUPPLIES (TRADING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 6 -
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.