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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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Ace Phoenix Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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for |
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Ace Phoenix Limited |
Ace Phoenix Limited (Registered number: 08394881) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Ace Phoenix Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Bredaig |
Kiltarlity |
Beauly |
Highland |
IV4 7JP |
Ace Phoenix Limited (Registered number: 08394881) |
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Abridged Balance Sheet |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 5 |
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Retained earnings |
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The director acknowledges his responsibilities for: |
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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 Phoenix Limited (Registered number: 08394881) |
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Abridged Balance Sheet - continued |
31 March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Ace Phoenix Limited (Registered number: 08394881) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Ace Phoenix Limited is a
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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 |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Investment property |
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. |
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Taxation |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
Ace Phoenix Limited (Registered number: 08394881) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2018 |
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Additions |
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Revaluations | 73,992 |
At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Fair value at 31 March 2019 is represented by: |
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Valuation in 2017 | 45,000 |
Valuation in 2018 | 80,934 |
Valuation in 2019 | 73,992 |
Cost | 205,074 |
405,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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31.3.19 | 31.3.18 |
£ | £ |
Cost | 205,074 | 198,907 |
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Investment property was valued on an open market basis on 31 March 2019 by the director. . |
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5. | RESERVES |
Revaluation |
reserve |
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At 1 April 2018 |
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Transfer to revaluation | 59,933 |
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At 31 March 2019 |
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The amount of £59,933 (2018 - £57,007) transferred to the Revaluation Reserve represents the change in the |
investment property valuation less current year provision for deferred tax. |
Ace Phoenix Limited (Registered number: 08394881) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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6. | RELATED PARTY DISCLOSURES |
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Impala Visions Ltd |
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Common director |
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During the year the company received a loan from Impala Visions Ltd which has a common director Mr I P |
Alsop. The loan is interest free and repayable on demand. |
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31.3.19 | 31.3.18 |
£ | £ |
Amount due to related party at the balance sheet date | 59,207 | 47,430 |
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I P Alsop |
Director of company |
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During the year the company has been in receipt of a loan from the director Mr I P Alsop. The loan is interest |
free and repayable on demand. |
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31.3.19 | 31.3.18 |
£ | £ |
Amount due to related party at the balance sheet date | 160,891 | 163,394 |