Registered number:
For the Year Ended
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The Ace Supply Holding Company Limited
Company Information
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The Ace Supply Holding Company Limited
Contents
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The Ace Supply Holding Company Limited
Group Strategic Report
For the Year Ended 31 December 2022
The directors present their strategic report for the year ending 31 December 2022.
The Ace Supply Holding Company Limited is one of the UK’s largest distributors of car, caravan and leisure accessories. As we present the financial statements for the year ended 31 December 2022, we are pleased to share the highlights of our performance and our strategic outlook for the future.
During the year under review, there were no significant changes to the Group’s principal activities. Looking ahead, we do not anticipate any planned shifts in our focus for the next year. Our commitment remains steadfast in providing quality car, caravan, and leisure accessories to our valued customers. Turnover for the year ended 31 December 2022 reached £16,935,516, reflecting an increase compared to £16,654,164 for the year ended 31 December 2021. This growth can be attributed to a robust summer season, driven by increased consumer demand for home, garden and ‘staycation’ products. While the second half of the year experienced a dip, characterised by negative talk around inflation and the state of the economy, we are pleased to report that trade has rebounded in early 2023. However, it is worth noting that the Group’s gross profit reduced to £4,080,791 from £4,679,553 in the previous financial year. The decline in gross profit is primarily due to a 4.0 percentage points decrease in gross margin, which now stands at 24.1%. The decrease can be attributed to the extremely high costs of carriage experienced towards the end of 2021 and through 2022. Consequently, the Group faced higher-priced residual stock, impacting margins. Nonetheless, we are optimistic about the future, as the cost of carriage has now reduced, and the Directors anticipate a return to previous gross margin levels once the higher priced stock has sold through. Throughout the financial year, the Group faced market caution stemming from several external factors. These included the ongoing war in Ukraine, high rates of interest, inflation, and general economic uncertainty. Despite these challenges, we are proud to have managed to generate a profit before tax of £675,390. While this figure is lower compared to the previous year’s profit before tax of £1,434,884, we view it as a commendable achievement given the prevailing market conditions. The Group maintains a strong and stable financial position, with significant net current assets of £6,412,004 as of 31 December 2022. This figure represents a slight increase from £6,334,113 recorded on 31 December 2021. Our robust financial position enables us to weather economic uncertainties and invest in strategic initiatives to enhance our offerings to our customers. As we look ahead, the Group remains committed to its core mission of providing quality car, caravan and leisure accessories. We will continue to closely monitor market dynamics and adapt our strategies accordingly. In light of the rebound in trade at the beginning of 2023, we are cautiously optimistic about the potential for growth in the coming year.
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The Ace Supply Holding Company Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2022
Foreign Currency Risk
Risks faced by the Group during the forthcoming year relate to overseas purchases. With exchange rates fluctuating due to recent economic events, gross margin performance and the requirement for hedging is being continually monitored by the Directors. From time to time, the Group takes out FX contracts to mitigate and manage currency fluctuations. Price Risk It may not always be possible to maintain gross margin against a backdrop of increasing product prices as clients are reluctant to accept price increases mid-year as they are unable to pass these onto their end customers, therefore these are absorbed by the company where agreements are in place. Management regularly monitor all aspects of product and labour costs in order to speedily react to any and all adverse influences which might affect achieved margins. Liquidity Risk The Group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved through the utilisation of various credit facilities including invoice discounting and trade loans. Credit Risk The principal credit risk arises from the Group's trade debtors. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. Interest Rate Risk The Group finances its operations through a mixture of retained profits, cash and external loans. The Group's exposure to interest rate fluctuations on its borrowings is not considered material. Financial key performance indicators The Group's financial KPIs continue to be turnover, gross profit and margin, which remain the major areas in shaping the future success of the business.
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The Ace Supply Holding Company Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2022
This report was approved by the board and signed on its behalf.
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The Ace Supply Holding Company Limited
Directors' Report
For the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £523,831 (2021:£1,129,534).
Ordinary dividends were paid to the shareholders amounting to £387,020 (2021: £453,042).
The directors who served during the year were:
The Group will continue to import and distribute motor vehicle, leisure and garden accessories and seek opportunities to diversify through incremental growth opportunities.
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The Ace Supply Holding Company Limited
Directors' Report (continued)
For the Year Ended 31 December 2022
Subsequent to the year, on 30 June 2023, the entire share capital of The Ace Supply Holding Company Limited was acquired by The Ace Supply Topco Limited.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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The Ace Supply Holding Company Limited
Independent Auditors' Report to the Members of The Ace Supply Holding Company Limited
We have audited the financial statements of The Ace Supply Holding Company Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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The Ace Supply Holding Company Limited
Independent Auditors' Report to the Members of The Ace Supply Holding Company Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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The Ace Supply Holding Company Limited
Independent Auditors' Report to the Members of The Ace Supply Holding Company Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.
∙The nature of the industry and sector in which the Group operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Group's policies and procedures for:
- Identifying, evaluating, and complying with laws and regulations. - Detecting and responding to the risks of fraud.
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Group operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Group, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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The Ace Supply Holding Company Limited
Independent Auditors' Report to the Members of The Ace Supply Holding Company Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Sk1 1TD
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The Ace Supply Holding Company Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Registered number: 10287536
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 37 form part of these financial statements.
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The Ace Supply Holding Company Limited
Registered number: 10287536
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 37 form part of these financial statements.
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The Ace Supply Holding Company Limited
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Company Statement of Changes in Equity
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Consolidated Analysis of Net Debt
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
The Ace Supply Holding Company Limited ("the Company") is a private Company limited by share capital, incorporated in England & Wales, company number 10287536. The address of the registered office and the principal place of business is Suite Ga Marlsand House, Marsland Road, Sale, M33 3AQ.
The Group consists of The Ace Supply Holding Company Limited and its subsidiaries, The Ace Supply Company Limited and The Ace Supply Company Europe Limited. The nature of the subsidiary's operation and its principal activity is the wholesale trade of motor vehicle and leisure accessories. The nature of the Company's operation is that of a holding Company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
In the previous period, customer rebates were presented within cost of sales. In the current period, customer rebates have been deducted from turnover. The comparative figures for turnover and cost of sales have both been reduced by £257,047.
Parent Company disclosure exemptions In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102: • No Statement of Cash Flows has been presented for the parent Company;
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Company has not presented its own Statement of cash flows on the basis that these figures are included in the Consolidated statement of cash flows.
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods described below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Group as at 31 December 2022 are discussed below: Provisions for slow moving and obsolete stock Management exercise judgement in estimating the obsolescence of stock and making impairments to reflect the difference between cost and estimated net realisable value. At the year end, the value of the stock is £5,129,358 (2021: £5,753,969) and provisions of £439,560 (2021: £439,560) had been recognised against stock. Amortisation of goodwill Upon consolidation, an amount of negative goodwill has been recognised. This is being amortised with due consideration being given to the usage of non-monetary assets, as required by FRS 102. Amortisation of £28,264 (2021: £55,809) has been credited to the Statement of comprehensive income during the year.
The whole of the turnover is attributable to the Group's principal activity as described in note 1.
Analysis of turnover by country of destination:
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
13.Taxation (continued)
The main rate of Corporation Tax increased to 25% in the tax year beginning 1 April 2023 for companies where
profits exceed £250,000. A tapered rate has been introduced for profits above £50,000 up to £250,000.
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
No amounts were due in more than five years in both the current and prior year.
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
Cashflow hedge reserve
The cashflow hedge reserve includes all gains and losses made on forward contracts. Merger reserve Merger reserve represents a merger reserve arising on a share for share exchange. Profit and loss account Profit and loss account represents profit made net of dividends paid to shareholders.
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £44,228 (2021: £47,764) . Contributions totalling £1,782 (2021: £1,782) were payable to the fund at the balance sheet date and are included in creditors.
Included within other debtors due within one year is a loan due from one of the directors, amounting to £47,510
(2021: £Nil). The maximum outstanding during the year was £47,510. The loan has been provided interest free and there is no scheduled repayment date.
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The Ace Supply Holding Company Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
There was no overall controlling party of The Ace Supply Holding Company Limited at 31 December 2022.
Subsequent to the year, on 30 June 2023, the entire share capital of The Ace Supply Holding Company Limited was acquired by The Ace Supply Topco Limited. The Ace Supply Topco Limited registered office is Suite Ga Marsland House, Marsland Road, Sale, M33 3AQ.
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