ACE (GB) LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
Company Registration No. 5263149 (England and Wales)
ACE (GB) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ACE (GB) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,163
1,582
Current assets
Debtors
16,530
16,584
Cash at bank and in hand
107,931
80,244
124,461
96,828
Creditors: amounts falling due within one year
(38,794)
(29,890)
Net current assets
85,667
66,938
Total assets less current liabilities
86,830
68,520
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
86,828
68,518
Shareholders' funds
86,830
68,520
For the financial year ended 31 October 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 28 July 2016
A Bradley
Director
Company Registration No. 5263149
ACE (GB) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when the goods and services are physically provided to the customer.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Photographic equipment
25% on a reducing balance basis
Computer equipment
25% on a reducing balance basis
Fixtures, fittings & equipment
25% on a reducing balance basis
1.5
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2014
10,312
Disposals
(361)
At 31 October 2015
9,951
Depreciation
At 1 November 2014
8,731
On disposals
(331)
Charge for the year
388
At 31 October 2015
8,788
Net book value
At 31 October 2015
1,163
At 31 October 2014
1,582
ACE (GB) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
4
Transactions with directors
Creditors include an amount of £12,364 (2014: £2,856) due to the directors, Mr A. Bradley and Mrs C. Bradley.