Company No:
Contents
DIRECTORS | J Maryon |
J Whelan |
SECRETARY | J Whelan |
REGISTERED OFFICE | C/O Bishop Fleming Llp |
10 Temple Back | |
Bristol | |
BS1 6FL | |
United Kingdom |
COMPANY NUMBER | 08222689 (England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming Bath Limited |
10 Temple Back | |
Bristol | |
BS1 6FL |
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
Investments | 4 |
|
|
|
2,095,200 | 3,124,801 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
2,711,669 | 2,673,185 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
|
(
|
|
Net current assets/(liabilities) | 518,634 | (457,237) | ||
Total assets less current liabilities | 2,613,834 | 2,667,564 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
|
(
|
|
Provisions for liabilities | (
|
(
|
||
Net assets/(liabilities) |
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account |
|
(
|
||
Total shareholder's funds/(deficit) |
|
(
|
Directors' responsibilities:
The financial statements of Acme Flooring and Paving Limited (registered number:
J Maryon
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Acme Flooring and Paving Limited is a private limited liability company, limited by shares, incorporated and registered in England within the United Kingdom.
The registered office is Minerva House, Lower Bristol Road, Bath, BA2 9ER.
The registered number is 08222689.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 July 2020 |
|
Additions | 35,561 |
Fair value movement | 200,838 |
Disposals | (1,266,000) |
As at 30 June 2021 |
|
Valuation
The 2021 valuations were made by the directors, on an open market value for existing use basis.
Investments in subsidiaries
2021 | |
£ | |
Cost | |
At 01 July 2020 |
|
At 30 June 2021 |
|
Carrying value at 30 June 2021 |
|
Carrying value at 30 June 2020 |
|
2021 | 2020 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Prepayments and accrued income |
|
|
|
VAT recoverable |
|
|
|
Other debtors |
|
|
|
|
|
2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
|
|
2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
|
|
2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with entities in which the entity itself has a participating interest
2021 | 2020 | ||
£ | £ | ||
Sales to companies under common control | 129,291 | 100,000 | |
Amounts owed to entities under common control | 1,685,357 | 2,533,865 | |
Bad debt credit recognised in respect of amounts no longer owed to entities under common control | 596,238 | 0 |
During the year the Company had the above related party transactions and balances with connected companies. These balances are interest free and have no fixed date for repayment.
The company has taken advantage of the exemption in Section 1AC.35 of FRS102 to not disclose related party transactions with wholly owned subsidiaries within the group.
2021 | 2020 | ||
£ | £ | ||
Distributable reserves | 275,658 | 40,730 | |
Non-Distributable reserves | 150,629 | 0 | |
426,287 | 40,730 |
The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax.