ACE Engineering Limited - Accounts

ACE Engineering Limited - Accounts

ACE ENGINEERING LIMITED - Company Information

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ACE Engineering Limited
Report and Accounts
For the Period Ended
31 October 2018
Company Number
10476260
ACE Engineering Limited
Report and Accounts
Year Ending 31 October 2018
Contents Page
Company Information 2
Report of the Directors 3
Profit and Loss Account 4
Balance Sheet 5
Notes to the Accounts 6 to 7
Company Information
Director
Mr. Aaron Davies
Mrs Jade Davies
Registered Office
2 The Precinct
Rest Bay
Porthcawl
Glamorgan
CF36 3RF
ACE Engineering Limited
Report of the Directors
The director presents a report and financial statements for the year ended 31 October 2018
Principal Activities
The principal activity of the company is the provision of contract services.
Directors
The directors who served during the period and their interest in the shares of the company at the
beginning and end of the period were as follows:
Ordinary Shares of one GBP each
31 October 2018 1 November 2017
Mr. Aaron Davies 50 50
Mrs Jade Davies 50 50
Small Company
Advantage has been taken of special exemptions applicable to small companies in the preparation
of this report
Registered Office On behalf of the board
2 The Precinct
Rest Bay
Porthcawl _________________
CF36 3RF Mr. Aaron Davies
This report was approved by the board on 10 May 2019 and signed on its behalf
ACE Engineering Limited
Trading and Profit and Loss Account
Year Ending 31 October 2018
Note 2018 2017
No. £ £
Turnover 1 48859 41035
Less Cost of Sales 0 0
-------- --------
Gross Profit 48859 41035
Administrative Expenses 20524 18731
-------- --------
Operating Profit 2 28335 22304
Interest Received 0 0
Interest Payable 0 0
-------- --------
Profit on Ordinary Activities Before Taxation 28335 22304
Taxation 4 5883 4375
-------- --------
Profit on Ordinary Activities After Taxation 22452 17929
Dividends Paid 22000 17950
-------- --------
Retained Surplus Transferred to Reserves 8 452 -21
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Total Recognised Gains And Losses
There are no other gains or losses for the year other than those going through the profit and loss
account.
Continuing Activities
All income and expenses are from continuing activities.
ACE Engineering Limited
Balance Sheet As At
31 October 2018
Note 2018 2018 2017 2017
No. £ £ £ £
Fixed Assets Intangible Assets 5 5670 7560
Tangible Assets 5 2022 2485
-------- --------
Total Fixed Assets 5 7692 10045
Current Assets:
Bank account 1268 189
Trade debtors 1973 906
Work in progress 0 0
Directors loan account 0 0
-------- --------
3241 1095
Creditors:
Amounts Falling due Within One Year 6 10402 11061
-------- --------
Net Current Assets -7161 -9966
-------- --------
Total Assets Less Current Liabilities 531 79
===== =====
Capital and Reserves 2018 2017
£ £
Called up Share Capital 7 100 100
Profit and Loss Account 8 431 -21
-------- --------
Shareholders Funds 8 531 79
===== =====
The financial statements are hereby approved by the board of directors.
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit
under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act
2006 with respect to accounting records and the preperation of accounts. This statement fully complies
with section 475 of the Companies Act 2006.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006
applicable to companies subject to the small companies regime.
Mr. Aaron Davies 10 May 2019
____________________ (director) _________________ Date
ACE Engineering Limited
Notes to the Accounts
Year Ending 31 October 2018
1. Accounting Policies
(a) The accounts have been prepared under the Historical Cost Convention. The principal policies
which the directors have adopted within that convention are set out below.
(b) Depreciation is provided on tangible fixed assets each year in order to write their value down
over their estimated lives. The rates that apply are as follows:
Office equipment 40%
Plant and equipment 15%
(c) The charge for taxation is based on the profit for the year and takes into account taxation
deferred because of timing differences between the treatment of certain items for accounting and
taxation purposes. Provision for deferred taxation is made under the liability method only to the
extent that it is probable that the liability will become payable in the foreseeable future.
(d) Turnover is stated as invoices issued, net of value added tax payable.
2. Operating Profit 2018 2017
£ £
Operating profit is arrived at after charging:
Depreciation on tangible fixed assets 463 615
3. Directors Emoluments
The amounts received by the directors were as follows:
Management remuneration 8319 8143
4. Deferred Tax
No provision has been made in respect of deferred taxation. The total potential provision
would have been nil.
5. Fixed Assets Intangible
Fixed Asset Tangible Fixed Assets
Plant & Office Total
Cost Goodwill Cost Equipment Equipment £
Opening balance 9450 Opening balance 2500 600 3100
Additions 0 Additions 0 0 0
Disposals 0 Revaluations 0 0 0
Closing balance 9450 Closing balance 2500 600 3100
Depreciation Depreciation
Opening balance 1890 Opening balance 375 240 615
Charge for the year 1890 Charge for the year 319 144 463
Disposals 0 Revaluations 0 0 0
Closing balance 3780 Closing balance 694 384 1078
Net Book Value Net Book Value
Closing balance 5670 Closing balance 1806 216 2022
ACE Engineering Limited
Notes to the Accounts (Continued)
Year Ending 31 October 2018
6. Creditors: due within one year. 2018 2017
£ £
Creditors and accruals 669 669
Corporation tax 5883 4375
Paye and ni 0 0
VAT 2789 1373
Directors loan account 1061 4644
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10402 11061
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7. Share Capital
Allocated, called up and fully paid
Ordinary shares of one GBP each 100 100
====== ======
8. Shareholders Funds Share Profit & Shareholders
Capital Loss a/c Funds
£ £ £
Opening balance 100 -21 79
Results for the year 0 452 452
---------- ---------- ----------
31 October 2018 100 431 531
====== ====== ======
9. Controlling Parties
Directors and a controlling party of the company within the definition contained in FRS 8 are identified as:
Mr. Aaron Davies Mrs Jade Davies
This is the end of the statutory financial statements
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