Ace Drainage & Water Solutions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10623869 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28th February 2019

for

Ace Drainage & Water Solutions Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Akintaro

E Reeves

REGISTERED OFFICE:

Unit 3 Harvey Adam Centre

19 Wimbledon Avenue

Brandon

Suffolk

IP27 0NZ

REGISTERED NUMBER:

10623869 (England and Wales)

ACCOUNTANTS:

TWR Accountants

The Old Registrars

57a High Street

Brandon

Suffolk

IP27 0AU

FIXED ASSETS

Tangible assets

4

29,567

30,393

CURRENT ASSETS

Debtors

5

67,410

86,107

Cash at bank

511

4,666

67,921

90,773

CREDITORS

Amounts falling due within one year

6

71,091

52,892

NET CURRENT (LIABILITIES)/ASSETS

(3,170

)

37,881

TOTAL ASSETS LESS CURRENT LIABILITIES

26,397

68,274

CREDITORS

Amounts falling due after more than one year

7

(5,222

)

(10,024

)

PROVISIONS FOR LIABILITIES

(3,920

)

(3,704

)

NET ASSETS

17,255

54,546

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8

17,155

54,446

17,255

54,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11th October 2019 and were signed on its behalf by:

M Akintaro - Director

E Reeves - Director

1.	STATUTORY INFORMATION

Ace Drainage & Water Solutions Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st March 2018

34,524

Additions

6,079

At 28th February 2019

40,603

DEPRECIATION

At 1st March 2018

4,131

Charge for year

6,905

At 28th February 2019

11,036

NET BOOK VALUE

At 28th February 2019

29,567

At 28th February 2018

30,393

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1st March 2018

and 28th February 2019

17,250

DEPRECIATION

At 1st March 2018

1,540

Charge for year

3,928

At 28th February 2019

5,468

NET BOOK VALUE

At 28th February 2019

11,782

At 28th February 2018

15,710

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

63,058

83,466

Tax

4,352

2,476

Prepayments

-

165

67,410

86,107

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

4,802

3,760

Trade creditors

14,108

13,854

Tax

35,057

20,838

Social security and other taxes

692

3,265

VAT

7,041

7,005

Directors' loan accounts

8,421

2,920

Accrued expenses

970

1,250

71,091

52,892

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

5,222

10,024

8.

RESERVES

Retained

earnings

£

At 1st March 2018

54,446

Profit for the year

84,709

Dividends

(122,000

)

At 28th February 2019

17,155