ACE Lifts Ltd,Ltd - AccountsLtd - Accounts

ACE Lifts Ltd,Ltd - AccountsLtd - Accounts

ACE LIFTS LTD - Company Information

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2018-12-01 01960580 2019-11-30 01960580 2018-12-01 2019-11-30 01960580 2018-11-30 01960580 2017-12-01 2018-11-30 01960580 uk-core:WithinOneYear 2018-11-30 01960580 uk-core:WithinOneYear 2019-11-30 01960580 uk-core:AfterOneYear 2018-11-30 01960580 uk-core:AfterOneYear 2019-11-30 01960580 uk-core:ShareCapital 2019-11-30 01960580 uk-core:ShareCapital 2018-11-30 01960580 uk-core:RetainedEarningsAccumulatedLosses 2019-11-30 01960580 uk-core:RetainedEarningsAccumulatedLosses 2018-11-30 01960580 uk-bus:Director1 2018-12-01 2019-11-30 01960580 uk-core:PlantMachinery 2018-12-01 2019-11-30 01960580 uk-core:MotorVehicles 2018-12-01 2019-11-30 01960580 uk-core:FurnitureFittings 2018-12-01 2019-11-30 01960580 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-11-30 01960580 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2018-12-01 2019-11-30 01960580 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-11-30 01960580 uk-core:FurnitureFittings 2018-11-30 01960580 uk-core:MotorVehicles 2018-11-30 01960580 uk-core:PlantMachinery 2018-11-30 01960580 uk-core:PlantMachinery 2019-11-30 01960580 uk-core:MotorVehicles 2019-11-30 01960580 uk-core:FurnitureFittings 2019-11-30 01960580 uk-core:WithinOneYear uk-core:Secured 2019-11-30 01960580 uk-core:WithinOneYear uk-core:Secured 2018-11-30 01960580 uk-core:WithinOneYear 2019-11-30 01960580 uk-core:WithinOneYear 2018-11-30 iso4217:GBP xbrli:pure 01960580 uk-bus:AuditExemptWithAccountantsReport 2018-12-01 2019-11-30 01960580 uk-bus:FRS102 2018-12-01 2019-11-30 01960580 uk-bus:FullAccounts 2018-12-01 2019-11-30 01960580 uk-bus:PrivateLimitedCompanyLtd 2018-12-01 2019-11-30
ACE Lifts Ltd
Registered Number:01960580
For the year ended 30 November 2019
England and Wales
Unaudited Financial Statements
2
For the year ended 30 November 2019
ACE Lifts Ltd
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
As at 30 November 2019
ACE Lifts Ltd
Statement of Financial Position
Registered Number :
01960580
£
£
2018
2019
Notes
Fixed assets
Intangible assets
1,133,061
788,858
2
Property, plant and equipment
299,926
328,410
3
1,432,987
1,117,268
Current assets
Inventories
778,377
750,000
4
Trade and other receivables
524,665
683,019
5
5,677
Cash and cash equivalents
48,414
1,481,433
1,308,719
Trade and other payables: amounts falling due within one
year
(1,624,468)
(1,524,914)
6
(315,749)
(43,481)
Net current liabilities
Total assets less current liabilities
1,389,506
801,519
Trade and other payables: amounts falling due after more
than one year
(446,823)
(913,224)
7
(40,534)
(46,171)
Provisions for liabilities
435,748
Net assets
308,525
Capital and reserves
Called up share capital
100
100
Retained earnings
435,648
308,425
435,748
308,525
Shareholders' funds
For the year ended 30 November 2019 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
For the year ended 30 November 2019
ACE Lifts Ltd
Statement of Financial Position Continued
Mr C Salter Director
These financial statements were approved and authorised for issue by the Board on 06 May 2020 and were signed by:
The notes form part of these financial statements
2 of 6
5
For the year ended 30 November 2019
ACE Lifts Ltd
Notes to the Financial Statements
Statutory Information
ACE Lifts Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
01960580.
Registered address:
Units 4 & 5
St Ives Way
Sandycroft
Flintshire
CH5 2QS
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and development
Expenditure on research and development is capitalised under Intangible assets.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant & machinery
20% Straight line
20% Straight line
Motor vehicles
20% Straight line
Fixtures & fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Debtors include amounts recoverable on long term contracts which are stated at the net sales value of the work done after provision for contingencies and any anticipated future losses on contracts, less amounts received as progress payments on account. Any excess progress payments are included in creditors as payments on account.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
3 of 6
6
For the year ended 30 November 2019
ACE Lifts Ltd
Notes to the Financial Statements Continued
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
2. Intangible fixed assets
Research &
Development
Cost or valuation
£
At 01 December 2018
1,344,673
Additions
444,293
At 30 November 2019
1,788,966
Amortisation
At 01 December 2018
555,815
100,090
Charge for year
At 30 November 2019
655,905
Net book value
At 30 November 2019
1,133,061
3. Property, plant and equipment
Total
Fixtures &
fittings
Motor vehicles
Plant &
machinery
£
£
£
£
Cost or
valuation
At 01 December 2018
498,914
36,518
376,493
85,903
7,740
7,740
-
-
Additions
At 30 November 2019
85,903
376,493
44,258
506,654
Provision for depreciation and impairment
At 01 December 2018
170,504
36,017
66,131
68,356
Charge for year
36,224
306
34,890
1,028
At 30 November 2019
206,728
36,323
101,021
69,384
At 30 November 2019
Net book value
16,519
275,472
7,935
299,926
At 30 November 2018
17,547
310,362
501
328,410
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7
For the year ended 30 November 2019
ACE Lifts Ltd
Notes to the Financial Statements Continued
4. Inventories
2018
2019
£
£
Stocks
750,000
778,377
5. Trade and other receivables
2018
2019
£
£
Trade debtors
433,319
349,347
Prepayments and accrued income
129,137
173,228
Taxation and social security
118,473
-
Other debtors
2,090
2,090
524,665
683,019
6. Trade and other payables: amounts falling due within one year
2018
2019
£
£
Bank loans and overdraft (secured)
61,877
25,857
Bank loans and overdraft
-
65,411
Trade creditors
558,457
652,329
Taxation and social security
318,148
263,722
Accruals and deferred income
69,022
246,513
Directors' loan accounts
435
902
Obligations under HP/Financial leases
94,682
99,444
Other creditors
422,293
270,290
1,524,914
1,624,468
7. Trade and other payables: amounts falling due after more than one year
2018
2019
£
£
Bank loans and overdraft (secured)
276,872
323,819
-
600,000
Directors' loan accounts
123,004
36,352
Obligations under HP/Financial leases
913,224
446,823
8. Average number of persons employed
During the year the average number of employees was 60 (2018 : 59)
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8
For the year ended 30 November 2019
ACE Lifts Ltd
Notes to the Financial Statements Continued
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