ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

ACECITY LIMITED - Company Information

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Registered number: 02450337












ACECITY LIMITED
FINANCIAL STATEMENTS
PAGES FOR FILING FOR THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2019

ACECITY LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 6


ACECITY LIMITED
 
COMPANY INFORMATION


Director
Miles Ivor Levy 




Company secretary
David Lee Burr



Registered number
02450337



Registered office
1st Floor, 3 Elstree Gate
Elstree Way

Borehamwood

WD6 1JD




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

1st Floor

7 - 10 Chandos Street

London

W1G 9DQ





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        REGISTERED NUMBER:02450337
ACECITY LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2019

2019
2018
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
11,959
9,854

  
11,959
9,854

Creditors: amounts falling due within one year
 5 
(11,859)
(9,754)

Net current assets
  
 
 
100
 
 
100

Total assets less current liabilities
  
100
100

  

Net assets
  
100
100


Capital and reserves
  

Called up share capital 
 6 
100
100

Total equity
  
100
100


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006 and in accordance with Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Miles Ivor Levy
Director

Date: 27 July 2020


The notes on pages 3 to 6 form part of these financial statements.


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ACECITY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

1.


General information

Acecity Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 1st Floor, 3 Elstree Gate, Elstree Way, Borehamwood, England, WD6 1JD.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.4

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes 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. 
 
The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 

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ACECITY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


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ACECITY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

  
2.5

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds..

 
2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2018 -1).


4.


Debtors

2019
2018
£
£


Amounts owed by group undertakings
11,959
9,854



5.


Creditors: Amounts falling due within one year

2019
2018
£
£

Corporation tax
11,859
9,754



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ACECITY LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

6.


Share capital

2019
2018
£
£
Allotted, called up and fully paid



100 (2018 -100) Ordinary shares of £1.00 each
100
100


7.


Contingent liabilities

The company has given a cross guarantee in respect of its parent company's borrowings to its bankers.


8.


Related party transactions

At the year end, Oakfield (Foods) Limited owed the company £11,959 (2018: £9,854).
The company has taken advantage of the exemption in the Financial Reporting Standards 102 from the requirement to disclose transactions with group companies on the grounds that the company is a wholly owned subsidiary of Oakfield (Foods) Limited and consolidated financial statements are prepared.


9.


Ultimate parent undertaking

The results of the company will be included in the consolidated financial statements of Oakfield (Foods) Limited, the parent company. The registered office of Oakfield (Foods) Limited is 1st Floor, 3 Elstree Gate, Elstree Way, Borehamwood, England, WD6 1JD.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2019 was unqualified.

The audit report was signed on 31 July 2020 by Richard Churchill (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 

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