ACE OFFICE ENVIRONMENTS LIMITED
ACE OFFICE ENVIRONMENTS LIMITED
Company No:
ACE OFFICE ENVIRONMENTS LIMITED
Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar
For the financial year ended 31 December 2021
Pages for filing with the registrar
Unaudited Financial Statements
Contents
BALANCE SHEET
BALANCE SHEET (continued)
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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1,416,714 | 1,436,279 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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827,566 | 858,943 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 160,540 | 116,499 | ||
Total assets less current liabilities | 1,577,254 | 1,552,778 | ||
Creditors | ||||
Amounts falling due after more than one year | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
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The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Ace Office Environments Limited (registered number:
Mr D E Carter
Director |
Mr A J E Carter
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
General information and basis of accounting
Ace Office Environments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Emberton House, Yeomans Way, Bournemouth, BH8 0BP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Turnover
Employee benefits
Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment
Taxation
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 Balance Sheet date.
Intangible assets
Goodwill |
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Goodwill
Tangible fixed assets
Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Stocks
Cash and cash equivalents
Financial instruments
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
Government grants
During the year the company took advantage of the government's Coronavirus Job Retention Scheme and received grant income of this. This income is released to the statements of profit and loss as and when costs are incurred.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2. Employees
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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3. Intangible assets
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2021 |
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At 31 December 2021 |
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Accumulated amortisation | |||
At 01 January 2021 |
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At 31 December 2021 |
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Net book value | |||
At 31 December 2021 |
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At 31 December 2020 |
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4. Tangible assets
Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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Accumulated depreciation | |||||||||||
At 01 January 2021 |
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Charge for the financial year |
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Disposals |
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At 31 December 2021 |
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Net book value | |||||||||||
At 31 December 2021 |
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At 31 December 2020 |
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5. Fixed asset investments
Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.12.2021 |
Ownership 31.12.2020 |
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Emberton House, Yeomans Way, Bournemouth, Dorset, BH8 0BP | Dormant |
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Emberton House, Yeomans Way, Bournemouth, Dorset, BH8 0BP | Dormant |
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Emberton House, Yeomans Way, Bournemouth, Dorset, BH8 0BP | Dormant |
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Emberton House, Yeomans Way, Bournemouth, Dorset, BH8 0BP | Dormant |
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6. Stocks
2021 | 2020 | ||
£ | £ | ||
Stocks |
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7. Debtors
2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Other debtors |
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8. Creditors: amounts falling due within one year
2021 | 2020 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to directors |
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Other creditors |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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9. Creditors: amounts falling due after more than one year
2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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227,127 | 247,446 |
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2021 | 2020 | ||
£ | £ | ||
Bank loans |
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10. Financial commitments
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2021 | 2020 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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