ACE Lifts Ltd,Ltd - AccountsLtd - Accounts

ACE Lifts Ltd,Ltd - AccountsLtd - Accounts

ACE LIFTS LTD - Company Information

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2021-02-01 01960580 2022-01-31 01960580 2021-02-01 2022-01-31 01960580 2021-01-31 01960580 2019-12-01 2021-01-31 01960580 uk-core:WithinOneYear 2021-01-31 01960580 uk-core:WithinOneYear 2022-01-31 01960580 uk-core:AfterOneYear 2021-01-31 01960580 uk-core:AfterOneYear 2022-01-31 01960580 uk-core:ShareCapital 2022-01-31 01960580 uk-core:ShareCapital 2021-01-31 01960580 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 01960580 uk-core:RetainedEarningsAccumulatedLosses 2021-01-31 01960580 uk-bus:Director1 2021-02-01 2022-01-31 01960580 uk-core:PlantMachinery 2021-02-01 2022-01-31 01960580 uk-core:MotorVehicles 2021-02-01 2022-01-31 01960580 uk-core:FurnitureFittings 2021-02-01 2022-01-31 01960580 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-31 01960580 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-02-01 2022-01-31 01960580 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-31 01960580 uk-core:FurnitureFittings 2021-01-31 01960580 uk-core:MotorVehicles 2021-01-31 01960580 uk-core:PlantMachinery 2021-01-31 01960580 uk-core:PlantMachinery 2022-01-31 01960580 uk-core:MotorVehicles 2022-01-31 01960580 uk-core:FurnitureFittings 2022-01-31 01960580 uk-core:WithinOneYear uk-core:Secured 2022-01-31 01960580 uk-core:WithinOneYear uk-core:Secured 2021-01-31 01960580 uk-core:WithinOneYear 2022-01-31 01960580 uk-core:WithinOneYear 2021-01-31 01960580 2 uk-bus:Director1 2021-02-01 2022-01-31 01960580 2 uk-bus:Director1 2022-01-31 01960580 2 uk-bus:Director1 2021-01-31 iso4217:GBP xbrli:pure 01960580 uk-bus:AuditExemptWithAccountantsReport 2021-02-01 2022-01-31 01960580 uk-bus:FRS102 2021-02-01 2022-01-31 01960580 uk-bus:FullAccounts 2021-02-01 2022-01-31 01960580 uk-bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31
ACE Lifts Ltd
Registered Number:01960580
For the year ended 31 January 2022
England and Wales
Unaudited Financial Statements
2
For the year ended 31 January 2022
ACE Lifts Ltd
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
Registered Number :
01960580
As at 31 January 2022
ACE Lifts Ltd
Statement of Financial Position
£
£
2021
2022
Notes
Fixed assets
Intangible assets
1,378,596
1,373,260
2
Property, plant and equipment
174,281
230,606
3
1,552,877
1,603,866
Current assets
Inventories
750,000
881,979
4
Trade and other receivables
561,627
642,088
5
70,437
Cash and cash equivalents
340
1,524,407
1,382,064
Trade and other payables: amounts falling due within one
year
(1,567,147)
(1,986,094)
6
(185,083)
(461,687)
Net current liabilities
Total assets less current liabilities
1,091,190
1,418,783
Trade and other payables: amounts falling due after more
than one year
(1,040,828)
(859,742)
7
(30,187)
(39,950)
Provisions for liabilities
201,261
Net assets
338,005
Capital and reserves
Called up share capital
100
100
Retained earnings
201,161
337,905
201,261
338,005
Shareholders' funds
For the year ended 31 January 2022 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 31 January 2022 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
Registered Number :
01960580
For the year ended 31 January 2022
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 24 October 2022 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 January 2022
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.
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6
For the year ended 31 January 2022
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 February 2021
2,099,165
Additions
66,336
At 31 January 2022
2,165,501
Amortisation
At 01 February 2021
725,905
61,000
Charge for year
At 31 January 2022
786,905
Net book value
At 31 January 2022
1,378,596
3. Property, plant and equipment
Total
Fixtures &
fittings
Motor vehicles
Plant &
machinery
£
£
£
£
Cost or
valuation
At 01 February 2021
506,654
44,258
376,493
85,903
679
679
-
-
Additions
-
(46,830)
-
Disposals
(46,830)
At 31 January 2022
85,903
329,663
44,937
460,503
Provision for depreciation and impairment
At 01 February 2021
276,048
37,643
165,521
72,884
Charge for year
28,726
480
25,646
2,600
(18,552)
-
(18,552)
-
On disposal
At 31 January 2022
286,222
38,123
172,615
75,484
At 31 January 2022
Net book value
10,419
157,048
6,814
174,281
At 31 January 2021
13,019
210,972
6,615
230,606
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7
For the year ended 31 January 2022
ACE Lifts Ltd
Notes to the Financial Statements Continued
4. Inventories
2021
2022
£
£
Stocks
881,979
750,000
5. Trade and other receivables
2021
2022
£
£
Trade debtors
473,544
365,597
Prepayments and accrued income
72,299
84,956
Amounts owed by directors
25,426
18,800
Taxation and social security
70,819
92,274
561,627
642,088
6. Trade and other payables: amounts falling due within one year
2021
2022
£
£
Bank loans and overdraft (secured)
83,934
-
Bank loans and overdraft
62,694
24,272
Trade creditors
551,782
354,347
Taxation and social security
467,145
590,691
Accruals and deferred income
618,494
292,300
Obligations under HP/Financial leases
8,987
22,314
Other creditors
193,058
283,223
1,986,094
1,567,147
7. Trade and other payables: amounts falling due after more than one year
2021
2022
£
£
Bank loans and overdraft (secured)
59,742
228,946
800,000
800,000
Directors' loan accounts
11,882
-
Obligations under HP/Financial leases
859,742
1,040,828
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8
For the year ended 31 January 2022
ACE Lifts Ltd
Notes to the Financial Statements Continued
8. Directors advances and guarantees
At 01/02/2021
Loaned
At 31/01/2022
£
£
£
Mr C Salter
Directors Loan Account
25,426
18,800
6,626
25,426
18,800
6,626
9. Average number of persons employed
During the year the average number of employees was 43 (2021 : 38)
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