Ace Acquisition Company Limited - Accounts to registrar (filleted) - small 18.2

Ace Acquisition Company Limited - Accounts to registrar (filleted) - small 18.2

ACE ACQUISITION COMPANY LIMITED - Company Information

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Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Ace Acquisition Company Limited
Michael Letch & Partners LLP
Accountants
146 High Street
Billericay
Essex
CM12 9DF








Ace Acquisition Company Limited (Registered number: 06077845)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ace Acquisition Company Limited

Company Information
for the Year Ended 31 December 2020







DIRECTORS: A Glibbery
Mrs K J Glibbery





SECRETARY: Mrs K J Glibbery





REGISTERED OFFICE: 146 High Street
Billericay
Essex
CM12 9DF





REGISTERED NUMBER: 06077845 (England and Wales)





ACCOUNTANTS: Michael Letch & Partners LLP
Accountants
146 High Street
Billericay
Essex
CM12 9DF
Page 1
Ace Acquisition Company Limited (Registered number: 06077845)

Balance Sheet
31 December 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Investments 4 398,809 398,809
Investment property 5 150,818 150,818
549,627 549,627

CURRENT ASSETS
Cash at bank 13,939 13,953

CREDITORS
Amounts falling due within one year 6 214,958 214,972
NET CURRENT LIABILITIES (201,019 ) (201,019 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
348,608
348,608

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 347,608 347,608
SHAREHOLDERS' FUNDS 348,608 348,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 and authorised for issue on 12 August 2021 and were signed on its behalf by:





A Glibbery - Director


The notes form part of these financial statements

Page 2
Ace Acquisition Company Limited (Registered number: 06077845)

Notes to the Financial Statements
for the Year Ended 31 December 2020

1. STATUTORY INFORMATION

Ace Acquisition Company Limited 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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2020
and 31 December 2020 398,809
NET BOOK VALUE
At 31 December 2020 398,809
At 31 December 2019 398,809

Page 3 continued...
Ace Acquisition Company Limited (Registered number: 06077845)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2020
and 31 December 2020 150,818
NET BOOK VALUE
At 31 December 2020 150,818
At 31 December 2019 150,818

During the year the Company purchased a property on the open market. The directors consider that there has been no significant changes to the fair value at 31st December 2020.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Amounts owed to group undertakings 213,671 213,685
Directors' current accounts 252 252
Accrued expenses 1,035 1,035
214,958 214,972

7. SECURED DEBTS

A charge was created 16th May 2007 by Ace Acquisition Company Limited for securing all monies due or due to become due from the company to National Westminster Bank PLC on any account whatsoever.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A & Mrs K Glibbery whom hold all of the ordinary share capital.

Page 4