Ace Glass (Southern) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07255933 (England and Wales)

ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

FOR

ACE GLASS (SOUTHERN) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Barker

Mrs W Barker

REGISTERED OFFICE:

Unit 5 Woodingdean Business Park

Seaview Way

Bexhill Road

Brighton

BN2 6NX

REGISTERED NUMBER:

07255933 (England and Wales)

ACCOUNTANTS:

Simon Winnard & Company

Redington Court

69 Church Road

Hove

East Sussex

BN3 2BB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

14,705

16,648

14,705

16,648

CURRENT ASSETS

Stocks

18,038

11,244

Debtors

39,035

19,386

Cash at bank and in hand

20,759

328

77,832

30,958

CREDITORS

Amounts falling due within one year

42,493

47,365

NET CURRENT ASSETS/(LIABILITIES)

35,339

(16,407

)

TOTAL ASSETS LESS CURRENT LIABILITIES

50,044

241

CREDITORS

Amounts falling due after more than one year

50,000

-

NET ASSETS

44

241

CAPITAL AND RESERVES

Called up share capital

3

3

Capital redemption reserve

(9,952

)

(9,952

)

Retained earnings

9,993

10,190

SHAREHOLDERS' FUNDS

44

241

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 31 January 2022 and were signed on its behalf by:

D Barker - Director

1.	STATUTORY INFORMATION

Ace Glass (Southern) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over it's expected useful life, as follows:

Freehold property - over 50 years

Plant and Machinery - over 5 years

Fixtures and Fittings - over 4 years (reducing balance method)

Motor Vehicles - over 4 years (reducing balance method)

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2020

and 30 April 2021

3,581

AMORTISATION

At 1 May 2020

and 30 April 2021

3,581

NET BOOK VALUE

At 30 April 2021

-

At 30 April 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2020

and 30 April 2021

60,261

DEPRECIATION

At 1 May 2020

43,613

Charge for year

1,943

At 30 April 2021

45,556

NET BOOK VALUE

At 30 April 2021

14,705

At 30 April 2020

16,648

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Totals

£

COST

At 1 May 2020

and 30 April 2021

37,800

DEPRECIATION

At 1 May 2020

32,786

Charge for year

1,253

At 30 April 2021

34,039

NET BOOK VALUE

At 30 April 2021

3,761

At 30 April 2020

5,014

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2021 and 30 April 2020:

2021

2020

£

£

D Barker

Balance outstanding at start of year

5,307

-

Amounts advanced

6,260

5,307

Amounts repaid

(5,307

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,260

5,307

Mrs W Barker

Balance outstanding at start of year

2,693

-

Amounts advanced

3,210

2,693

Amounts repaid

(2,693

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,210

2,693

The above loans were repaid within nine months following the end of the accounting period.