Company No: 00781883 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	1,421,669		1,416,714
		1,421,669		1,416,714
Current assets
Stocks	6	375,411		305,357
Debtors	7	517,830		334,155
Cash at bank and in hand		65,192		188,054
		958,433		827,566
Creditors: amounts falling due within one year	8	( 787,982)		( 667,026)
Net current assets		170,451		160,540
Total assets less current liabilities		1,592,120		1,577,254
Creditors: amounts falling due after more than one year	9	( 203,718)		( 227,127)
Net assets		1,388,402		1,350,127
Capital and reserves
Called-up share capital		6,000		6,000
Revaluation reserve		237,328		237,328
Profit and loss account		1,145,074		1,106,799
Total shareholders' funds		1,388,402		1,350,127

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ace Office Environments Limited (registered number: 00781883) were approved and authorised for issue by the Board of Directors on 15 July 2023. They were signed on its behalf by:

Mr A J E Carter Director

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

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers. Turnover is recognised at the point of despatch to the customer.

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
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

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	20 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	25		23

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2022	111,807		111,807
At 31 December 2022	111,807		111,807
Accumulated amortisation
At 01 January 2022	111,807		111,807
At 31 December 2022	111,807		111,807
Net book value
At 31 December 2022	0		0
At 31 December 2021	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2022	1,809,600		172,840		87,264		64,611		275,970		2,410,285
Additions	0		27,162		0		0		4,218		31,380
Disposals	0		0		( 7,742)		0		0		( 7,742)
At 31 December 2022	1,809,600		200,002		79,522		64,611		280,188		2,433,923
Accumulated depreciation
At 01 January 2022	435,831		153,472		77,010		58,912		268,346		993,571
Charge for the financial year	12,606		5,218		4,490		832		3,279		26,425
Disposals	0		0		( 7,742)		0		0		( 7,742)
At 31 December 2022	448,437		158,690		73,758		59,744		271,625		1,012,254
Net book value
At 31 December 2022	1,361,163		41,312		5,764		4,867		8,563		1,421,669
At 31 December 2021	1,373,769		19,368		10,254		5,699		7,624		1,416,714

5. Fixed asset investments

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 31.12.2022	Ownership 31.12.2021
Palmerston Stationers (Wholesale) Limited	Emberton House, Yeomans Way, Bournemouth, Dorset, BH8 0BP	Dormant	Ordinary	100.00%	100.00%
Home Business Centre Limited	Emberton House, Yeomans Way, Bournemouth, Dorset, BH8 0BP	Dormant	Ordinary	100.00%	100.00%
Ergonomic Office Furniture Limited	Emberton House, Yeomans Way, Bournemouth, Dorset, BH8 0BP	Dormant	Ordinary	100.00%	100.00%
Office @ Home Limited	Emberton House, Yeomans Way, Bournemouth, Dorset, BH8 0BP	Dormant	Ordinary	100.00%	100.00%

6. Stocks

	2022		2021
	£		£
Stocks	375,411		305,357

7. Debtors

	2022		2021
	£		£
Trade debtors	491,952		308,888
Other debtors	25,878		25,267
	517,830		334,155

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans and overdrafts	178,956		161,087
Trade creditors	425,370		368,570
Corporation tax	4,340		0
Other taxation and social security	51,737		37,546
Obligations under finance leases and hire purchase contracts	3,715		7,490
Other creditors	123,864		92,333
	787,982		667,026

Creditors include bank loans and overdrafts which are secured £178,956 (2021 - £161,087).

9. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	199,694		219,389
Obligations under finance leases and hire purchase contracts	4,024		7,738
	203,718		227,127

Creditors include bank loans and overdrafts which are secured of £174,693 (2021 - £184,388).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2022		2021
	£		£
Bank loans	127,935		139,036

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
- within one year	8,674		16,329
- between one and five years	0		8,674
	8,674		25,003