ACE Lifts Ltd,Ltd - AccountsLtd - Accounts

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ACE Lifts Ltd

Registered Number:01960580

For the year ended 31 January 2024

England and Wales

Unaudited Financial Statements

For the year ended 31 January 2024

ACE Lifts Ltd

Contents Page

Statement of Financial Position

2 to 6

Notes to the Financial Statements

Registered Number :

01960580

As at 31 January 2024

ACE Lifts Ltd

Statement of Financial Position

2023

2024

Notes

Fixed assets

Intangible assets

1,386,298

1,389,880

Property, plant and equipment

137,967

156,025

1,524,265

1,545,905

Current assets

Inventories

526,551

304,609

Trade and other receivables

479,795

409,044

5,304

Cash and cash equivalents

70,183

783,836

1,011,650

Trade and other payables: amounts falling due within one

year

(1,512,224)

(1,273,645)

(500,574)

(489,809)

Net current liabilities

Total assets less current liabilities

1,034,456

1,045,331

Trade and other payables: amounts falling due after more

than one year

(832,407)

(824,586)

(26,214)

(29,645)

Provisions for liabilities

183,656

Net assets

183,279

Capital and reserves

Called up share capital

200

Retained earnings

183,456

183,079

183,656

183,279

Shareholders' funds

For the year ended 31 January 2024 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 2024 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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Registered Number :

01960580

For the year ended 31 January 2024

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 25 April 2024 and were signed by:

The notes form part of these financial statements

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For the year ended 31 January 2024

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

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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For the year ended 31 January 2024

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 2023

2,237,785

Additions

57,418

At 31 January 2024

2,295,203

Amortisation

At 01 February 2023

847,905

61,000

Charge for year

At 31 January 2024

908,905

Net book value

At 31 January 2024

1,386,298

3. Property, plant and equipment

Total

Fixtures &

fittings

Motor vehicles

Plant &

machinery

Cost or

valuation

At 01 February 2023

416,251

44,937

285,411

85,903

4,969

Additions

At 31 January 2024

85,903

285,411

49,906

421,220

Provision for depreciation and impairment

At 01 February 2023

260,226

39,807

141,163

79,256

Charge for year

23,027

1,980

17,648

3,399

At 31 January 2024

283,253

41,787

158,811

82,655

At 31 January 2024

Net book value

3,248

126,600

8,119

137,967

At 31 January 2023

6,647

144,248

5,130

156,025

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For the year ended 31 January 2024

ACE Lifts Ltd

Notes to the Financial Statements Continued

4. Inventories

2023

2024

Stocks

304,609

526,551

5. Trade and other receivables

2023

2024

Trade debtors

351,696

372,592

Prepayments and accrued income

40,992

61,125

Taxation and social security

16,356

46,078

479,795

409,044

6. Trade and other payables: amounts falling due within one year

2023

2024

Bank loans and overdraft (secured)

96,610

69,435

Bank loans and overdraft

41,607

69,383

Trade creditors

392,533

598,867

Taxation and social security

183,285

322,754

Accruals and deferred income

419,797

374,098

Directors' loan accounts

91,788

198

Other creditors

48,025

77,489

1,273,645

1,512,224

7. Trade and other payables: amounts falling due after more than one year

2023

2024

Bank loans and overdraft (secured)

116,339

32,407

800,000

708,247

Directors' loan accounts

824,586

832,407

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For the year ended 31 January 2024

ACE Lifts Ltd

Notes to the Financial Statements Continued

8. Directors advances and guarantees

At 01/02/2023

Loaned

Repaid

At 31/01/2024

Mr C Salter

Directors Loan Account

198

130,443

130,606

198

130,443

130,606

Wai Kwong Leung

Investment - Directors Loan Account

200,000

Xinwei Lyu

Investment - Directors Loan Account

200,000

Deniz Taner

Investment - Directors Loan Account

200,000

Ms Bin Zhou

Investment - Directors Loan Account

200,000

9. Average number of persons employed

During the year the average number of employees was 30 (2023 : 36)

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