Ace Arc Holdings Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02060874 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

ACE ARC HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr F Fairbrother

Mrs C Fairbrother

SECRETARY:

Mrs C Fairbrother

REGISTERED OFFICE:

Granville Hall

Granville Road

Leicester

Leicestershire

LE1 7RU

REGISTERED NUMBER:

02060874 (England and Wales)

BANKERS:

Lloyds Bank plc

37 - 38 High Street

Loughborough

Leicestershire

LE11 2QG

FIXED ASSETS

Tangible assets

4

395,192

416,925

Investments

5

24,300

419,492

441,225

CURRENT ASSETS

Debtors

6

7,370

39,846

Cash at bank

14,313

3,079

21,683

42,925

CREDITORS

Amounts falling due within one year

7

63,315

65,485

NET CURRENT LIABILITIES

(41,632

)

(22,560

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

377,860

418,665

CREDITORS

Amounts falling due after more than one
year

8

(109,220

)

(137,004

)

PROVISIONS FOR LIABILITIES

(9,709

)

(12,210

)

NET ASSETS

258,931

269,451

CAPITAL AND RESERVES

Called up share capital

10

75,000

Revaluation reserve

11

161,622

164,430

Capital redemption reserve

11

-

30,000

Retained earnings

11

22,309

21

SHAREHOLDERS' FUNDS

258,931

269,451

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 May 2018 and were signed on its behalf by:

Mr F Fairbrother - Director

Mrs C Fairbrother - Director

1.	STATUTORY INFORMATION

Ace Arc Holdings 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 the provisions of Section 1A "Small Entities" 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 cost convention as modified by the revaluation of certain assets.

This is the first year in which the financial statements have been prepared under FRS 102. There are no material

transitional adjustments.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Ace Arc Holdings Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

TURNOVER

Revenue comprises the fair value of the sale of services, excluding value added tax. The company provides

services to customers under standard terms and conditions. In all cases revenue is recognised when the risks and

rewards of ownership are transferred and this is defined to be on completion of services.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% per annum on valuation of buildings

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The pension costs charged against profits represent the amount of the contributions payable to a Money Purchase

Scheme in respect of the accounting period.

GOVERNMENT GRANTS

Government grants received in respect of expenditure charged to the profit and loss account during the year have

been included in the profit and loss account. The remainder are deferred and included in the profit and loss

account by instalments over the expected useful lives of the related assets.

INVESTMENTS

Investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset

investments are treated as part of the result from ordinary activities.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

CREDITORS

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

COST OR VALUATION

At 1 November 2016

393,258

339,922

7,220

Disposals

-

(7,220

)

At 31 October 2017

393,258

339,922

-

DEPRECIATION

At 1 November 2016

41,164

289,428

6,646

Charge for year

5,940

7,574

79

Eliminated on disposal

-

(6,725

)

At 31 October 2017

47,104

297,002

-

NET BOOK VALUE

At 31 October 2017

346,154

42,920

-

At 31 October 2016

352,094

50,494

574

Motor

Computer

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 November 2016

62,285

82,663

885,348

Disposals

-

(82,663

)

(89,883

)

At 31 October 2017

62,285

-

795,465

DEPRECIATION

At 1 November 2016

54,128

77,057

468,423

Charge for year

2,039

1,696

17,328

Eliminated on disposal

-

(78,753

)

(85,478

)

At 31 October 2017

56,167

-

400,273

NET BOOK VALUE

At 31 October 2017

6,118

-

395,192

At 31 October 2016

8,157

5,606

416,925

Included in cost or valuation of land and buildings is freehold land of £ 96,250 (2016 - £ 96,250 ) which is not

depreciated.

Cost or valuation at 31 October 2017 is represented by:

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

Valuation in 2010

385,000

-

385,000

Cost

8,258

339,922

62,285

410,465

393,258

339,922

62,285

795,465

If Freehold land and buildings had not been revalued they would have been included at the following historical

cost:

2017

2016

£

Cost

221,652

Aggregate depreciation

44,887

Freehold land and buildings were valued on an open market basis on 14 July 2010 by P Hotchin FRICS, of Innes England Limited

.

The directors reviewed the value of the property at the year end, and on an open market basis, the current

valuation of the property is still accurately reflected by the last valuation carried out in 2010.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2016

and 31 October 2017

24,300

NET BOOK VALUE

At 31 October 2017

24,300

At 31 October 2016

24,300

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

3,600

-

Amounts owed by subsidiary

3,691

37,310

VAT

-

2,464

Prepayments

79

72

7,370

39,846

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Bank loans and overdrafts

17,465

16,265

Hire purchase contracts

7,931

9,583

Taxation

9,569

7,680

VAT

4,930

-

Directors' current accounts

9,413

28,915

Accruals and deferred income

12,934

1,780

Deferred government grants

1,073

1,262

63,315

65,485

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2017

2016

£

Bank loans less than 5 years

69,861

65,061

Bank loans more than 5 years

21,701

45,047

Hire purchase contracts

11,578

19,743

Deferred government grants

6,080

7,153

109,220

137,004

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

21,701

45,047

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

Bank loans

109,027

126,373

Hire purchase contracts

19,509

29,326

128,536

155,699

A first Legal Charge is held by Lloyds Bank over Plot 3, Brunel Park, Stephenson Industrial Park, Stephenson

Way, Coalville, Leicestershire and its associated assets.

Lloyds Bank has a Debenture including a first fixed charge over book and other debts, both present and future

and a first floating charge over all assets and undertaking both present and future.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

70,000

Ordinary

£1

70,000

5,000

'A' Ordinary

£1

5,000

75,000

11.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

Totals

£

At 1 November 2016

21

164,430

30,000

194,451

Profit for the year

31,913

-

31,913

Dividends

(42,432

)

-

(42,432

)

Transfer from revaluation

reserve

2,807

-

(30,000

)

(27,193

)

Transfer from capital

redemption reserve

30,000

(2,808

)

-

27,192

At 31 October 2017

22,309

161,622

-

183,931

12.	RELATED PARTY DISCLOSURES

In the directors' opinion the company is controlled by Mr F R Fairbrother and Mrs C M Fairbrother as they own

100% of the ordinary share capital.

Total dividends paid, to Mr F R Fairbrother and Mrs C M Fairbrother during the year amounted to £42,432

(2016: £76,864)

During the year the company charged management service fees in the normal course of business to Ace Arc

Limited, a wholly owned subsidiary of Ace Arc Holdings Limited, at a cost of £90,000 (2016: £90,000). The

company has a loan account with Ace Arc Limited and at 31 October 2017 the company was owed £3,691

(2016: £37,310).

As at 31 October 2017 the company owed to Mr F R Fairbrother £9,413 (2016: £28,915).

An unlimited guarantee has been given by Ace Arc Holdings Limited to the bank with regards to the borrowing

of Ace Arc Limited.