Company Registration No. 05130121 (England and Wales)
ACE FONES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
ACE FONES LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
ACE FONES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ACE FONES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2014
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ace Fones Limited for the year ended 31 December 2014 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Ace Fones Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ace Fones Limited and state those matters that we have agreed to state to the Board of Directors of Ace Fones Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ace Fones Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Ace Fones Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ace Fones Limited. You consider that Ace Fones Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ace Fones Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
25 September 2015
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
ACE FONES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
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2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
583
Tangible assets
2
83,780
83,830
83,780
84,413
Current assets
Stocks
1,300
1,300
Cash at bank and in hand
2,789
379
4,089
1,679
Creditors: amounts falling due within one year
3
(32,910)
(27,024)
Net current liabilities
(28,821)
(25,345)
Total assets less current liabilities
54,959
59,068
Creditors: amounts falling due after more than one year
4
(48,715)
(55,403)
6,244
3,665
Capital and reserves
Called up share capital
5
1
1
Profit and loss account
6,243
3,664
Shareholders' funds
6,244
3,665
For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 25 September 2015
Mr M A Webb
Director
Company Registration No. 05130121
ACE FONES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
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1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings freehold
Not depreciated
Plant and machinery
25% per annum reducing balance
Fixtures, fittings & equipment
25% per annum reducing balance
No depreciation is provided in respect of freehold land.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2014 & at 31 December 2014
10,000
85,573
95,573
Depreciation
At 1 January 2014
9,417
1,743
11,160
Charge for the period
583
50
633
At 31 December 2014
10,000
1,793
11,793
Net book value
At 31 December 2014
-
83,780
83,780
At 31 December 2013
583
83,830
84,413
ACE FONES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
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3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £7,119).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £55,403).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1