Acre Products (Developments) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09560859 (England and Wales)

ACRE PRODUCTS (DEVELOPMENTS) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R S Smallwood

D M Smallwood

A C Smallwood

REGISTERED OFFICE:

Acre Park

Dalton Lane

Keighley

West Yorkshire

BD21 4JH

REGISTERED NUMBER:

09560859 (England and Wales)

ACCOUNTANTS:

BPR Heaton

Chartered Accountants

27a Lidget Hill

Pudsey

Leeds

West Yorkshire

LS28 7LG

BANKERS:

Barclays Bank plc

Leicestershire

Leicester

LE87 2BB

FIXED ASSETS

Tangible assets

4

681,807

684,595

CURRENT ASSETS

Stocks

1,463,123

321,719

Debtors

5

14,170

21,699

Cash at bank and in hand

412,762

103,800

1,890,055

447,218

CREDITORS

Amounts falling due within one year

6

1,804,908

617,219

NET CURRENT ASSETS/(LIABILITIES)

85,147

(170,001

)

TOTAL ASSETS LESS CURRENT LIABILITIES

766,954

514,594

CREDITORS

Amounts falling due after more than one year

7

(687,832

)

(394,967

)

PROVISIONS FOR LIABILITIES

(6,149

)

(5,976

)

NET ASSETS

72,973

113,651

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

72,673

113,351

SHAREHOLDERS' FUNDS

72,973

113,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 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.

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 2 October 2020 and were signed on its behalf by:

D M Smallwood - Director

1.	STATUTORY INFORMATION

Acre Products (Developments) 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.

The financial statements are presented in sterling which is the functional currency of the company

rounded to the nearest pound (£).

Significant judgements and estimates

The preparation of financial statements in compliance with FRS 102 section 1A requires the use of

certain critical accounting estimates. It also requires management to exercise judgement in applying

the company's accounting policies.

In preparing these financial statements, the director has had to make the following judgements and

estimates:

Tangible Fixed Assets

Tangible fixed assets are depreciated over their useful lives which are assessed annually by the

directors.

In re-assessing asset lives, factors such as technological innovation, product life cycles and

maintenance programmes are taken in to account.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

Financial assets and liabilities are initially measured at the transaction price, except for those financial

assets classified as at fair value through profit or loss.

Basic financial instruments

Basic financial instruments are those with relatively straight forward terms and would normally include

cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

Where the arrangement does not constitute a financing transaction, e.g trade debtors on normal

commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at

transaction price less impairment (if any) due to concerns over recoverability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2019

649,445

53,382

702,827

Additions

-

5,091

5,091

At 30 April 2020

649,445

58,473

707,918

DEPRECIATION

At 1 May 2019

-

18,232

18,232

Charge for year

-

7,879

7,879

At 30 April 2020

-

26,111

26,111

NET BOOK VALUE

At 30 April 2020

649,445

32,362

681,807

At 30 April 2019

649,445

35,150

684,595

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

14,170

21,699

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

12,484

51,378

Taxation and social security

24,028

24,341

Other creditors

1,768,396

541,500

1,804,908

617,219

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

687,832

394,967

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Loans

894,967

510,567

Included in other creditors is the amount of £894,967 (2019: £510,567) which is secured on the land

and buildings of the company.