Acre Products Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01141767 (England and Wales)

ACRE PRODUCTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R S Smallwood

A C Smallwood

D M Smallwood

SECRETARY:

A C Smallwood

REGISTERED OFFICE:

Dalton Lane

Keighley

Bradford

West Yorkshire

BD21 4JH

REGISTERED NUMBER:

01141767 (England and Wales)

ACCOUNTANTS:

BPR Heaton

Chartered Accountants

Glenewes House

Gate Way Drive

Leeds

West Yorkshire

LS19 7XY

FIXED ASSETS

Tangible assets

4

60,429

51,133

Investments

5

517,345

517,345

Investment property

6

5,102,333

5,093,690

5,680,107

5,662,168

CURRENT ASSETS

Debtors

7

63,706

1,079,691

Investments

8

2,020,849

-

Cash at bank and in hand

2,061,244

2,776,634

4,145,799

3,856,325

CREDITORS

Amounts falling due within one year

9

1,211,321

946,338

NET CURRENT ASSETS

2,934,478

2,909,987

TOTAL ASSETS LESS CURRENT LIABILITIES

8,614,585

8,572,155

PROVISIONS FOR LIABILITIES

115,428

111,316

NET ASSETS

8,499,157

8,460,839

CAPITAL AND RESERVES

Called up share capital

238,749

238,749

Share premium

4,013

4,013

Capital redemption reserve

52,496

52,496

Retained earnings

8,203,899

8,165,581

SHAREHOLDERS' FUNDS

8,499,157

8,460,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 15 August 2023 and were signed on its behalf by:

D M Smallwood - Director

1.	STATUTORY INFORMATION

Acre Products Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information on page 1.

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 as modified by the revaluation of certain assets.

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 judgement:

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 into account

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as ‘Deferred income’ and included as part of ‘Creditors due within one year’.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 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.

Current asset investments

Assets held in an investment portfolio are measured at fair value at the balance sheet date, with changes in fair value recognised in the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

529,994

Additions

24,464

Disposals

(11,745

)

At 31 January 2023

542,713

DEPRECIATION

At 1 February 2022

478,861

Charge for year

12,671

Eliminated on disposal

(9,248

)

At 31 January 2023

482,284

NET BOOK VALUE

At 31 January 2023

60,429

At 31 January 2022

51,133

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2022

and 31 January 2023

517,345

NET BOOK VALUE

At 31 January 2023

517,345

At 31 January 2022

517,345

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

5,093,690

Additions

8,643

At 31 January 2023

5,102,333

NET BOOK VALUE

At 31 January 2023

5,102,333

At 31 January 2022

5,093,690

Investment property is accounted for using the fair value model, the Directors' have assessed the Investment property value as at 31 January 2023 and are of the opinion that the current carrying value is appropriate.

Fair value at 31 January 2023 is represented by:

£

Cost

5,102,333

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

31,522

24,619

Other debtors

32,184

1,055,072

63,706

1,079,691

8.	CURRENT ASSET INVESTMENTS

2023

2022

£

£

Listed investments

2,020,849

-

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

383,564

15,506

Taxation and social security

53,415

147,004

Other creditors

774,342

783,828

1,211,321

946,338