Company registration number 10981231 (England and Wales)
Acorn Maintenance & Developments Limited
Unaudited financial statements
For the year ended 31 March 2023
Acorn Maintenance & Developments Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Acorn Maintenance & Developments Limited
Statement of financial position
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,834
2,066
Current assets
Stocks
52,150
-
Debtors
4
77,614
27,485
Cash at bank and in hand
89,874
43,975
219,638
71,460
Creditors: amounts falling due within one year
5
(194,040)
(72,346)
Net current assets/(liabilities)
25,598
(886)
Total assets less current liabilities
27,432
1,180
Creditors: amounts falling due after more than one year
6
(22,842)
(33,206)
Net assets/(liabilities)
4,590
(32,026)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
4,490
(32,126)
Total equity
4,590
(32,026)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Acorn Maintenance & Developments Limited
Statement of financial position (continued)
As at 31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 October 2023
Mr N Oakes
Director
Company Registration No. 10981231
Acorn Maintenance & Developments Limited
Notes to the financial statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information
Acorn Maintenance & Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Katie Road, Birmingham, B29 6JG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer Equipment
25% Straight Line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Acorn Maintenance & Developments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
3
3
Tangible fixed assets
Computer Equipment
£
Cost
At 1 April 2022
2,352
Additions
474
At 31 March 2023
2,826
Depreciation and impairment
At 1 April 2022
286
Depreciation charged in the year
706
At 31 March 2023
992
Carrying amount
At 31 March 2023
1,834
At 31 March 2022
2,066
Acorn Maintenance & Developments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
71,133
21,004
Corporation tax recoverable
5,641
5,641
Other debtors
840
840
77,614
27,485
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,059
9,687
Trade creditors
5,813
4,140
Corporation tax
8,610
Other taxation and social security
29,653
7,035
Other creditors
139,905
51,484
194,040
72,346
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,842
33,206