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Registered Number: 03695966
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 January 2023

for

ACORN BUILDERS (PEWSEY) LIMITED

Directors Mr M J Baker
Mr K E Franklin
Mr D Whitton
Mr R G Butler
Registered Number 03695966
Registered Office Unit 18
Salisbury Road Business Park
Pewsey
Wiltshire
SN9 5PZ
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park, Old Sarum
Salisbury
SP4 6EB
Secretary Mr M J Baker
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 1,049,673    1,134,373 
Investments 4 12,000    607,504 
1,061,673    1,741,877 
Current assets      
Stocks 5 599,363    625,756 
Debtors: amounts falling due within one year 6 1,199,128    1,637,016 
Cash at bank and in hand 1,884,611    2,446,261 
3,683,102    4,709,033 
Creditors: amount falling due within one year 7 (1,383,801)   (1,860,419)
Net current assets 2,299,301    2,848,614 
 
Total assets less current liabilities 3,360,974    4,590,491 
Provisions for liabilities 8 (262,418)   (257,540)
Net assets 3,098,556    4,332,951 
 

Capital and reserves
     
Called up share capital 9 95    95 
Reserves 10   41,843 
Profit and loss account 3,098,461    4,291,013 
Shareholder's funds 3,098,556    4,332,951 
 


For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 October 2023 and were signed on its behalf by:


-------------------------------
Mr M J Baker
Director
2
General Information
Acorn Builders (Pewsey) Limited is a private company, limited by shares, registered in England and Wales, registration number 03695966, registration address Unit 18, Salisbury Road Business Park, Pewsey, Wiltshire, SN9 5PZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents
amounts receivable for services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it
is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities described below.


Construction Contracts

When the outcome of atransaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
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 taxation
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.
Tangible fixed assets
Freehold land and property is held at valuation less any provision for impairment, and depreciation is not provided.
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees

Average number of employees during the year was 30 (2022 : 38).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £   £
At 01 February 2022 160,000    1,196,623    554,410    29,500    1,940,533 
Additions   217,840    56,037    2,945    276,822 
Disposals (160,000)   (55,150)   (23,505)     (238,655)
At 31 January 2023   1,359,313    586,942    32,445    1,978,700 
Depreciation
At 01 February 2022   496,044    283,863    26,253    806,160 
Charge for year   108,703    69,588    1,241    179,532 
On disposals   (39,203)   (17,462)     (56,665)
At 31 January 2023   565,544    335,989    27,494    929,027 
Net book values
Closing balance as at 31 January 2023   793,769    250,953    4,951    1,049,673 
Opening balance as at 01 February 2022 160,000    700,579    270,547    3,247    1,134,373 


4.

Investments

Cost Other investments other than loans   Investments in participating interests   Total
  £   £   £
At 01 February 2022 595,000    12,504    607,504 
Additions    
Transfer to/from tangible fixed assets    
Disposals (595,000)   (504)   (595,504)
At 31 January 2023   12,000    12,000 
Other investments relate to residential properties for letting at £595,000. These properties have been have been transferred to ABP Management Ltd in the year as a dividend.

5.

Stocks

2023
£
  2022
£
Work in Progress 599,363    625,756 
599,363    625,756 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 928,650    835,004 
Trade debtors - retentions 154,411    99,702 
Amount Owed by Participating Interests 40,000    604,000 
Prepayments & Accrued Income 2,100    32,975 
Other Debtors 300    300 
Amounts receivable on contracts not yet invoiced 73,667    65,035 
1,199,128    1,637,016 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 587,544    554,499 
Amounts Owed to Group Undertakings   2,319 
Corporation Tax 78,687    65,077 
PAYE & Social Security 48,321    38,671 
Pension Payable 205   
Accrued Expenses 421,538    361,037 
Other Loans   500,000 
Company credit card 3,144    5,613 
Directors' Current Accounts 13,178    22,036 
VAT 231,184    311,167 
1,383,801    1,860,419 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 262,418    257,540 
262,418    257,540 

9.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
0 Ordinary A share of £1.00 each   90 
0 Ordinary B share of £1.00 each  
0 Ordinary C share of £1.00 each  
95 Ordinary shares of £1.00 each 95   
95    95 

10.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd 41,843    35,715 
Transfers to/from Other Reserves (41,843)   6,128 
  41,843 
Revaluation Reserve
Amounts transferred to/from the revaluation reserve represent the fair value movements on the Freehold properties net of related deferred tax movements.

11.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
ABP Management Services Limited36,000 
AB Electrical (Pewsey) Limited8,000 4,000 
Acorn Construction (Newbury) Limited600,000 
Ms J Holland(500,000)
12.

Related Party

Acorn construction (Newbury) Limited

Included in debtors is a loan to Acorn Construction (Newbury) Limited in the sum of nil (2022 - £600,000). The loan was made on normal commercial terms with interest payable. The loan was repaid in year 2023. 

A B Electrical (Pewsey) Limited

Included in debtors is a loan to AB Electrical  (Pewsey)Ltd for £8,000 (2022 - £4,000). It is an interest free loan and is repayable on demand. 

Ms J Holland (Partner of Mr D Whitton)

Included in creditors is a loan from Ms J Holland in the sum of nil (2022 - £500,000). The loan was made on normal commercial terms with interest payable at 5% p.a. The loan was repaid in year 2023. 

ABP Management Services Limited

During the year, total dividends of £1,755,504 (2022 - £nil) were paid to the ultimate parent company ABP Management Services Ltd.
13.

Dividend

During the year, total dividends of £108,000 (2022 - £208,000) were paid to the directors.
Also during the year, total dividends of £1,755,504 (2022 - £nil) were paid to the ultimate parent company ABP Management Services Ltd Included within this dividend was the transfer of business premises, various investments and cash to ABP Management Services Ltd
14.

Ultimate Parent Company

During the year, a group was created under the ultimate parent company ABP Management Services Limited. The shares were reorganized into 95 Ordinary Shares, and the company is now wholly owned by ABP Management Services Limited.
3