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Registration number: 4723192

Acorn Analytical Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Acorn Analytical Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Acorn Analytical Services Ltd

Company Information

Directors

Mr Stephen McGlone

Mr Andrew Jackson

Registered office

The Old Print Works
Carr Street
Cleckheaton
West Yorkshire
BD19 5HG

Accountants

Courtley West Ltd
Chartered Certified Accountants
1 Clarke Hall Farm
Aberford Road
Wakefield
WF1 4AL

 

Acorn Analytical Services Ltd

(Registration number: 4723192)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

282,199

316,444

Current assets

 

Debtors

5

1,073,720

751,300

Cash at bank and in hand

 

2,245,954

1,657,834

 

3,319,674

2,409,134

Creditors: Amounts falling due within one year

6

(2,040,970)

(1,829,553)

Net current assets

 

1,278,704

579,581

Total assets less current liabilities

 

1,560,903

896,025

Creditors: Amounts falling due after more than one year

6

(67,203)

(132,612)

Provisions for liabilities

(56,960)

(56,960)

Net assets

 

1,436,740

706,453

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,436,640

706,353

Shareholders' funds

 

1,436,740

706,453

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Acorn Analytical Services Ltd

(Registration number: 4723192)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
Mr Stephen McGlone
Director

.........................................
Mr Andrew Jackson
Director

 

Acorn Analytical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Old Print Works
Carr Street
Cleckheaton
West Yorkshire
BD19 5HG

These financial statements were authorised for issue by the Board on 22 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Acorn Analytical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

reducing balance 15%

Fixture and fittings

reducing balance 15%

Plant & machinery

reducing balance 15%

Motor vehicles

reducing balance 25%

Land and buildings

reducing balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Acorn Analytical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Acorn Analytical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 53 (2022 - 51).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

20,930

128,187

67,872

438,005

654,994

Additions

6,505

9,260

16,059

-

31,824

At 31 March 2023

27,435

137,447

83,931

438,005

686,818

Depreciation

At 1 April 2022

5,583

70,776

32,266

229,925

338,550

Charge for the year

3,098

9,231

6,135

47,605

66,069

At 31 March 2023

8,681

80,007

38,401

277,530

404,619

Carrying amount

At 31 March 2023

18,754

57,440

45,530

160,475

282,199

At 31 March 2022

15,347

57,411

35,606

208,080

316,444

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

 

Acorn Analytical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Current

2023
£

2022
£

Trade debtors

494,968

438,517

Prepayments

136,253

51,175

Other debtors

442,499

261,608

 

1,073,720

751,300

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

60,852

79,555

Trade creditors

 

382,671

246,819

Taxation and social security

 

665,515

364,152

Accruals and deferred income

 

932,832

1,076,327

Other creditors

 

(900)

62,700

 

2,040,970

1,829,553

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

67,203

132,612

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £67,231 (2022- £132,612).

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Acorn Analytical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

40,349

56,360

Hire purchase contracts

26,854

76,252

67,203

132,612

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,544

11,543

Hire purchase contracts

49,308

68,012

60,852

79,555

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £2,743.00 (2022 - £3,393.2274) per each Ordinary shares

 

274,300

 

339,323

         

10

Related party transactions

 

Acorn Analytical Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

16,080

16,080

Contributions paid to money purchase schemes

18,000

18,000

34,080

34,080