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REGISTERED NUMBER: 03916603 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

ACORN FLOORS LTD

ACORN FLOORS LTD (REGISTERED NUMBER: 03916603)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


ACORN FLOORS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: Mrs J E Ferguson
Mr S J Sherrington
Mr A C Ferguson
Mrs M Delaney



REGISTERED OFFICE: c/o Michael Heaven & Associates Limited
47 Calthorpe Road
Edgbaston
BIRMINGHAM
West Midlands
B15 1TH



REGISTERED NUMBER: 03916603 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



INCORPORATED: 31st January 2000

ACORN FLOORS LTD (REGISTERED NUMBER: 03916603)

ABRIDGED BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,554 21,945

CURRENT ASSETS
Stocks 8,192 5,000
Debtors 75,660 52,827
Cash at bank 30,202 32,335
114,054 90,162
CREDITORS
Amounts falling due within one year 85,542 53,957
NET CURRENT ASSETS 28,512 36,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,066

58,150

CREDITORS
Amounts falling due after more than one
year

5

(34,565

)

(39,840

)

PROVISIONS FOR LIABILITIES 8 (3,857 ) (5,816 )
NET ASSETS 4,644 12,494

CAPITAL AND RESERVES
Called up share capital 9 1,600 1,600
Retained earnings 3,044 10,894
SHAREHOLDERS' FUNDS 4,644 12,494

ACORN FLOORS LTD (REGISTERED NUMBER: 03916603)

ABRIDGED BALANCE SHEET - continued
31ST MAY 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 14th November 2023 and were signed on its behalf by:




Mr A C Ferguson - Director



Mr S J Sherrington - Director


ACORN FLOORS LTD (REGISTERED NUMBER: 03916603)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023


1. STATUTORY INFORMATION

Acorn Floors Ltd 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.

Turnover
Turnover represents the value of goods and services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

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

Computer equipment - 25% straight line
Plant and machinery - 15% reducing balance
Motor vehicles - 15% reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

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.

ACORN FLOORS LTD (REGISTERED NUMBER: 03916603)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


2. ACCOUNTING POLICIES - continued

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 contributes into the director's defined contribution pension scheme. Contributions payable to the director's pension scheme are charged to the profit and loss account in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Lease commitments
Operating lease payments are recognised as an expense on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

ACORN FLOORS LTD (REGISTERED NUMBER: 03916603)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st June 2022 54,792
Additions 1,982
Disposals (15,784 )
At 31st May 2023 40,990
DEPRECIATION
At 1st June 2022 32,847
Charge for year 3,420
Eliminated on disposal (9,831 )
At 31st May 2023 26,436
NET BOOK VALUE
At 31st May 2023 14,554
At 31st May 2022 21,945

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans 12,102 17,930

6. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 5,274 5,144

Amounts falling due between one and two years:
Bank loans 5,407 5,274

ACORN FLOORS LTD (REGISTERED NUMBER: 03916603)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


6. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans 17,056 16,636

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 12,102 17,930

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 16,130 7,020
Between one and five years 36,520 26,910
52,650 33,930

The total lease payments recognised as an expense during the year was £7,424

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,857 5,816

Deferred
tax
£   
Balance at 1st June 2022 5,816
Accelerated capital allowances (1,959 )
Balance at 31st May 2023 3,857

ACORN FLOORS LTD (REGISTERED NUMBER: 03916603)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


8. PROVISIONS FOR LIABILITIES - continued

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20 Ordinary A £1 20 20
20 Ordinary B £1 20 20
20 Ordinary C £1 20 20
20 Ordinary D £1 20 20
500 Ordinary E £1 500 500
500 Ordinary F £1 500 500
500 Ordinary G £1 500 500
20 Ordinary H £1 20 20
1,600 1,600

10. RELATED PARTY DISCLOSURES

At the year end the amount due to related parties totalled £16,847. The loans are interest free and repayable on demand.