Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr R H Cornish 22/03/2019 Mrs S L Cornish 22/03/2019 Mrs C V Salter 22/03/2019 24 November 2023 no description of principal activity 11898739 2023-03-31 11898739 bus:Director1 2023-03-31 11898739 bus:Director2 2023-03-31 11898739 bus:Director3 2023-03-31 11898739 2022-03-31 11898739 core:CurrentFinancialInstruments 2023-03-31 11898739 core:CurrentFinancialInstruments 2022-03-31 11898739 core:ShareCapital 2023-03-31 11898739 core:ShareCapital 2022-03-31 11898739 core:RetainedEarningsAccumulatedLosses 2023-03-31 11898739 core:RetainedEarningsAccumulatedLosses 2022-03-31 11898739 bus:OrdinaryShareClass1 2023-03-31 11898739 2022-04-01 2023-03-31 11898739 bus:FullAccounts 2022-04-01 2023-03-31 11898739 bus:SmallEntities 2022-04-01 2023-03-31 11898739 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11898739 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11898739 bus:Director1 2022-04-01 2023-03-31 11898739 bus:Director2 2022-04-01 2023-03-31 11898739 bus:Director3 2022-04-01 2023-03-31 11898739 2021-04-01 2022-03-31 11898739 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 11898739 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11898739 (England and Wales)

AC HOLDINGS (CORNWALL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

AC HOLDINGS (CORNWALL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

AC HOLDINGS (CORNWALL) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
AC HOLDINGS (CORNWALL) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 280,000 280,000
280,000 280,000
Current assets
Cash at bank and in hand 105,054 69,459
105,054 69,459
Creditors: amounts falling due within one year 4 ( 291,174) ( 287,837)
Net current liabilities (186,120) (218,378)
Total assets less current liabilities 93,880 61,622
Net assets 93,880 61,622
Capital and reserves
Called-up share capital 5 150 150
Profit and loss account 93,730 61,472
Total shareholders' funds 93,880 61,622

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 financial statements of AC Holdings (Cornwall) Limited (registered number: 11898739) were approved and authorised for issue by the Director on 24 November 2023. They were signed on its behalf by:

Mrs C V Salter
Director
AC HOLDINGS (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
AC HOLDINGS (CORNWALL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

AC Holdings (Cornwall) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chy Nyverow, Newham Road, Truro, TR1 2DP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 April 2022 280,000
As at 31 March 2023 280,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 279,850 279,850
Accruals 2,350 1,450
Corporation tax 8,974 6,537
291,174 287,837

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
150 Ordinary shares of £ 1.00 each 150 150