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COMPANY REGISTRATION NUMBER: 11816811
Acorn Property Enterprises Limited
Filleted Unaudited Financial Statements
28 February 2023
Acorn Property Enterprises Limited
Balance Sheet
28 February 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
79,110
162,263
Current assets
Debtors
6
33,628
29,998
Cash at bank and in hand
30,676
13,218
--------
--------
64,304
43,216
Creditors: amounts falling due within one year
7
( 149,068)
( 141,971)
---------
---------
Net current liabilities
( 84,764)
( 98,755)
--------
---------
Total assets less current liabilities
( 5,654)
63,508
Creditors: amounts falling due after more than one year
8
( 55,221)
( 113,101)
--------
---------
Net liabilities
( 60,875)
( 49,593)
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 60,975)
( 49,693)
--------
--------
Shareholders deficit
( 60,875)
( 49,593)
--------
--------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Acorn Property Enterprises Limited
Balance Sheet (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Ms D L Hinchcliffe
Director
Company registration number: 11816811
Acorn Property Enterprises Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Forge, Bowling Green Yard, Kirkgate, Knaresborough, HG5 8FL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company meets its day to day working capital requirements by loans from the director. The director will continue to support the company for the foreseeable future and therefore considers that it is appropriate to prepare the financial statements on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received and represents rental income recognised on a monthly basis in accordance with the rental agreements in place and before the deduction of management charges.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment
Investment Property
Total
£
£
£
Cost
At 1 March 2022
1,031
161,903
162,934
Disposals
( 82,895)
( 82,895)
-------
---------
---------
At 28 February 2023
1,031
79,008
80,039
-------
---------
---------
Depreciation
At 1 March 2022
671
671
Charge for the year
258
258
-------
---------
---------
At 28 February 2023
929
929
-------
---------
---------
Carrying amount
At 28 February 2023
102
79,008
79,110
-------
---------
---------
At 28 February 2022
360
161,903
162,263
-------
---------
---------
The investment property is valued at cost which the director considers is a fair reflection of it's open market value.
6. Debtors
2023
2022
£
£
Other debtors
33,628
29,998
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
149,068
141,971
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
55,221
113,101
--------
---------
Bank loans are secured by a fixed charge over the company's freehold property.