Registered number
02110657
Acorn Optical Limited
Filleted Accounts
31 August 2023
Acorn Optical Limited
Registered number: 02110657
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 21,473 23,855
Investments 4 379 544
21,852 24,399
Current assets
Stocks 16,763 17,421
Debtors 5 11,612 11,488
Cash at bank and in hand 215 104
28,590 29,013
Creditors: amounts falling due within one year 6 (103,600) (73,741)
Net current liabilities (75,010) (44,728)
Total assets less current liabilities (53,158) (20,329)
Creditors: amounts falling due after more than one year 7 (8,750) (13,750)
Provisions for liabilities (1,475) (4,400)
Net liabilities (63,383) (38,479)
Capital and reserves
Called up share capital 8 100 100
Profit and loss account (63,483) (38,579)
Shareholders' funds (63,383) (38,479)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M F D Alexander
Director
Approved by the board on 8 April 2024
Acorn Optical Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
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).

The accounts are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Government grants are credited to the profit and loss account under the accruals model and recognised in other operating income when the grant proceeds become receivable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 September 2022 157,748
At 31 August 2023 157,748
Depreciation
At 1 September 2022 133,893
Charge for the year 2,382
At 31 August 2023 136,275
Net book value
At 31 August 2023 21,473
At 31 August 2022 23,855
4 Investments
Other
investments
£
Cost
At 1 September 2022 544
Revaluation (165)
At 31 August 2023 379
Historical cost
At 1 September 2022 3,800
At 31 August 2023 3,800
Listed investments have been considered at the market value at the reporting date.
5 Debtors 2023 2022
£ £
Trade debtors 5,279 6,213
Prepayments and accrued income 2,834 4,289
Other debtors 3,499 986
11,612 11,488
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,074 7,277
Trade creditors 35,663 28,410
Taxation and social security costs 9,913 9,322
Accruals 28,520 28,199
Other creditors 16,430 533
103,600 73,741
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,750 13,750
8 Share capital 2023 2022
£ £
Allotted, called up and fully paid:
Ordinary shares 100 100
9 Going concern
The accounts have been prepared on the going concern basis. However, the balance sheet shows the company had net liabilities of £63,383 at 31 August 2023. There is a material uncertainty about the ability of the company to continue as a going concern which depends on the ongoing support of its bankers, willingness of directors and trade creditors to provide extra credit.
10 Other information
Acorn Optical Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Ground Floor, Advance House
9 Waterfall Lane Trading Estate
Cradley Heath
West Midlands
B64 6PU
Its registered number is: 02110657
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