AcornCo Ltd 04593740 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is the provision of caravan storage facilities and servicing. Digita Accounts Production Advanced 6.30.9574.0 true 04593740 2022-12-01 2023-11-30 04593740 2023-11-30 04593740 bus:Director1 1 2023-11-30 04593740 core:RetainedEarningsAccumulatedLosses 2023-11-30 04593740 core:ShareCapital 2023-11-30 04593740 core:CurrentFinancialInstruments 2023-11-30 04593740 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 04593740 core:FurnitureFittings 2023-11-30 04593740 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 04593740 core:MotorVehicles 2023-11-30 04593740 core:OtherPropertyPlantEquipment 2023-11-30 04593740 bus:SmallEntities 2022-12-01 2023-11-30 04593740 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 04593740 bus:FilletedAccounts 2022-12-01 2023-11-30 04593740 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 04593740 bus:RegisteredOffice 2022-12-01 2023-11-30 04593740 bus:CompanySecretary1 2022-12-01 2023-11-30 04593740 bus:Director1 2022-12-01 2023-11-30 04593740 bus:Director1 1 2022-12-01 2023-11-30 04593740 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04593740 bus:Agent1 2022-12-01 2023-11-30 04593740 core:FurnitureFittings 2022-12-01 2023-11-30 04593740 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 04593740 core:MotorCars 2022-12-01 2023-11-30 04593740 core:MotorVehicles 2022-12-01 2023-11-30 04593740 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 04593740 core:PlantMachinery 2022-12-01 2023-11-30 04593740 countries:EnglandWales 2022-12-01 2023-11-30 04593740 2022-11-30 04593740 bus:Director1 1 2022-11-30 04593740 core:FurnitureFittings 2022-11-30 04593740 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 04593740 core:MotorVehicles 2022-11-30 04593740 core:OtherPropertyPlantEquipment 2022-11-30 04593740 2021-12-01 2022-11-30 04593740 2022-11-30 04593740 bus:Director1 1 2022-11-30 04593740 core:RetainedEarningsAccumulatedLosses 2022-11-30 04593740 core:ShareCapital 2022-11-30 04593740 core:CurrentFinancialInstruments 2022-11-30 04593740 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 04593740 core:FurnitureFittings 2022-11-30 04593740 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 04593740 core:MotorVehicles 2022-11-30 04593740 core:OtherPropertyPlantEquipment 2022-11-30 04593740 bus:Director1 1 2021-12-01 2022-11-30 04593740 bus:Director1 1 2021-11-30 iso4217:GBP xbrli:pure

Registration number: 04593740

AcornCo Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

AcornCo Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

AcornCo Ltd

Company Information

Director

Mr O Wood

Company secretary

Mrs A Wood

Registered office

Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AcornCo Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AcornCo Ltd for the year ended 30 November 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of AcornCo Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AcornCo Ltd and state those matters that we have agreed to state to the Board of Directors of AcornCo Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AcornCo Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AcornCo Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AcornCo Ltd. You consider that AcornCo Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of AcornCo Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

21 March 2024

 

AcornCo Ltd

(Registration number: 04593740)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

67,029

50,025

Current assets

 

Stocks

5

43,712

26,640

Debtors

6

21,886

8,586

Cash at bank and in hand

 

494,968

406,880

 

560,566

442,106

Creditors: Amounts falling due within one year

7

(246,247)

(141,935)

Net current assets

 

314,319

300,171

Total assets less current liabilities

 

381,348

350,196

Provisions for liabilities

(1,822)

(1,453)

Net assets

 

379,526

348,743

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

378,526

347,743

Shareholders' funds

 

379,526

348,743

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

Approved and authorised by the director on 21 March 2024
 

 

AcornCo Ltd

(Registration number: 04593740)
Balance Sheet as at 30 November 2023

.........................................
Mr O Wood
Director

 

AcornCo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

These financial statements were authorised for issue by the director on 21 March 2024.

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.

 

AcornCo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current and deferred 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.

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

Plant and machinery

33% straight line

Computer equipment

33% straight line

Motor Vehicles

33% straight line

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.

 

AcornCo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

AcornCo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 the director) during the year, was 8 (2022 - 7).

 

AcornCo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 December 2022

41,186

14,221

40,831

18,058

114,296

Additions

-

557

18,551

14,161

33,269

At 30 November 2023

41,186

14,778

59,382

32,219

147,565

Depreciation

At 1 December 2022

-

14,066

35,810

14,395

64,271

Charge for the year

-

227

8,692

7,346

16,265

At 30 November 2023

-

14,293

44,502

21,741

80,536

Carrying amount

At 30 November 2023

41,186

485

14,880

10,478

67,029

At 30 November 2022

41,186

155

5,021

3,663

50,025

Included within the net book value of land and buildings above is £41,186 (2022 - £41,186) in respect of freehold land and buildings.
 

 

AcornCo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Stocks

2023
£

2022
£

Other inventories

43,712

26,640

6

Debtors

Current

2023
£

2022
£

Trade debtors

21,888

8,586

Prepayments

(2)

-

 

21,886

8,586

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

113,086

40,187

Taxation and social security

37,049

33,941

Accruals and deferred income

2,741

1,000

Other creditors

93,371

66,807

246,247

141,935

 

AcornCo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Loan to company

(46,596)

42,823

(63,987)

(67,760)

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Loan to company

(41,270)

45,792

(51,119)

(46,596)