Caseware UK (AP4) 2023.0.135 2023.0.135 2023-02-01false99falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08838551 2023-02-01 2024-01-31 08838551 2022-02-01 2023-01-31 08838551 2024-01-31 08838551 2023-01-31 08838551 c:Director1 2023-02-01 2024-01-31 08838551 d:PlantMachinery 2023-02-01 2024-01-31 08838551 d:PlantMachinery 2024-01-31 08838551 d:PlantMachinery 2023-01-31 08838551 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 08838551 d:MotorVehicles 2023-02-01 2024-01-31 08838551 d:MotorVehicles 2024-01-31 08838551 d:MotorVehicles 2023-01-31 08838551 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 08838551 d:OfficeEquipment 2023-02-01 2024-01-31 08838551 d:OfficeEquipment 2024-01-31 08838551 d:OfficeEquipment 2023-01-31 08838551 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 08838551 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 08838551 d:Goodwill 2023-02-01 2024-01-31 08838551 d:Goodwill 2024-01-31 08838551 d:Goodwill 2023-01-31 08838551 d:CurrentFinancialInstruments 2024-01-31 08838551 d:CurrentFinancialInstruments 2023-01-31 08838551 d:Non-currentFinancialInstruments 2024-01-31 08838551 d:Non-currentFinancialInstruments 2023-01-31 08838551 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 08838551 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 08838551 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 08838551 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 08838551 d:ShareCapital 2024-01-31 08838551 d:ShareCapital 2023-01-31 08838551 d:RetainedEarningsAccumulatedLosses 2024-01-31 08838551 d:RetainedEarningsAccumulatedLosses 2023-01-31 08838551 c:OrdinaryShareClass1 2023-02-01 2024-01-31 08838551 c:OrdinaryShareClass1 2024-01-31 08838551 c:OrdinaryShareClass2 2023-02-01 2024-01-31 08838551 c:OrdinaryShareClass2 2024-01-31 08838551 c:FRS102 2023-02-01 2024-01-31 08838551 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08838551 c:FullAccounts 2023-02-01 2024-01-31 08838551 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08838551 d:HirePurchaseContracts d:WithinOneYear 2024-01-31 08838551 d:HirePurchaseContracts d:WithinOneYear 2023-01-31 08838551 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-01-31 08838551 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-01-31 08838551 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 08838551 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 08838551 2 2023-02-01 2024-01-31 08838551 6 2023-02-01 2024-01-31 08838551 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-01-31 08838551 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-31 08838551 d:LeasedAssetsHeldAsLessee 2024-01-31 08838551 d:LeasedAssetsHeldAsLessee 2023-01-31 08838551 d:Goodwill d:OwnedIntangibleAssets 2023-02-01 2024-01-31 08838551 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08838551










Acorn International Distribution Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 January 2024

 
Acorn International Distribution Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Acorn International Distribution Limited for the year ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Acorn International Distribution Limited for the year ended 31 January 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Acorn International Distribution Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Acorn International Distribution Limited and state those matters that we have agreed to state to the Board of directors of Acorn International Distribution Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acorn International Distribution Limited and its Board of directors, as a body, for our work or for this report. 

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

We have not been instructed to carry out an audit or review of the financial statements of Acorn International Distribution Limited. 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 financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
2 August 2024
Page 1

 
Acorn International Distribution Limited
Registered number: 08838551

Balance sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,350,000
-

Tangible assets
 5 
173,080
159,340

Investments
 6 
3,425,726
4,925,726

  
4,948,806
5,085,066

Current assets
  

Debtors: amounts falling due within one year
 7 
26,333
10,268

Cash at bank and in hand
  
1,362,485
818,819

  
1,388,818
829,087

Creditors: amounts falling due within one year
 8 
(4,242,451)
(3,491,511)

Net current liabilities
  
 
 
(2,853,633)
 
 
(2,662,424)

Total assets less current liabilities
  
2,095,173
2,422,642

Creditors: amounts falling due after more than one year
 9 
(51,397)
(78,307)

Provisions for liabilities
  

Deferred tax
 11 
(24,515)
(25,987)

  
 
 
(24,515)
 
 
(25,987)

Net assets
  
2,019,261
2,318,348


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
2,019,161
2,318,248

  
2,019,261
2,318,348


Page 2

 
Acorn International Distribution Limited
Registered number: 08838551

Balance sheet (continued)
As at 31 January 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J D Simons
Director
Date: 2 August 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

1.


General information

The Company is a private company limited by share capital incorporated in England and Wales, within the United Kingdom, registered number 08838551.
The address of its registered office is: 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex PO20 7AJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

The goodwill is amortised over 10 years.

Page 6

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Straight line
Motor vehicles
-
10%
Straight line
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Creditors

Short-term 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.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 7

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

2.Accounting policies (continued)

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).


4.


Intangible assets




Goodwill

£



Cost


Transfer from fixed asset investments
1,500,000



At 31 January 2024

1,500,000



Amortisation


Charge for the year on owned assets
150,000



At 31 January 2024

150,000



Net book value



At 31 January 2024
1,350,000



At 31 January 2023
-



Page 8

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost


At 1 February 2023
3,982
168,037
10,511
182,530


Additions
-
31,490
264
31,754



At 31 January 2024

3,982
199,527
10,775
214,284



Depreciation


At 1 February 2023
3,292
10,063
9,835
23,190


Charge for the year on owned assets
395
16,862
757
18,014



At 31 January 2024

3,687
26,925
10,592
41,204



Net book value



At 31 January 2024
295
172,602
183
173,080



At 31 January 2023
690
157,974
676
159,340

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
172,602
157,974

172,602
157,974

Page 9

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

6.


Fixed asset investments





Investment in subsidiary company

£



Cost or valuation


At 1 February 2023
4,925,726


Transfer to goodwill
(1,500,000)



At 31 January 2024
3,425,726




Following the hive up of the net assets of the subsidiary company on 01 February 2023, goodwill of £1,500,000 has been recognised.


7.


Debtors

2024
2023
£
£


Other debtors
16,140
75

Prepayments and accrued income
10,193
10,193

26,333
10,268



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amount owed to subsidiary undertaking
3,600,964
3,387,100

Corporation tax
572,240
72,706

Obligations under finance lease and hire purchase contracts
63,069
27,408

Other creditors
2,379
1,797

Accruals and deferred income
3,799
2,500

4,242,451
3,491,511



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
51,397
78,307

51,397
78,307


Page 10

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
62,318
27,407

Between 1-5 years
51,148
78,307

113,466
105,714


11.


Deferred taxation




2024


£






At beginning of year
(25,987)


Utilised in year
1,472



At end of year
(24,515)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(24,515)
(25,987)

(24,515)
(25,987)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50 Allotted, called up, and fully paid: A Ordinary shares of £1.00 each
50
50
50 Allotted, called up, and fully paid: B Ordinary shares of £1.00 each
50
50

100

100


Page 11

 
Acorn International Distribution Limited
 

 
Notes to the financial statements
For the year ended 31 January 2024


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,734 (2023 - £18,348).  Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

Yellow Ribbon International Ltd
(Subsidiary Company)
During the year, Yellow Ribbon International Ltd transferred its trade and assets to Acorn International Distributions Limited at net book value. The total amount of the loan outstanding at the year end was £3,600,964 (2023 - £3,387,000). This loan was provided interest free and is repayable on demand.


Page 12