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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
2649483
2023-01-01
2023-12-31
2649483
2023-12-31
2649483
2022-12-31
2649483
2022-01-01
2022-12-31
2649483
2022-12-31
2649483
2021-12-31
2649483
core:PlantMachinery
2023-01-01
2023-12-31
2649483
core:MotorVehicles
2023-01-01
2023-12-31
2649483
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
2649483
bus:Director1
2023-01-01
2023-12-31
2649483
core:PlantMachinery
2022-12-31
2649483
core:MotorVehicles
2022-12-31
2649483
core:PlantMachinery
2023-12-31
2649483
core:MotorVehicles
2023-12-31
2649483
core:WithinOneYear
2023-12-31
2649483
core:WithinOneYear
2022-12-31
2649483
core:ShareCapital
2023-12-31
2649483
core:ShareCapital
2022-12-31
2649483
core:RetainedEarningsAccumulatedLosses
2023-12-31
2649483
core:RetainedEarningsAccumulatedLosses
2022-12-31
2649483
core:PlantMachinery
2022-12-31
2649483
core:MotorVehicles
2022-12-31
2649483
bus:SmallEntities
2023-01-01
2023-12-31
2649483
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
2649483
bus:FullAccounts
2023-01-01
2023-12-31
2649483
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
2649483
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
2649483
Filleted Unaudited Financial Statements |
|
Year ended 31st December 2023
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 7 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Acornmain Limited |
|
Year ended 31st December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Acornmain Limited for the year ended 31st December 2023, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Acornmain Limited, as a body, in accordance with the terms of our engagement letter dated 12th July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Acornmain Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acornmain Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Acornmain 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 Acornmain Limited. You consider that Acornmain Limited 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 financial statements of Acornmain 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.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
16 August 2024
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
56,672 |
67,337 |
|
|
|
|
|
Current assets
Debtors |
6 |
37,343 |
|
43,268 |
Cash at bank and in hand |
431,017 |
|
554,561 |
|
--------- |
|
--------- |
|
468,360 |
|
597,829 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
47,227 |
|
145,316 |
|
--------- |
|
--------- |
Net current assets |
|
421,133 |
452,513 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
477,805 |
519,850 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
14,148 |
16,810 |
|
|
--------- |
--------- |
Net assets |
|
463,657 |
503,040 |
|
|
--------- |
--------- |
|
|
|
|
Statement of Financial Position (continued) |
|
31 December 2023
Capital and reserves
Called up share capital |
|
10 |
10 |
Profit and loss account |
|
463,647 |
503,030 |
|
|
--------- |
--------- |
Shareholders funds |
|
463,657 |
503,040 |
|
|
--------- |
--------- |
|
|
|
|
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 statement of income and retained earnings has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 August 2024
, and are signed on behalf of the board by:
Company registration number:
2649483
Notes to the Financial Statements |
|
Year ended 31st December 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 2 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
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.
Commissions
The company accounts for commissions when receivable in terms of business written in the period. One aspect of the total income is in the form of Indemnity commissions which are paid to the company and which give rise to the possibility of commission clawback in cases where sums have been received and premiums are not subsequently paid by the policyholder. No provision is made for any such unquantifiable clawback.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Taxation
The taxation expense represents the aggregate amount of tax currently payable and any deferred tax provision. The tax currently payable is based on taxable profit for the year. Taxable profit can differ from profit as reported in the statement of comprehensive income because of adjustment for items that are not taxable or deductible. The company's liability for current tax is calculated using tax rates in force at the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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:
|
Office Furniture, Fixtures & Fittings |
- |
25% straight line |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
Office Furniture, Fixtures & Fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1st January 2023 |
25,094 |
65,915 |
91,009 |
Additions |
10,381 |
– |
10,381 |
|
-------- |
-------- |
--------- |
At 31st December 2023 |
35,475 |
65,915 |
101,390 |
|
-------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1st January 2023 |
18,179 |
5,493 |
23,672 |
Charge for the year |
5,940 |
15,106 |
21,046 |
|
-------- |
-------- |
--------- |
At 31st December 2023 |
24,119 |
20,599 |
44,718 |
|
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31st December 2023 |
11,356 |
45,316 |
56,672 |
|
-------- |
-------- |
--------- |
At 31st December 2022 |
6,915 |
60,422 |
67,337 |
|
-------- |
-------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
37,343 |
43,268 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Corporation tax |
25,069 |
25,964 |
Other creditors |
22,158 |
119,352 |
|
-------- |
--------- |
|
47,227 |
145,316 |
|
-------- |
--------- |
|
|
|
8.
Contingencies
The company receives, as one element of its income, indemnity commission. A contingent liability therefore exists in relation to certain protection plans only, where subsequent premiums are not paid by the policyholder. Aside from any known liability in this regard in respect of which an accrual is made, no provision is made for the unquantifiable contingent liability.
9.
Directors' advances, credits and guarantees
A loan account exists as between the director and the company. At the start of the year, on 1 January 2023, the company was indebted to the director, in this regard, in the sum of £82,576. As a result of net withdrawals made during the year amounting to £98,150 in the year, the closing balance of funds owing by the director, to the company, amounted to £15,574, which balance is to be repaid by the end of July 2024.