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REGISTERED NUMBER: 03963919 (England and Wales)















ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: L C Barrass
S Marsland
Ms H R Stockdale
D P Crookes
R A Mycroft
S J Wall


SECRETARY: Mrs S E Crookes


REGISTERED OFFICE: Kingsley Road
Lincoln
Lincolnshire
LN6 3TA


REGISTERED NUMBER: 03963919 (England and Wales)


SENIOR STATUTORY AUDITOR: Damon Brain BFP FCA FMAAT


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR


BANKERS: Handelsbanken
First Floor
5 Henley Way
Doddington road
Lincoln
LN6 3QR

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.


2024 2023
£    £   

Turnover 18,500 16,700
Cost of sales 14,210 13,694
Gross Profit 4,290 3,006

Gross profit margin % 23.19 18.00

Profit on ordinary activities before taxation 1,784 788

% of profit on ordinary activities before taxation 9.64 4.72

In the year to 31 January 2024 the company traded well achieving a very good financial result with an increase in net profit before tax of 129%. We have continued to focus on our relationship with a number of key customers and won multiple projects from financially strong customers.

The Directors are pleased that the strategic decisions taken, identifying and selecting the right work for our expertise, resulting not only in a good financial result but also in excellent quality work being delivered and high customer satisfaction.

The Directors have continued to invest in recruiting new employees both experienced team members with a proven track record in the industry and also apprentices and trainees to ensure the longevity of the company in to the future.

Our business strategy is to continue to maintain our high standards of service in the sectors and project types we are experienced in whilst keeping overheads at a manageable level.

RISK MANAGEMENT

Executing the company's strategy and managing routine activity involves the management of a number of risks. The key business risks and uncertainties affecting the company are considered to be:

- the potential for key clients to reduce investment in fit-out and refit projects depending upon the economic state of their respective market sectors, and

- credit risk with respect to default by customers on amounts owed.

The directors are managing these risks on an ongoing basis and appropriate processes are put in place to monitor and mitigate them. These include:-

Credit risk

The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit worthiness of new customers and taking up front deposits where there is deemed to be a higher risk, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner.


ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Customer risk
The company has spread the number of customers and sectors it services to mitigate the risk of exposure to the downfall of any key customer or individual sector.

Supply Chain risk
The company has continued to expand the number of suppliers and subcontractors it uses. The company checks the financial standing for all key trade subcontractors prior to appointment and establishes clear contractual relationships with such subcontractors.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Longer term requirements are covered by the high levels of cash deposits.

Forward Business Review

The Directors are optimistic about the forthcoming year, with a strong workload of secured orders and a healthy pipeline with a wide range of opportunities from a diverse customer base.

Some challenges in sourcing some materials and more price increases are anticipated as a result of global pressures and cost of living increases. The Directors are continuing to focus on expanding our supply chain and ensuring we are communicating with our customers and suppliers to have sufficient lead time to minimise potential disruptions.

The Directors wish to thank our customers for trusting in us to deliver their important investment projects to a high standard. We also thank our employees for their hard work and commitment, and thank our suppliers for their continued support.

ON BEHALF OF THE BOARD:





L C Barrass - Director


15 August 2024

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of interior fit out specialists.

DIVIDENDS
An interim dividend of 26.1252177 per share on the Ordinary Shares £1 shares was paid on 31 January 2024. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 January 2024 will be £ 285,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

L C Barrass
S Marsland
Ms H R Stockdale
D P Crookes
R A Mycroft
S J Wall

POLITICAL DONATIONS AND EXPENDITURE
The donation costs totalled £6,821 (2023:£7,901), they are not political donations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





L C Barrass - Director


15 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED

Opinion
We have audited the financial statements of Acorn Partitions & Storage Systems Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimate and judgemental areas of the financial statements such as depreciation of tangible fixed asset, calculations around amounts recoverable on contracts and accrued project costs, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified compliance with the Health and Safety regulations as most likely to have such an effect.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. We enquired with management and inspected health and safety reports from visits in the year. The company is accredited with a CHAS certification, which is primarily for the construction industry and allows APSS to give customers additional assurance over the health and safety standards they follow. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Damon Brain BFP FCA FMAAT (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

23 August 2024

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 18,500,038 16,699,834

Cost of sales 14,209,732 13,694,461
GROSS PROFIT 4,290,306 3,005,373

Administrative expenses 2,516,251 2,223,544
1,774,055 781,829

Other operating income 9,688 7,626
OPERATING PROFIT 4 1,783,743 789,455


Interest payable and similar expenses 5 - 1,587
PROFIT BEFORE TAXATION 1,783,743 787,868

Tax on profit 6 436,963 166,731
PROFIT FOR THE FINANCIAL YEAR 1,346,780 621,137

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,346,780 621,137


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,346,780 621,137

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 6,552 -
Tangible assets 9 421,564 369,868
Investments 10 33 33
428,149 369,901

CURRENT ASSETS
Stocks 11 166,471 93,890
Debtors 12 9,038,228 10,198,891
Cash at bank and in hand 2,999,345 788,410
12,204,044 11,081,191
CREDITORS
Amounts falling due within one year 13 3,560,549 3,449,129
NET CURRENT ASSETS 8,643,495 7,632,062
TOTAL ASSETS LESS CURRENT LIABILITIES 9,071,644 8,001,963

PROVISIONS FOR LIABILITIES 15 69,836 61,935
NET ASSETS 9,001,808 7,940,028

CAPITAL AND RESERVES
Called up share capital 16 10,909 10,909
Share premium 17 18,797 18,797
Retained earnings 17 8,972,102 7,910,322
SHAREHOLDERS' FUNDS 9,001,808 7,940,028

The financial statements were approved for issue by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





L C Barrass - Director


ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 February 2022 10,909 7,479,185 18,797 7,508,891

Changes in equity
Dividends - (190,000 ) - (190,000 )
Total comprehensive income - 621,137 - 621,137
Balance at 31 January 2023 10,909 7,910,322 18,797 7,940,028

Changes in equity
Dividends - (285,000 ) - (285,000 )
Total comprehensive income - 1,346,780 - 1,346,780
Balance at 31 January 2024 10,909 8,972,102 18,797 9,001,808

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,982,818 (295,209 )
Interest paid - (1,587 )
Tax paid (347,000 ) (239,398 )
Net cash from operating activities 2,635,818 (536,194 )

Cash flows from investing activities
Purchase of intangible fixed assets (6,720 ) -
Purchase of tangible fixed assets (133,163 ) (49,643 )
Sale of tangible fixed assets - 4,750
Net cash from investing activities (139,883 ) (44,893 )

Cash flows from financing activities
Equity dividends paid (285,000 ) (190,000 )
Net cash from financing activities (285,000 ) (190,000 )

Increase/(decrease) in cash and cash equivalents 2,210,935 (771,087 )
Cash and cash equivalents at beginning of year 2 788,410 1,559,497

Cash and cash equivalents at end of year 2 2,999,345 788,410

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,783,743 787,868
Depreciation charges 81,635 74,614
Profit on disposal of fixed assets - (4,750 )
Finance costs - 1,587
1,865,378 859,319
Increase in stocks (72,581 ) (51,677 )
Decrease/(increase) in trade and other debtors 1,160,663 (1,278,378 )
Increase in trade and other creditors 29,358 175,527
Cash generated from operations 2,982,818 (295,209 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 2,999,345 788,410
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 788,410 1,559,497


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 788,410 2,210,935 2,999,345
788,410 2,210,935 2,999,345
Total 788,410 2,210,935 2,999,345

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Acorn Partitions & Storage Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis and are covered within the accounting policies:

(i) The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of the property plant and equipment, and accounting policy note for the usual economic lives of each class of assets.

(ii) The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience. See note 12 for the net carrying amount of the debtors and associated impairment provision.

(iii) The company makes an estimate for accrued project costs at the year end date, these estimates are determined based on a number of factors such as the stage completion of the projects, the expected margin on the projects and the historical performance of similar projects.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects.

Turnover
The turnover shown in the income statement represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the service have been transferred to the customer.

In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion.

Goodwill
Goodwill, being the amount paid in connection with the aquisition of a business in 2023, is being amortised at 10% on a straight-line basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licenses are being amortised at 10% on a straight-line basis.

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance, 20% on cost and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost and 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Work in progress are costs incurred to date on projects beyond the stage of completion at the year end date.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Provisions and contingencies
Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with

In particular:

(i) Restructuring provisions are recognised when the Company has a detailed, formal plan for the restructuring and has raised a valid expectation in those affected by either starting to implement the plan or announcing its main features to those affected and therefore has a legal or constructive obligation to carry out the restructuring; and

(ii) Provision is not made for future operating losses.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the Company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,628,452 1,396,090
Social security costs 172,874 164,206
Other pension costs 31,673 28,592
1,832,999 1,588,888

The average number of employees during the year was as follows:
2024 2023

Number of Directors 5 4
Number of CAD staff 4 2
Number of sales staff 4 4
Number of administrative staff 4 7
Number of projects staff 11 11
Number of fitters 8 5
Number of joinery staff 6 4
42 37

2024 2023
£    £   
Directors' remuneration 263,762 98,860
Directors' pension contributions to money purchase schemes 3,955 1,965

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 31 January 2024 is as follows:
2024
£   
Emoluments etc 106,974
Pension contributions to money purchase schemes 1,321

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 326,626 386,559
Other operating leases 93,155 93,155
Depreciation - owned assets 81,467 74,614
Profit on disposal of fixed assets - (4,750 )
Goodwill amortisation 118 -
Computer software amortisation 50 -
Auditors' remuneration 11,580 11,300

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Corporation tax interest - 1,587

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 429,062 153,280

Deferred tax 7,901 13,451
Tax on profit 436,963 166,731

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,783,743 787,868
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

445,936

149,695

Effects of:
Expenses not deductible for tax purposes 8,338 1,454
Capital allowances in excess of depreciation (5,785 ) -
Depreciation in excess of capital allowances - 2,131
Restatement of profits due to change in tax rates (17,317 ) -
Timing difference in respect of accelerated capital allowances 7,901 13,451
Group relief (2,110 ) -
Total tax charge 436,963 166,731

7. DIVIDENDS
2024 2023
£    £   
Ordinary Shares shares of £1 each
Interim 285,000 190,000

8. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
Additions 4,720 2,000 6,720
At 31 January 2024 4,720 2,000 6,720
AMORTISATION
Amortisation for year 118 50 168
At 31 January 2024 118 50 168
NET BOOK VALUE
At 31 January 2024 4,602 1,950 6,552

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 724,484 264,959 134,616 266,936 1,390,995
Additions - 1,657 65,659 65,847 133,163
At 31 January 2024 724,484 266,616 200,275 332,783 1,524,158
DEPRECIATION
At 1 February 2023 479,428 211,268 112,993 217,438 1,021,127
Charge for year 31,884 16,421 7,545 25,617 81,467
At 31 January 2024 511,312 227,689 120,538 243,055 1,102,594
NET BOOK VALUE
At 31 January 2024 213,172 38,927 79,737 89,728 421,564
At 31 January 2023 245,056 53,691 21,623 49,498 369,868

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 February 2023
and 31 January 2024 33
NET BOOK VALUE
At 31 January 2024 33
At 31 January 2023 33

11. STOCKS
2024 2023
£    £   
Stocks 2,000 -
Work-in-progress 164,471 93,890
166,471 93,890

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,425,839 2,629,296
Amounts owed by group undertakings 6,544,440 6,602,720
Amounts recoverable on contract 928,822 830,001
Other debtors 5,476 5,476
Directors' current accounts 12 12
Prepayments and accrued income 133,639 131,386
9,038,228 10,198,891

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,628,978 1,401,647
Tax 235,259 153,197
Social security and other taxes 434,219 453,205
Other creditors 20,055 6,354
Directors' current accounts 8,625 8,625
Accruals and deferred income 1,233,413 1,426,101
3,560,549 3,449,129

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 160,864 185,400
Between one and five years 151,741 312,605
312,605 498,005

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 69,836 61,935

Deferred
tax
£   
Balance at 1 February 2023 61,935
Charge to Income Statement during year 7,901
Balance at 31 January 2024 69,836

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,909 Ordinary Shares £1 10,909 10,909

ACORN PARTITIONS & STORAGE SYSTEMS
LIMITED (REGISTERED NUMBER: 03963919)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2023 7,910,322 18,797 7,929,119
Profit for the year 1,346,780 1,346,780
Dividends (285,000 ) (285,000 )
At 31 January 2024 8,972,102 18,797 8,990,899

a) Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

b) Share premium

The share premium reserve represents the premium arising on the issues of shares net of issue costs.

18. PENSION COMMITMENTS

The company operates a defined contribution 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. Contributions payable by the company for the year were £31,672 (2023 - £28,592).Contributions totalling £2,985 (2023 - £2,426) were payable to the fund at the year end.

19. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Management charge 350,000 324,000
Amount due from related party 6,544,440 6,602,720

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Sales 14,283 32,358
Amount due to related party 8,613 8,613

Other related parties
2024 2023
£    £   
Rent and insurance 94,190 94,551

During the year, a total of key management personnel compensation of £ 263,762 (2023 - £ 98,860 ) was paid.

20. ULTIMATE CONTROLLING PARTY

The controlling party is 2097 Holdings Limited.