Silverfin false false 30/11/2023 01/12/2022 30/11/2023 M P Thomas 18/08/2003 M D Thomas 04/08/2023 29 August 2024 The principal activity of the Company during the financial year was the construction of domestic buildings. 04868957 2023-11-30 04868957 bus:Director1 2023-11-30 04868957 bus:Director2 2023-11-30 04868957 2022-11-30 04868957 core:CurrentFinancialInstruments 2023-11-30 04868957 core:CurrentFinancialInstruments 2022-11-30 04868957 core:Non-currentFinancialInstruments 2023-11-30 04868957 core:Non-currentFinancialInstruments 2022-11-30 04868957 core:ShareCapital 2023-11-30 04868957 core:ShareCapital 2022-11-30 04868957 core:RetainedEarningsAccumulatedLosses 2023-11-30 04868957 core:RetainedEarningsAccumulatedLosses 2022-11-30 04868957 core:FurnitureFittings 2022-11-30 04868957 core:FurnitureFittings 2023-11-30 04868957 core:Non-currentFinancialInstruments core:Secured 2023-11-30 04868957 2022-12-01 2023-11-30 04868957 bus:FilletedAccounts 2022-12-01 2023-11-30 04868957 bus:SmallEntities 2022-12-01 2023-11-30 04868957 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 04868957 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04868957 bus:Director1 2022-12-01 2023-11-30 04868957 bus:Director2 2022-12-01 2023-11-30 04868957 core:FurnitureFittings core:TopRangeValue 2022-12-01 2023-11-30 04868957 2021-12-01 2022-11-30 04868957 core:FurnitureFittings 2022-12-01 2023-11-30 04868957 core:Non-currentFinancialInstruments 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Company No: 04868957 (England and Wales)

ACORN DEVELOPMENTS (SW) LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

ACORN DEVELOPMENTS (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ACORN DEVELOPMENTS (SW) LIMITED

BALANCE SHEET

As at 30 November 2023
ACORN DEVELOPMENTS (SW) LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 64 88
Investments 2 2
66 90
Current assets
Stocks 4 1,522,107 3,402,228
Debtors 5 1,919,968 1,897,275
Cash at bank and in hand 1,792 401
3,443,867 5,299,904
Creditors: amounts falling due within one year 6 ( 3,743,482) ( 3,361,063)
Net current (liabilities)/assets (299,615) 1,938,841
Total assets less current liabilities (299,549) 1,938,931
Creditors: amounts falling due after more than one year 7 ( 1,104,932) ( 2,752,912)
Net liabilities ( 1,404,481) ( 813,981)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 1,404,581 ) ( 814,081 )
Total shareholder's deficit ( 1,404,481) ( 813,981)

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.

Directors' responsibilities:

The financial statements of Acorn Developments (SW) Limited (registered number: 04868957) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

M P Thomas
Director
ACORN DEVELOPMENTS (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ACORN DEVELOPMENTS (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Acorn Developments (SW) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 40 Kingston House 1 Kingston Road, Taunton, TA2 7ED, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net current liabilities of £299,615 and net liabilities of £1,404,481. The Company is supported through loans from the companies in which the director has an interest of at least 50% and has significant influence over. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the companies will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of properties 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 December 2022 120 120
At 30 November 2023 120 120
Accumulated depreciation
At 01 December 2022 32 32
Charge for the financial year 24 24
At 30 November 2023 56 56
Net book value
At 30 November 2023 64 64
At 30 November 2022 88 88

4. Stocks

2023 2022
£ £
Work in progress 1,522,107 3,402,228

5. Debtors

2023 2022
£ £
Trade debtors 0 75,647
Amounts owed by Group undertakings 0 12
Other debtors 1,919,968 1,821,616
1,919,968 1,897,275

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 5,405 5,222
Trade creditors 108,204 145,300
Amounts owed to Group undertakings 9,344 9,343
Other creditors 3,620,529 3,201,198
3,743,482 3,361,063

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured £ 940,545) 972,202 2,606,912
Other loans (secured £ 76,000) 132,730 146,000
1,104,932 2,752,912

The bank and other loans are secured by way of fixed and floating charges over land included in stock and work in progress.

8. Related party transactions

Other related party transactions

During the year the company entered into a number of transactions with other companies in which M P Thomas (director) has a direct or indirect interest of at least 50% and has a significant influence. At the year end there are amounts included in other debtors of £1,851,556 (2022 - £1,762,294) and other creditors of £3,129,899 (2022 - £2,637,712) in connection with these transactions. During the year the company entered into a number of transactions with fellow group companies. At the year end there are amounts included within debtors of £nil (2022 - £12) and amounts included within creditors of £9,344 (2022 - £9,343) in connection with these transactions.