Company No:
Contents
Note | 30.11.2023 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
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40,427 | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
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41,493 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (37,231) | |
Total assets less current liabilities | 3,196 | |
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Acorn Holiday Lets (SW) Limited (registered number:
M P Thomas
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Acorn Holiday Lets (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 £.
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 £37,231. 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.
The reporting period has been extended to 30 November to align the year end with companies under common control.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
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.
Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
Leasehold improvements |
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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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 08.11.2022 to 30.11.2023 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Leasehold improve- ments |
Total | ||
£ | £ | ||
Cost | |||
At 08 November 2022 |
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Additions |
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At 30 November 2023 |
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Accumulated depreciation | |||
At 08 November 2022 |
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Charge for the financial period |
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At 30 November 2023 |
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Net book value | |||
At 30 November 2023 |
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30.11.2023 | |
£ | |
Other debtors |
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30.11.2023 | |
£ | |
Trade creditors |
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Other taxation and social security |
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Other creditors |
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30.11.2023 | |
£ | |
Allotted, called-up and fully-paid | |
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100 |
Other related party transactions
During the year the company entered into a number of transactions with other companies in which Mr M P Thomas (director) has a direct or indirect interest of at least 50% and has significant influence. At the year end there are amounts included in other debtors of £40,525 and other creditors of £32,130 in connection with these transactions.