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Company No: 06350759 (England and Wales)

ACORN LAND (SW) LIMITED

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

ACORN LAND (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ACORN LAND (SW) LIMITED

BALANCE SHEET

As at 30 November 2023
ACORN LAND (SW) LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 530,114 454,808
530,114 454,808
Current assets
Stocks 4 689,556 684,023
Debtors 5 4,348,999 4,306,285
Cash at bank and in hand 1,074 4,111
5,039,629 4,994,419
Creditors: amounts falling due within one year 6 ( 4,352,328) ( 3,921,315)
Net current assets 687,301 1,073,104
Total assets less current liabilities 1,217,415 1,527,912
Creditors: amounts falling due after more than one year 7 ( 248,786) ( 183,748)
Provision for liabilities ( 59,381) ( 83,012)
Net assets 909,248 1,261,152
Capital and reserves
Called-up share capital 100 100
Profit and loss account 909,148 1,261,052
Total shareholders' funds 909,248 1,261,152

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 Land (SW) Limited (registered number: 06350759) 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 LAND (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ACORN LAND (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 Land (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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services 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.

Employee benefits

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 year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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:

Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 25 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Ordinary share capital

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

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 703,413 178,954 6,926 12,793 902,086
Additions 127,100 31,444 0 0 158,544
Disposals ( 10,260) 0 0 0 ( 10,260)
At 30 November 2023 820,253 210,398 6,926 12,793 1,050,370
Accumulated depreciation
At 01 December 2022 338,794 95,274 3,843 9,367 447,278
Charge for the financial year 60,361 17,444 462 857 79,124
Disposals ( 6,146) 0 0 0 ( 6,146)
At 30 November 2023 393,009 112,718 4,305 10,224 520,256
Net book value
At 30 November 2023 427,244 97,680 2,621 2,569 530,114
At 30 November 2022 364,619 83,680 3,083 3,426 454,808

4. Stocks

2023 2022
£ £
Work in progress 689,556 684,023

5. Debtors

2023 2022
£ £
Trade debtors 31,390 25,824
Other debtors 4,317,609 4,280,461
4,348,999 4,306,285

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,352 5,220
Trade creditors 1,359,828 1,394,284
Taxation and social security 202,105 264,485
Obligations under finance leases and hire purchase contracts (secured) 106,735 107,963
Other creditors 2,678,308 2,149,363
4,352,328 3,921,315

Obligations under hire purchase contracts are secured against the asset to which they relate.

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

2023 2022
£ £
Bank loans 31,653 36,979
Obligations under finance leases and hire purchase contracts (secured) 71,433 60,869
Other creditors 145,700 85,900
248,786 183,748

Obligations under hire purchase contracts are secured against the asset to which they relate.

8. Related party transactions

Transactions with the entity's directors

Advances

At 1 December 2022 M Thomas owed the company £522,133. During the year advances of £493,293 and repayments of £566,663 were made resulting in a balance at 30 November 2023 of £448,763. Interest has been charged on the overdrawn balance at the official rate prescribed by H M Revenue & Customs.

At 1 December 2021 M Thomas owed the company £235,321. During the year advances of £400,398 and repayments of £113,586 were made resulting in a balance at 30 November 2022 of £522,133. Interest has been charged on the overdrawn balance at the official rate prescribed by H M Revenue & Customs.

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 a significant influence. At the year end there are amounts included in other debtors of £3,449,854 (2022 - £3,426,589) and other creditors of £2,316,866 (2022 - £1,796,438) in connection with these transactions.