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Company No: 08042619 (England and Wales)

ACORN HOMES (SW) LIMITED

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

ACORN HOMES (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ACORN HOMES (SW) LIMITED

BALANCE SHEET

As at 30 November 2023
ACORN HOMES (SW) LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 86 113
Investment property 4 570,000 520,000
570,086 520,113
Current assets
Debtors 5 2,945,922 2,406,798
Cash at bank and in hand 1,316 744
2,947,238 2,407,542
Creditors: amounts falling due within one year 6 ( 3,116,703) ( 2,535,948)
Net current liabilities (169,465) (128,406)
Total assets less current liabilities 400,621 391,707
Creditors: amounts falling due after more than one year 7 ( 132,862) ( 144,898)
Provision for liabilities ( 32,304) ( 19,804)
Net assets 235,455 227,005
Capital and reserves
Called-up share capital 100 100
Fair value reserve 96,911 59,411
Profit and loss account 138,444 167,494
Total shareholders' funds 235,455 227,005

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.

Director's responsibilities:

The financial statements of Acorn Homes (SW) Limited (registered number: 08042619) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

Mark Peter Thomas
Director
ACORN HOMES (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ACORN HOMES (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 Homes (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 the revaluation of freehold properties and to include investment properties and 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 £169,465. 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 rent of properties and commissions receivable 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.

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:

Fixtures and fittings 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.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 4

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 December 2022 639 639
At 30 November 2023 639 639
Accumulated depreciation
At 01 December 2022 526 526
Charge for the financial year 27 27
At 30 November 2023 553 553
Net book value
At 30 November 2023 86 86
At 30 November 2022 113 113

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 520,000
Fair value movement 50,000
As at 30 November 2023 570,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £570,000 (2022 - £520,000).

5. Debtors

2023 2022
£ £
Trade debtors 70,351 23,949
Other debtors 2,875,571 2,382,849
2,945,922 2,406,798

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured £ 7,500) 11,500 11,500
Trade creditors 30,240 9,721
Taxation and social security 23,698 32,814
Other creditors 3,051,265 2,481,913
3,116,703 2,535,948

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

2023 2022
£ £
Bank loans (secured £ 111,223) 132,862 144,898

Lloyds Bank plc hold a first legal charge and debenture over all assets in respect of its outstanding debt of £118,723 (2022 - £126,815).

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 £2,875,241 (2022- £2,382,519) and other creditors of £2,865,908 (2022 - £2,351,370) in connection with these transactions.

9. Off Balance Sheet arrangements

The total amount of contingencies not included in the balance sheet is £5,252,902 (2022 - £7,777,714). The company has an omnibus guarantee and set off agreement for loans taken out by Refresh Living No.1 Ltd, Refresh Living No.5 Ltd and Refresh Commercial Ltd.