Silverfin false false 30/11/2023 01/12/2022 30/11/2023 M Thomas 23/08/2019 29 August 2024 The principal activity of the Company during the financial year was property development. 12171192 2023-11-30 12171192 bus:Director1 2023-11-30 12171192 2022-11-30 12171192 core:CurrentFinancialInstruments 2023-11-30 12171192 core:CurrentFinancialInstruments 2022-11-30 12171192 core:Non-currentFinancialInstruments 2023-11-30 12171192 core:Non-currentFinancialInstruments 2022-11-30 12171192 core:ShareCapital 2023-11-30 12171192 core:ShareCapital 2022-11-30 12171192 core:RetainedEarningsAccumulatedLosses 2023-11-30 12171192 core:RetainedEarningsAccumulatedLosses 2022-11-30 12171192 2022-12-01 2023-11-30 12171192 bus:FilletedAccounts 2022-12-01 2023-11-30 12171192 bus:SmallEntities 2022-12-01 2023-11-30 12171192 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 12171192 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12171192 bus:Director1 2022-12-01 2023-11-30 12171192 2021-12-01 2022-11-30 12171192 core:CurrentFinancialInstruments 2022-12-01 2023-11-30 12171192 core:Non-currentFinancialInstruments 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Company No: 12171192 (England and Wales)

ACORN DEVELOPMENTS SW (DEVON) LTD

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

ACORN DEVELOPMENTS SW (DEVON) LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ACORN DEVELOPMENTS SW (DEVON) LTD

BALANCE SHEET

As at 30 November 2023
ACORN DEVELOPMENTS SW (DEVON) LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Current assets
Stocks 3 884,507 808,648
Debtors 4 20,153 120
Cash at bank and in hand 2 2
904,662 808,770
Creditors: amounts falling due within one year 5 ( 496,591) ( 471,284)
Net current assets 408,071 337,486
Total assets less current liabilities 408,071 337,486
Creditors: amounts falling due after more than one year 6 ( 555,744) ( 414,362)
Net liabilities ( 147,673) ( 76,876)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 147,675 ) ( 76,878 )
Total shareholder's deficit ( 147,673) ( 76,876)

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 Developments SW (Devon) Ltd (registered number: 12171192) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

M Thomas
Director
ACORN DEVELOPMENTS SW (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

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

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 (Devon) Ltd (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 liabilities of £147,673. 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.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 and direct labour.

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.

2. Employees

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

3. Stocks

2023 2022
£ £
Work in progress 884,507 808,648

4. Debtors

2023 2022
£ £
Other debtors 20,153 120

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,920 720
Other taxation and social security 2,830 0
Other creditors 491,841 470,564
496,591 471,284

There are no amounts included above in respect of which any security has been given by the small entity.

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

2023 2022
£ £
Other loans (secured) 555,744 414,362

The other loans are secured against land held in stock and work in progress.

7. 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 £20,153 (2022 - £nil) and other creditors of £491,241 (2022 - £469,964) in connection with these transactions.