Silverfin false false 31/12/2023 01/01/2023 31/12/2023 J E Austin 01/12/2014 W David 01/12/2014 S Rayson 10/11/2023 07/01/2019 11 September 2024 The principal activity of the Company during the financial year was that of scaffold erection. 09334738 2023-12-31 09334738 bus:Director1 2023-12-31 09334738 bus:Director2 2023-12-31 09334738 bus:Director3 2023-12-31 09334738 2022-12-31 09334738 core:CurrentFinancialInstruments 2023-12-31 09334738 core:CurrentFinancialInstruments 2022-12-31 09334738 core:Non-currentFinancialInstruments 2023-12-31 09334738 core:Non-currentFinancialInstruments 2022-12-31 09334738 core:ShareCapital 2023-12-31 09334738 core:ShareCapital 2022-12-31 09334738 core:RevaluationReserve 2023-12-31 09334738 core:RevaluationReserve 2022-12-31 09334738 core:RetainedEarningsAccumulatedLosses 2023-12-31 09334738 core:RetainedEarningsAccumulatedLosses 2022-12-31 09334738 core:LeaseholdImprovements 2022-12-31 09334738 core:PlantMachinery 2022-12-31 09334738 core:Vehicles 2022-12-31 09334738 core:ComputerEquipment 2022-12-31 09334738 core:LeaseholdImprovements 2023-12-31 09334738 core:PlantMachinery 2023-12-31 09334738 core:Vehicles 2023-12-31 09334738 core:ComputerEquipment 2023-12-31 09334738 2023-01-01 2023-12-31 09334738 bus:FilletedAccounts 2023-01-01 2023-12-31 09334738 bus:SmallEntities 2023-01-01 2023-12-31 09334738 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09334738 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09334738 bus:Director1 2023-01-01 2023-12-31 09334738 bus:Director2 2023-01-01 2023-12-31 09334738 bus:Director3 2023-01-01 2023-12-31 09334738 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 09334738 core:PlantMachinery 2023-01-01 2023-12-31 09334738 core:Vehicles 2023-01-01 2023-12-31 09334738 core:ComputerEquipment 2023-01-01 2023-12-31 09334738 2022-01-01 2022-12-31 09334738 core:LeaseholdImprovements 2023-01-01 2023-12-31 09334738 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 09334738 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 09334738 (England and Wales)

ACORN SCAFFOLDING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ACORN SCAFFOLDING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ACORN SCAFFOLDING LIMITED

BALANCE SHEET

As at 31 December 2023
ACORN SCAFFOLDING LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 285,470 338,436
285,470 338,436
Current assets
Stocks 25,000 20,000
Debtors 4 91,028 62,495
Cash at bank and in hand 14,899 52,903
130,927 135,398
Creditors: amounts falling due within one year 5 ( 152,599) ( 148,431)
Net current liabilities (21,672) (13,033)
Total assets less current liabilities 263,798 325,403
Creditors: amounts falling due after more than one year 6 ( 148,318) ( 169,420)
Provision for liabilities ( 39,178) ( 49,692)
Net assets 76,302 106,291
Capital and reserves
Called-up share capital 21,000 21,000
Revaluation reserve 54,188 63,750
Profit and loss account 1,114 21,541
Total shareholders' funds 76,302 106,291

For the financial year ending 31 December 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 Scaffolding Limited (registered number: 09334738) were approved and authorised for issue by the Board of Directors on 11 September 2024. They were signed on its behalf by:

J E Austin
Director
ACORN SCAFFOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ACORN SCAFFOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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 Scaffolding 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 The Old Dairy Stanmoor Road, Burrowbridge, Bridgwater, TA7 0RX, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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:

Leasehold improvements 5 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 33 % 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.

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 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 12 13

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 7,326 555,274 63,289 8,226 634,115
Additions 0 1,342 0 674 2,016
Disposals 0 0 ( 3,495) 0 ( 3,495)
At 31 December 2023 7,326 556,616 59,794 8,900 632,636
Accumulated depreciation
At 01 January 2023 7,326 254,083 26,842 7,428 295,679
Charge for the financial year 0 45,384 9,113 485 54,982
Disposals 0 0 ( 3,495) 0 ( 3,495)
At 31 December 2023 7,326 299,467 32,460 7,913 347,166
Net book value
At 31 December 2023 0 257,149 27,334 987 285,470
At 31 December 2022 0 301,191 36,447 798 338,436

If plant and machinery was held at historic cost, the net book value would be £184,898 (2022: £216,191). The historic cost would be £456,617 (2022: £455,274) and depreciation would be £271,719 (2022: £239,083).

4. Debtors

2023 2022
£ £
Trade debtors 88,913 58,383
Other debtors 2,115 4,112
91,028 62,495

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 53,984 59,255
Trade creditors 27,474 26,359
Other taxation and social security 1,277 4,891
Obligations under finance leases and hire purchase contracts (secured) 9,014 9,015
Other creditors 60,850 48,911
152,599 148,431

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate

Included within bank loans is an amount of which £24,000 (2022: £25,000) is secured by a personal guarantee made by J Austin & W David.

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

2023 2022
£ £
Bank loans 124,739 136,826
Obligations under finance leases and hire purchase contracts (secured) 23,579 32,594
148,318 169,420

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate

7. Financial commitments

Other financial commitments

2023 2022
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 8,470 14,117