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Registration number: 03695966

Acorn Builders (Pewsey) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Acorn Builders (Pewsey) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Acorn Builders (Pewsey) Limited

Company Information

Directors

Mr D A Whitton

Mr M J Baker

R G Butler

Mr K E Franklin

Company secretary

Mr M J Baker

Registered office

Unit 18
Salisbury Road Business Park
Pewsey
Wiltshire
SN9 5PZ

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Acorn Builders (Pewsey) Limited

(Registration number: 03695966)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,200,416

1,049,673

Investments

5

12,000

12,000

 

1,212,416

1,061,673

Current assets

 

Stocks

6

632,280

599,363

Debtors

7

1,608,155

1,199,128

Cash at bank and in hand

 

801,945

1,884,610

 

3,042,380

3,683,101

Creditors: Amounts falling due within one year

8

(1,573,402)

(1,383,800)

Net current assets

 

1,468,978

2,299,301

Total assets less current liabilities

 

2,681,394

3,360,974

Provisions for liabilities

(298,886)

(262,418)

Net assets

 

2,382,508

3,098,556

Capital and reserves

 

Called up share capital

9

95

95

Profit and loss account

2,382,413

3,098,461

Shareholders' funds

 

2,382,508

3,098,556

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Acorn Builders (Pewsey) Limited

(Registration number: 03695966)
Balance Sheet as at 31 January 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

.........................................
Mr M J Baker
Company secretary and director

 

Acorn Builders (Pewsey) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 18
Salisbury Road Business Park
Pewsey
Wiltshire
SN9 5PZ

These financial statements were authorised for issue by the Board on 2 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

Acorn Builders (Pewsey) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Construction Contracts

When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered.

Government grants

Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Freehold land and property is held at valuation less any provision for impairment, and depreciation is not provided.
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Acorn Builders (Pewsey) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant & Machinery

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Computer Equipment

25% Reducing Balance

Fixed asset investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
 Impairment
At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

Acorn Builders (Pewsey) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 30).

4

Tangible assets

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

1,359,313

32,445

586,942

1,978,700

Additions

233,637

-

162,877

396,514

Disposals

(97,250)

-

(21,500)

(118,750)

At 31 January 2024

1,495,700

32,445

728,319

2,256,464

Depreciation

At 1 February 2023

565,544

27,494

335,989

929,027

Charge for the year

123,201

1,238

75,253

199,692

Eliminated on disposal

(53,445)

-

(19,226)

(72,671)

At 31 January 2024

635,300

28,732

392,016

1,056,048

Carrying amount

At 31 January 2024

860,400

3,713

336,303

1,200,416

At 31 January 2023

793,769

4,951

250,953

1,049,673

 

Acorn Builders (Pewsey) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Investments

Participating interests

£

Cost

At 1 February 2023

12,000

Provision

Carrying amount

At 31 January 2024

12,000

At 31 January 2023

12,000

6

Stocks

2024
£

2023
£

Work in progress

632,280

599,363

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,088,926

928,650

Amounts owed by related parties

11

8,000

40,000

Trade debtors - retentions

 

139,117

154,411

Prepayments

 

98,350

2,100

Other debtors

 

300

300

Amounts recoverable on contracts

 

273,462

73,667

   

1,608,155

1,199,128

 

Acorn Builders (Pewsey) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

771,048

587,544

Income tax liability

56,075

78,687

PAYE & Social security

54,294

48,321

VAT

195,676

231,184

Accruals and deferred income

480,459

421,538

Directors' current accounts

10,551

13,178

Credit card account

5,299

3,143

Pension payable

-

205

1,573,402

1,383,800

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

95

95

95

95

       
 

Acorn Builders (Pewsey) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

10

Dividends

Durign the year, total dividends of Nil (2023 - £108,0000) were paid to the directors.
Also during the year, total dividends of £1,000,000 (2023 - £1,755,504) were paid to the ultimate parent company ABP Management Services Ltd.

11

Related party transactions

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

8,000

8,000

At end of period

8,000

8,000

Terms of loans to related parties

Included in debtors is a loan to AB eletrical (Pewsey) Ltd for £8,000 (2023 - £8,000). It is an interest free loan and is repayable on demand.
 

12

Ultimate Parent Company

During the comparitive year, a group was created under the ultimate parent company ABP Management Services Limited. The shares were reorganized into 95 Ordinary Shares, and the company is now wholly owned by ABP Management Services Limited.