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Company registration number: 11361094
Gavin Shute Acorn Landscapes Ltd
Unaudited filleted financial statements
31 July 2024
Gavin Shute Acorn Landscapes Ltd
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Gavin Shute Acorn Landscapes Ltd
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 12,393 4,845
_______ _______
12,393 4,845
Current assets
Debtors 7 15,931 4,379
Cash at bank and in hand 63,692 75,226
_______ _______
79,623 79,605
Creditors: amounts falling due
within one year 8 ( 14,165) ( 18,089)
_______ _______
Net current assets 65,458 61,516
_______ _______
Total assets less current liabilities 77,851 66,361
Provisions for liabilities ( 1,696) ( 273)
_______ _______
Net assets 76,155 66,088
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 76,055 65,988
_______ _______
Shareholder funds 76,155 66,088
_______ _______
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Mr Gavin Shute
Director
Company registration number: 11361094
Gavin Shute Acorn Landscapes Ltd
Statement of changes in equity
Year ended 31 July 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2022 100 59,622 59,722
Profit for the year 57,892 57,892
_______ _______ _______
Total comprehensive income for the year - 57,892 57,892
Dividends paid and payable ( 51,526) ( 51,526)
_______ _______ _______
Total investments by and distributions to owners - ( 51,526) ( 51,526)
_______ _______ _______
At 31 July 2023 and 1 August 2023 100 65,988 66,088
Profit for the year 58,553 58,553
_______ _______ _______
Total comprehensive income for the year - 58,553 58,553
Dividends paid and payable ( 48,486) ( 48,486)
_______ _______ _______
Total investments by and distributions to owners - ( 48,486) ( 48,486)
_______ _______ _______
At 31 July 2024 100 76,055 76,155
_______ _______ _______
Gavin Shute Acorn Landscapes Ltd
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 19 Overwood Road, Northenden, Manchester, M22 4JB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 9,060 9,060
_______ _______
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 13,568 14,448
_______ _______
Deferred tax:
Origination and reversal of timing differences 1,424 ( 178)
_______ _______
Tax on profit 14,992 14,270
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 20.76 % (2023: 19.80%).
2024 2023
£ £
Profit before taxation 73,545 72,162
_______ _______
Profit multiplied by rate of tax 15,268 14,288
Effect of capital allowances and depreciation ( 1,700) 160
_______ _______
Tax on profit 13,568 14,448
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2023 9,776 9,690 19,466
Additions 11,682 - 11,682
_______ _______ _______
At 31 July 2024 21,458 9,690 31,148
_______ _______ _______
Depreciation
At 1 August 2023 7,231 7,390 14,621
Charge for the year 3,559 575 4,134
_______ _______ _______
At 31 July 2024 10,790 7,965 18,755
_______ _______ _______
Carrying amount
At 31 July 2024 10,668 1,725 12,393
_______ _______ _______
At 31 July 2023 2,545 2,300 4,845
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 14,854 3,700
Other debtors 1,077 679
_______ _______
15,931 4,379
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 13,568 14,448
Social security and other taxes - 3,075
Other creditors 597 566
_______ _______
14,165 18,089
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 1,696 273
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 1,424) ( 178)
_______ _______
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 14,854 3,700
Cash at bank 63,442 74,976
_______ _______
78,296 78,676
_______ _______
Financial liabilities measured at amortised cost
Accruals 597 566
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Gavin Shute - - -
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Gavin Shute ( 672) 672 -
_______ _______ _______
12. Controlling party
The company is controlled by the director Mr Gavin Shute as he owns all of the issued share capital in the company.