Company Registration No. 5034342 (England and Wales)
Acornwalk Limited
Unaudited accounts
for the year ended 29 February 2024
Acornwalk Limited
Unaudited accounts
Contents
Acornwalk Limited
Company Information
for the year ended 29 February 2024
Director
Mrs.Geraldine Smith
Company Number
5034342 (England and Wales)
Registered Office
3 Hampstead West
224 Iverson Road
London
NW6 2HX
Accountants
Evolve Accounting and Tax Solutions Ltd
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Acornwalk Limited
Statement of financial position
as at 29 February 2024
Tangible assets
1,206
1,608
Investment property
5,285,000
5,285,000
Cash at bank and in hand
43,504
88,048
Creditors: amounts falling due within one year
(56,913)
(72,449)
Net current assets
145,401
230,834
Total assets less current liabilities
5,431,607
5,517,442
Creditors: amounts falling due after more than one year
(1,830,525)
(1,900,616)
Provisions for liabilities
Deferred tax
(1,024,575)
(1,024,575)
Net assets
2,576,507
2,592,251
Called up share capital
102
102
Profit and loss account
2,576,405
2,592,149
Shareholders' funds
2,576,507
2,592,251
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 November 2024 and were signed on its behalf by
Mrs.Geraldine Smith
Director
Company Registration No. 5034342
Acornwalk Limited
Notes to the Accounts
for the year ended 29 February 2024
Acornwalk Limited is a private company, limited by shares, registered in England and Wales, registration number 5034342. The registered office is 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises rental income from the company's investment properties. The properties are residential and are therefore exempt from VAT.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing balance
Computer equipment
25% Reducing balance
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Acornwalk Limited
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2023
1,100
7,368
8,468
At 29 February 2024
1,100
7,368
8,468
At 1 March 2023
636
6,224
6,860
Charge for the year
286
116
402
At 29 February 2024
922
6,340
7,262
At 29 February 2024
178
1,028
1,206
At 28 February 2023
464
1,144
1,608
Fair value at 1 March 2023
5,285,000
At 29 February 2024
5,285,000
The investment properties have been revalued by the director to reflect the market value as at the balance sheet date. The director has spent her professional career in residential real estate and is qualified by experience.
Amounts falling due within one year
Other debtors
158,810
215,235
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
11,561
6,303
Taxes and social security
36,867
38,565
Loans from directors
1,225
20,421
Deferred income
1,500
1,400
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Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,830,525
1,900,616
The mortgage loan balance of £1,836,155 is secured against several of the company's investment properties.
Acornwalk Limited
Notes to the Accounts
for the year ended 29 February 2024
9
Transactions with related parties
Included in Other Debtors is a balance of £9385 (2023): £57,385) due from the director's son. The loan is repayable in 2024 and incurs interest of 3% at the end of the loan term.
At the balance sheet an interest free loan balance of £157,850 (2023):£157,850) to Focusdeal Investment Ltd a company with common directors.
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Average number of employees
During the year the average number of employees was 0 (2023: 0).