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Registration number: 11802154

Acorn Managed Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Acorn Managed Services Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Acorn Managed Services Ltd

(Registration number: 11802154)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

66,571

73,043

Current assets

 

Debtors

7

89,709

74,048

Cash at bank and in hand

 

33,098

42,908

 

122,807

116,956

Creditors: Amounts falling due within one year

8

(125,260)

(119,455)

Net current liabilities

 

(2,453)

(2,499)

Total assets less current liabilities

 

64,118

70,544

Creditors: Amounts falling due after more than one year

8

(13,063)

(23,243)

Provisions for liabilities

(13,696)

(15,126)

Net assets

 

37,359

32,175

Capital and reserves

 

Called up share capital

2

2

Retained earnings

37,357

32,173

Shareholders' funds

 

37,359

32,175

For the financial year ending 31 March 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.

 

Acorn Managed Services Ltd

(Registration number: 11802154)
Balance Sheet as at 31 March 2024

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.

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 December 2024 and signed on its behalf by:
 

.........................................
R J Seymour
Director

 

Acorn Managed Services Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

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.

 

Acorn Managed Services Ltd

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

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:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Acorn Managed Services Ltd

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

3

Taxation

2024

2023

£

£

Corporation tax

20,032

11,125

Deferred tax

(1,430)

9,789

18,602

20,914

4

Other operating income

2024

2023

£

£

Interest on bounceback loan paid by government

-

313

CJRS government grant

-

3,333

-

3,646

5

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Acorn Managed Services Ltd

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

6

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

2,231

2,841

105,453

110,525

Additions

-

-

13,995

13,995

At 31 March 2024

2,231

2,841

119,448

124,520

Depreciation

At 1 April 2023

1,314

944

35,224

37,482

Charge for the year

229

474

19,764

20,467

At 31 March 2024

1,543

1,418

54,988

57,949

Carrying amount

At 31 March 2024

688

1,423

64,460

66,571

At 31 March 2023

917

1,897

70,229

73,043

7

Debtors

Current

2024
£

2023
£

Trade debtors

83,125

55,621

Prepayments

5,990

9,662

Other debtors

594

8,765

 

89,709

74,048

 

Acorn Managed Services Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,162

11,232

Trade creditors

 

77,202

53,201

Taxation and social security

 

35,409

23,239

Other creditors

 

2,487

31,783

 

125,260

119,455

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,063

23,243

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,162

9,900

Hire purchase contracts

-

1,332

10,162

11,232

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,063

23,243

 

Acorn Managed Services Ltd

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

Bank borrowings

Natwest Bank Bounceback Loan is denominated in pounds with a nominal interest rate of 2.5%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £23,225 (2023 - £33,143).

The bounceback loan is a government backed lending scheme.

10

Related party transactions

Other transactions with directors

R J Seymour & N Seymour (directors) had a loan account with the company. At the balance sheet date the amount due from the direcors was £447 (2023 - £14,033).