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Registered number: 02721441










ACORN ALUMINIUM LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
ACORN ALUMINIUM LIMITED
 
 
COMPANY INFORMATION


Directors
K T Johnson 
P J Brown 
R Johnson 
P C Stevens 




Company secretary
P J Brown



Registered number
02721441



Registered office
Huxley Close
Wellingborough

Northamptonshire

NN8 6AB




Independent auditors
MHA

Chartered Accountants and Statutory Auditors

Century House

The Lakes

Northampton

NN4 7HD





 
ACORN ALUMINIUM LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Income and Retained Earnings
 
8
Balance Sheet
 
9 - 10
Statement of Cash Flows
 
11
Analysis of Net Debt
 
12
Notes to the Financial Statements
 
13 - 26

 
ACORN ALUMINIUM LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their Strategic Report for the year ended 30th April 2024.

Business review
 
The Directors are pleased with the overall performance for this year.
Turnover targets were met and all budgetary targets either maintained or bettered, despite difficult market conditions and construction material price volatility.

Principal risks and uncertainties
 
Acorn Aluminum face challenges around inflation and price uncertainty in the supply chain, which is successfully combated with strong working relationships with its stakeholders enabling the building of a healthy order book.
We have succeeded in building on existing relationships with good clients, helping to secure repeat work.

Financial key performance indicators
 
Gross Profit % is targeted to ensure that projects are running to budget, with an emphasis on breaking this down into Material and Labour % for further control.
Similarly Net operating profit % is reviewed to control overhead costs.
Future developments
Acorn Aluminium continue to build on its recent successes to further strengthen its place within its sector by working closely with key suppliers and clients to deliver quality projects on time.
Investments in new machinery and further training of existing staff is being planned to maximise future opportunities.


This report was approved by the board and signed on its behalf..



................................................
P J Brown
Secretary

Date: 27 January 2025
Page 1

 
ACORN ALUMINIUM LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The Directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,088,545 (2023 - £1,069,391).

The directors recommend a dividend of £235,000 (2023 - £Nil)

Directors

The Directors who served during the year were:

K T Johnson 
P J Brown 
R Johnson 
P C Stevens 

Future developments

Acorn continue to build on its recent successes to further strengthen its place within its sector by working closely with key suppliers and clients to deliver quality projects on time.

Page 2

 
ACORN ALUMINIUM LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
P J Brown
Secretary

Date: 27 January 2025
Page 3

 
ACORN ALUMINIUM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACORN ALUMINIUM LIMITED
 

Opinion


We have audited the financial statements of Acorn Aluminium Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
ACORN ALUMINIUM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACORN ALUMINIUM LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
ACORN ALUMINIUM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACORN ALUMINIUM LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management and those charged with governance around actual and potential litigation and         claims;
• Performing audit work over the risk of management override of controls, including testing of journal              entries and other adjustments for appropriateness, evaluating the business rationale of significant                transactions outside the normal course of business and reviewing accounting estimates for bias;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing financial statement disclosures and testing to supporting documentation to access compliance    with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
ACORN ALUMINIUM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACORN ALUMINIUM LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Adam Young ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 

Statutory Auditors
Northampton, United Kingdom
Date: 
29 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 7

 
ACORN ALUMINIUM LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,196,040
14,968,408

Cost of sales
  
(10,389,675)
(11,718,070)

Gross profit
  
3,806,365
3,250,338

Distribution costs
  
(148,864)
(150,922)

Administrative expenses
  
(2,188,002)
(1,976,768)

Operating profit
  
1,469,499
1,122,648

Interest payable and similar expenses
 8 
(2,336)
(4,002)

Profit before tax
  
1,467,163
1,118,646

Tax on profit
 9 
(378,618)
(49,255)

Profit after tax
  
1,088,545
1,069,391

  

  

Retained earnings at the beginning of the year
  
4,026,512
2,957,121

  
4,026,512
2,957,121

Profit for the year
  
1,088,545
1,069,391

Dividends declared and paid
  
(235,000)
-

Retained earnings at the end of the year
  
4,880,057
4,026,512
The notes on pages 13 to 26 form part of these financial statements.
Page 8

 
ACORN ALUMINIUM LIMITED
REGISTERED NUMBER: 02721441

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
270,191
285,310

  
270,191
285,310

Current assets
  

Stocks
 12 
665,066
528,740

Debtors: amounts falling due within one year
 13 
6,757,751
7,950,682

Cash at bank and in hand
 14 
1,380,004
2,200

  
8,802,821
8,481,622

Creditors: amounts falling due within one year
 15 
(3,888,738)
(4,229,367)

Net current assets
  
 
 
4,914,083
 
 
4,252,255

Total assets less current liabilities
  
5,184,274
4,537,565

Creditors: amounts falling due after more than one year
 16 
-
(251,841)

Provisions for liabilities
  

Deferred tax
 19 
(64,261)
(49,255)

Other provisions
 20 
(239,856)
(209,857)

  
 
 
(304,117)
 
 
(259,112)

Net assets
  
4,880,157
4,026,612


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
4,880,057
4,026,512

  
4,880,157
4,026,612

Page 9

 
ACORN ALUMINIUM LIMITED
REGISTERED NUMBER: 02721441
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
R Johnson
Director

Date: 27 January 2025

The notes on pages 13 to 26 form part of these financial statements.
Page 10

 
ACORN ALUMINIUM LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,088,545
1,069,391

Adjustments for:

Depreciation of tangible assets
70,581
64,572

Loss on disposal of tangible assets
(15,846)
(22,514)

Interest paid
2,336
4,002

Taxation charge
378,618
49,255

(Increase)/decrease in stocks
(136,326)
470,494

Decrease/(increase) in debtors
804,994
(2,209,636)

Decrease in amounts owed by groups
290,000
-

Increase in creditors
234,283
1,303,855

Increase in provisions
29,999
-

Net cash generated from operating activities

2,747,184
729,419


Cash flows from investing activities

Purchase of tangible fixed assets
(77,785)
(10,803)

Sale of tangible fixed assets
38,175
36,500

HP interest paid
(2,336)
(4,002)

Net cash from investing activities

(41,946)
21,695

Cash flows from financing activities

Repayment of loans
(334,028)
(108,333)

Repayment of other loans
(440,000)
(540,000)

Repayment of/new finance leases
(43,045)
(73,864)

Dividends paid
(235,000)
-

Net cash used in financing activities
(1,052,073)
(722,197)

Net increase in cash and cash equivalents
1,653,165
28,917

Cash and cash equivalents at beginning of year
(273,161)
(302,078)

Cash and cash equivalents at the end of year
1,380,004
(273,161)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,380,004
2,200

Bank overdrafts
-
(275,361)

1,380,004
(273,161)

Page 11

 
ACORN ALUMINIUM LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

2,200

1,377,804

1,380,004

Bank overdrafts

(275,361)

275,361

-

Debt due after 1 year

(225,695)

225,695

-

Debt due within 1 year

(548,333)

548,333

-

Finance leases

(70,491)

43,045

(27,446)


(1,117,680)
2,470,238
1,352,558

The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Acorn Aluminium Limited is a private company, limited by shares, registered in England and Wales, registration number 02721441. The registered office is Huxley Close, Wellingborough, Northamptonshire, NN8 6AB. The principal place of business is Unit 2 Goldfish Eco Business Hub, 9 Glaisdale Parkway, Nottingham NG8 4GP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget and the impact of subsequent events in making their assessment. 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

  
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date equate to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over the life of the lease
Plant and machinery
-
15% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
15% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 16

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

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.

Page 17

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying accounting policies, management has made the following judgments that have the most significant effect on the amounts recognised in the financial statements (apart from those involving estimations which are dealt with separately below).
Certain accounting policies have been identified as involving particularly complex or subjective judgments or assessments, as follows: 
Warranty Provision
The directors have reviewed the levels of sales made with a warranty guarantee and provided for the potential liability in the accounts. The assumptions reflect historical experience and the Company's judgement regarding future expectations. 
Revenue recognition
The directors have recorded turnover and related costs as contract activity progresses. Turnover has been calculated as proportion of total contract value which costs incurred to date equate to total expected costs for that contract.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


4.


Turnover

2024
2023
£
£

United Kingdom
14,196,040
14,968,408



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,120
20,215

Page 18

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Employees

Staff costs, including Directors' remuneration, were as follows:




2024
2023
£
£

Wages and salaries
2,092,813
1,748,477

Social security costs
108,046
100,088

Cost of defined contribution scheme
42,772
33,700

2,243,631
1,882,265


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
56
49


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
91,000
79,468

Company contributions to defined contribution pension schemes
5,021
4,875

96,021
84,343


During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.


8.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
2,336
4,002

Page 19

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
363,612
-


Total current tax
363,612
-

Deferred tax


Origination and reversal of timing differences
15,006
49,255

Total deferred tax
15,006
49,255


Tax on profit
378,618
49,255

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,467,163
1,118,646


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
366,791
212,543

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,750
352

Capital allowances for year in excess of depreciation
(1,803)
75,743

Utilisation of tax losses
(15,221)
(225,506)

Other timing differences leading to an increase (decrease) in taxation
15,101
2,960

Changes in provisions leading to an increase (decrease) in the tax charge
-
(1,616)

Unrelieved tax losses carried forward
-
(15,221)

Total tax charge for the year
378,618
49,255


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Dividends

2024
2023
£
£


Dividends paid on A Shares
199,750
-


Dividends paid on B Shares
35,250
-

235,000
-


11.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
86,572
474,357
87,579
110,484
758,992


Additions
-
31,279
29,500
17,006
77,785


Disposals
-
-
(44,924)
-
(44,924)



At 30 April 2024

86,572
505,636
72,155
127,490
791,853



Depreciation


At 1 May 2023
27,615
284,532
75,343
86,192
473,682


Charge for the year on owned assets
7,795
41,411
7,331
14,038
70,575


Disposals
-
-
(22,595)
-
(22,595)



At 30 April 2024

35,410
325,943
60,079
100,230
521,662



Net book value



At 30 April 2024
51,162
179,693
12,076
27,260
270,191



At 30 April 2023
58,957
189,825
12,236
24,292
285,310

Page 21

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           11.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
117,055
137,714


12.


Stocks

2024
2023
£
£

Finished goods and goods for resale
665,066
528,740



13.


Debtors

2024
2023
£
£


Trade debtors
2,054,703
3,048,214

Amounts owed by group undertakings
3,746,341
4,036,341

Other debtors
116,411
208,638

Prepayments and accrued income
840,296
657,489

6,757,751
7,950,682



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,380,004
2,200

Less: bank overdrafts
-
(275,361)

1,380,004
(273,161)


Page 22

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
275,361

Bank loans
-
108,333

Other loans
-
440,000

Trade creditors
1,343,398
1,466,471

Corporation tax
265,675
-

Other taxation and social security
47,025
43,668

Obligations under finance lease and hire purchase contracts
27,446
44,345

Other creditors
185,295
190,032

Accruals and deferred income
2,019,899
1,661,157

3,888,738
4,229,367


Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
Bank loans in 2023 were secured by a fixed charge over all the assets of the Company.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
225,695

Net obligations under finance leases and hire purchase contracts
-
26,146

-
251,841


Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.
Bank overdrafts and bank loans in 2023 are secured by a fixed charge over all the assets of the Company.

Page 23

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
108,333

Other loans
-
440,000


-
548,333

Amounts falling due 1-2 years

Bank loans
-
108,334

Amounts falling due 2-5 years

Bank loans
-
117,361


-
774,028



18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
27,446
44,345

Between 1-5 years
-
26,146

27,446
70,491


19.


Deferred taxation




2024


£






At beginning of year
49,255


Charged to profit or loss
15,006



At end of year
64,261

Page 24

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
19.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
64,261
66,092

Tax losses carried forward
-
(15,221)

Other timing differences
-
(1,616)

64,261
49,255


20.


Provisions




Warranty provision

£





At 1 May 2023
209,857


Charged to profit or loss
29,999



At 30 April 2024
239,856

The Company is contracted to provide a warranty guarantee on certain sales. The provision represents the directors' estimate of the potential liability at the year end in relation to these sales.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



8,500 (2023 - 8,500) Ordinary A shares of £0.01 each
85
85
1,500 (2023 - 1,500) Ordinary B shares of £0.01 each
15
15

100

100



22.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 25

 
ACORN ALUMINIUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Contingent liabilities

The Company has entered into a composite guarantee in respect of any debt arising in favour of HSBC UK Bank plc by itself, its ultimate parent Emplas Holdings Limited, and other members of the Group. The maximum potential liability to the Company in respect of amounts due to HSBC UK Bank plc at the year end is £nil, (2023 - £678,105).


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently aministered fund. Contributions totalling £5,827 (2023 - £6,463) were payable to the fund at the balance sheet date.


25.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
23,537
189,059

Later than 1 year and not later than 5 years
13,750
16,663

37,287
205,722


26.


Related party transactions

The Company has taken advantage of the provisions available under FRS 102 not to disclose transactions with other members within a 100% owned group.
 


27.


Controlling party

Acorn Aluminium Limited is a wholly owned subsidiary of Emplas Holdings Limited which is the largest undertaking for which group financial statements are not prepared, and has the same registered office address as the company. 
The ultimate controlling party is K T Johnson by virtue of his majority shareholding in Emplas Holdings Limited.

 
Page 26