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Registration number: NI612961

Acorn (NI) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Acorn (NI) Limited

(Registration number: NI612961)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

30,000

30,000

Current assets

 

Debtors

5

120,606

120,736

Cash at bank and in hand

 

130,480

189,789

 

251,086

310,525

Creditors: Amounts falling due within one year

6

(16,099)

(85,687)

Net current assets

 

234,987

224,838

Total assets less current liabilities

 

264,987

254,838

Creditors: Amounts falling due after more than one year

6

(28,611)

(34,216)

Net assets

 

236,376

220,622

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

236,374

220,620

Shareholders' funds

 

236,376

220,622

For the financial year ending 31 May 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 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Acorn (NI) Limited

(Registration number: NI612961)
Balance Sheet as at 31 May 2024

Approved and authorised by the director on 17 December 2024
 

.........................................
Mr Seymour Sweeney
Director

 

Acorn (NI) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in N Ireland.

The address of its registered office is: The Old Barn, 6 Seaport Avenue, Portballintrae, Co Antrim, BT57 8SB.

These financial statements were authorised for issue by the director on 17 December 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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The tax expense for the period comprises current tax.Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Acorn (NI) Limited

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

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. As it is anticipated that residual value is not less than cost no amortisation of the cost has been undertaken to date.

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Acorn (NI) Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

30,000

30,000

At 31 May 2024

30,000

30,000

Carrying amount

At 31 May 2024

30,000

30,000

At 31 May 2023

30,000

30,000


The above refers to the purchase of ground rent entitlements on the development known as Rinagree, Dhu Varren, Portrush. The asset is held at cost and is not amortised as the director believes that residual value would not be less than cost.

5

Debtors

Current

2024
£

2023
£

Other debtors

120,606

120,736

 

120,606

120,736

 

Acorn (NI) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

7,500

7,500

Taxation and social security

 

4,659

1,005

Accruals and deferred income

 

1,684

76,300

Director's Current Account

 

2,256

882

 

16,099

85,687

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

28,611

34,216

Current loans and borrowings

2024
£

2023
£

Other borrowings

7,500

7,500