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Registered number: 04027663
Acorn Properties (Jesmond) Limited
Financial Statements
For The Year Ended 31 July 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 04027663
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,049 14,520
11,049 14,520
CURRENT ASSETS
Debtors 5 963,272 675,392
Cash at bank and in hand 206,801 12,960
1,170,073 688,352
Creditors: Amounts Falling Due Within One Year 6 (487,233 ) (287,427 )
NET CURRENT ASSETS (LIABILITIES) 682,840 400,925
TOTAL ASSETS LESS CURRENT LIABILITIES 693,889 415,445
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,099 ) (4,356 )
NET ASSETS 691,790 411,089
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 691,788 411,087
SHAREHOLDERS' FUNDS 691,790 411,089
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Benjamin Quaintrell
Director
14th January 2025
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Acorn Properties (Jesmond) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04027663 . The registered office is Alton House, 27-31 Grange Road, Darlington, County Durham, DL1 5NA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line Method
Fixtures & Fittings 20% straight line method
Computer Equipment 25% Straight Line Method
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
All staff are employed by an associated company. However, for comparative purposes, the average number of employees, including directors, during the year was: 12 (2023: 10)
12 10
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 5,747 27,622 11,883 45,252
As at 31 July 2024 5,747 27,622 11,883 45,252
Depreciation
As at 1 August 2023 2,797 16,951 10,984 30,732
Provided during the period 621 2,400 450 3,471
As at 31 July 2024 3,418 19,351 11,434 34,203
Net Book Value
As at 31 July 2024 2,329 8,271 449 11,049
As at 1 August 2023 2,950 10,671 899 14,520
5. Debtors
31 July 2024 31 July 2023
£ £
Due within one year
Prepayments and accrued income 3,819 -
Other debtors - 454
Amounts owed by group undertakings 959,453 674,938
963,272 675,392
6. Creditors: Amounts Falling Due Within One Year
31 July 2024 31 July 2023
£ £
Trade creditors 1,688 9,499
Bank loans and overdrafts 3,362 -
Corporation tax 93,996 51,792
VAT 42,851 41,721
Pension Creditor 255 1,183
Other Creditor - 6,138
Accruals and deferred income 41,608 89,880
Amounts owed to associates 303,473 87,214
487,233 287,427
7. Share Capital
31 July 2024 31 July 2023
£ £
Allotted, Called up and fully paid 2 2
8. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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9. Audit Information
The auditor's report on the accounts of Acorn Properties (Jesmond) Limited for the year ended 31 July 2024 was unqualified.
The auditor's report was signed by Ian James Nicholl (Senior Statutory Auditor) for and on behalf of GMS FC Ltd , Statutory Auditor.
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