Company registration number: 04443519
Unaudited financial statements
for the year ended 31 May 2024
for
Acorn Building & Decorating Ltd
Pages for filing with the Registrar
Company registration number: 04443519
Acorn Building & Decorating Ltd
Balance sheet
as at 31 May 2024
31 May 24 31 May 23
Note £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 394,828 314,984
394,828 314,984
Current assets
Stocks 110,000 100,000
Debtors 1,265,511 882,803
Cash at bank and in hand 295,197 539,252
1,670,708 1,522,055
Creditors: amounts falling due within one
year
(853,613) (812,511)
Net current assets 817,095 709,544
Total assets less current liabilities 1,211,923 1,024,528
Creditors: Amounts falling due after more
than one year
(87,475) (52,050)
Provisions for liabilities (98,707) -
NET ASSETS 1,025,741 972,478
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,025,739 972,476
TOTAL EQUITY 1,025,741 972,478
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 May 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 04443519
Acorn Building & Decorating Ltd
Balance sheet - continued
as at 31 May 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 13 February 2025 and signed on its behalf by:
Mr J Smart, Director
13 February 2025
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Acorn Building & Decorating Ltd
Notes to the financial statements
for the year ended 31 May 2024
1 Company information
Acorn Building & Decorating Ltd is a private company registered in England and Wales. Its registered number is 04443519. The company is limited by shares. Its registered office is Sovereign House, 9a Beeching Road, Bexhill-On-Sea, East Sussex, England, TN39 3LG.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Goodwill - 10% straight line
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Short leasehold property - 2% reducing balance
Plant and machinery etc.:
Plant and machinery - 25% straight line
Fixtures & fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
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Acorn Building & Decorating Ltd
Notes to the financial statements - continued
for the year ended 31 May 2024
2 Accounting policies - continued
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or lossover the relevant period. The capital element of the future payments is treated as a liability.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 27 (2023 - 24).
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Acorn Building & Decorating Ltd
Notes to the financial statements - continued
for the year ended 31 May 2024
4 Intangible assets
Goodwill
£
Cost
At 1 June 2023 30,000
At 31 May 2024 30,000
Amortisation
At 1 June 2023 30,000
At 31 May 2024 30,000
Net book value
At 31 May 2024 -
At 31 May 2023 -
5 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 June 2023 - 869,248 869,248
Additions 6,792 180,879 187,671
Disposals - (13,750) (13,750)
At 31 May 2024 6,792 1,036,377 1,043,169
Depreciation
At 1 June 2023 - 554,264 554,264
Charge for year 20 104,034 104,054
Eliminated on disposal - (9,977) (9,977)
At 31 May 2024 20 648,321 648,341
Net book value
At 31 May 2024 6,772 388,056 394,828
At 31 May 2023 - 314,984 314,984
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Acorn Building & Decorating Ltd
Notes to the financial statements - continued
for the year ended 31 May 2024
6 Advances, credit and guarantees granted to directors
The following advances and credits to directors subsisted during the periods ended 31 May 2024 and 31 May 2023.
31 May 24 31 May 23
£ £
Mr James Edward Smart
Balance outstanding at start of year (29,539) -
Amounts advanced 69,738 7,961
Amounts repaid (43,785) (37,500)
Balance outstanding at end of year (3,585) (29,539)
31 May 24 31 May 23
£ £
Mr Lee Thomas Smart
Balance outstanding at start of year (50,018) -
Amounts advanced 45,907 -
Amounts repaid (43,798) (50,018)
Balance outstanding at end of year (47,909) (50,018)
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