Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
|
|
|
Tangible assets | 5 |
|
|
|
1,457,838 | 1,502,608 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
621,379 | 386,023 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 524,216 | 285,993 | ||
Total assets less current liabilities | 1,982,054 | 1,788,601 | ||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Acorn Hotels Limited (registered number:
D J Partridge
Director |
C J Knight
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Acorn Hotels Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 87 Fore Street, North Petherton, TA6 6QA, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The rental of rooms and food and beverage sales is recognised when rooms are occupied and food and beverages are sold.
Rental income is recognised when it is receivable.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Goodwill |
|
Land and buildings |
|
Fixtures and fittings |
|
Computer equipment |
|
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
A prior year adjustment has been made to charge depreciation from 2020 (being the point the property moved from investment property to fixed assets) to 2023 at 2% straight line on the cost of the building only. This better reflects the underlying use of the asset.
As previously reported | Adjustment | As restated | ||||
Year ended 31 December 2023 | £ | £ | £ | |||
Profit and loss account | 1,649,326 | (90,000) | 1,559,326 | |||
Land and buildings net book value | 1,500,000 | (90,000) | 1,410,000 | |||
Depreciation charge | 9,279 | 22,500 | 31,779 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Accumulated amortisation | |||
At 01 January 2024 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2024 |
|
|
|
Net book value | |||
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Land and buildings | Fixtures and fittings | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2024 |
|
|
|
|
|||
Additions |
|
|
|
|
|||
Disposals |
|
(
|
(
|
(
|
|||
At 31 December 2024 |
|
|
|
|
|||
Accumulated depreciation | |||||||
At 01 January 2024 |
|
|
|
|
|||
Charge for the financial year |
|
|
|
|
|||
Disposals |
|
(
|
(
|
(
|
|||
At 31 December 2024 |
|
|
|
|
|||
Net book value | |||||||
At 31 December 2024 |
|
|
|
|
|||
At 31 December 2023 |
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Amounts owed by directors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Accruals |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Amounts due from directors | 0 | 25,997 |
Advances made to the directors during the year ended 31 December 2024 totalled £2,680 (2023: £6,077), of which £28,677 (2023: £4,167) has been repaid during the year. As at 31 December 2024, the amount due to the company was £nil (2023: £25,997). Interest is charged on the loan at HMRC's official rate of interest, and the loan is repayable on demand.