Company Registration No. 04282847 (England and Wales)
Acorn Classic Automotive Ltd
Unaudited accounts
for the year ended 31 August 2024
Acorn Classic Automotive Ltd
Unaudited accounts
Contents
Acorn Classic Automotive Ltd
Company Information
for the year ended 31 August 2024
Directors
Mr P.N. Cadle
Mr N.D. Cadle
Company Number
04282847 (England and Wales)
Registered Office
16 Heather Road
Bicester
Oxfordshire
OX26 3YU
England
Accountants
Stephen Beard Accountancy Services
10 Cheshire Road
Thame
Oxon
OX9 3LQ
Acorn Classic Automotive Ltd
Statement of financial position
as at 31 August 2024
Tangible assets
22,307
24,198
Cash at bank and in hand
19,695
6,625
Creditors: amounts falling due within one year
(73,908)
(77,009)
Net current liabilities
(14,110)
(27,100)
Total assets less current liabilities
8,197
(2,902)
Provisions for liabilities
Net assets/(liabilities)
5,700
(3,431)
Called up share capital
100
100
Profit and loss account
5,600
(3,531)
Shareholders' funds
5,700
(3,431)
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 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 for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by
Mr P.N. Cadle
Director
Company Registration No. 04282847
Acorn Classic Automotive Ltd
Notes to the Accounts
for the year ended 31 August 2024
Acorn Classic Automotive Ltd is a private company, limited by shares, registered in England and Wales, registration number 04282847. The registered office is 16 Heather Road, Bicester, Oxfordshire, OX26 3YU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Acorn Classic Automotive Ltd
Notes to the Accounts
for the year ended 31 August 2024
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2023
7,834
32,943
7,000
47,777
Disposals
(2,500)
-
-
(2,500)
At 31 August 2024
11,212
32,943
7,000
51,155
At 1 September 2023
5,721
13,199
4,659
23,579
Charge for the year
1,949
4,936
585
7,470
On disposals
(2,201)
-
-
(2,201)
At 31 August 2024
5,469
18,135
5,244
28,848
At 31 August 2024
5,743
14,808
1,756
22,307
At 31 August 2023
2,113
19,744
2,341
24,198
Work in progress
633
28,027
Amounts falling due within one year
Trade debtors
10,739
14,809
Accrued income and prepayments
581
148
Acorn Classic Automotive Ltd
Notes to the Accounts
for the year ended 31 August 2024
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
4,909
2,218
Loans from directors
60,339
59,750
8
Deferred taxation
2024
2023
Accelerated capital allowances
2,497
2,745
Tax losses carried forward
-
(2,216)
Provision at start of year
529
(2,847)
Charged to the profit and loss account
1,968
3,376
Provision at end of year
2,497
529
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Average number of employees
During the year the average number of employees was 4 (2023: 3).