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Registration number: 06382472

Acorn Electrical Contractors Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Acorn Electrical Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Acorn Electrical Contractors Limited

Company Information

Directors

LK Payne

T Payne

Registered office

Old Mill Yard
Walkmill Business Park
Market Drayton
Shropshire
TF9 2HT

 

Accountants

Pennington Williams Limited
Chartered Certified Accountants
Stanhope House
Mark Rake
Wirral
Merseyside
CH62 2DN

 

Acorn Electrical Contractors Limited

(Registration number: 06382472)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

22,500

30,000

Tangible assets

5

11,504

15,382

 

34,004

45,382

Current assets

 

Stocks

6

1,250

1,500

Debtors

7

72,255

76,256

Cash at bank and in hand

 

23,666

23,534

 

97,171

101,290

Creditors: Amounts falling due within one year

8

(53,624)

(54,711)

Net current assets

 

43,547

46,579

Total assets less current liabilities

 

77,551

91,961

Creditors: Amounts falling due after more than one year

8

(43,799)

(16,753)

Provisions for liabilities

(2,056)

(2,767)

Net assets

 

31,696

72,441

Capital and reserves

 

Called up share capital

9

112

112

Retained earnings

31,584

72,329

Shareholders' funds

 

31,696

72,441

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Acorn Electrical Contractors Limited

(Registration number: 06382472)
Balance Sheet as at 30 September 2024

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................

LK Payne
Director

 

Acorn Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Old Mill Yard
Walkmill Business Park
Market Drayton
Shropshire
TF9 2HT
United Kingdom

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.

The presentation currency of the financial statements is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents net sales of services, excluding value added tax and is recognised once the work is completed.

Revenue is measured at fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts and sales related taxes.

Tax

The tax expense for the period comprises deferred 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.

 

Acorn Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

10% on cost

Plant and machinery

15% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance pro rata

Computer equipment

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

useful life of twenty years

 

Acorn Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Acorn Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 7).

 

Acorn Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

150,000

150,000

At 30 September 2024

150,000

150,000

Amortisation

At 1 October 2023

120,000

120,000

Amortisation charge

7,500

7,500

At 30 September 2024

127,500

127,500

Carrying amount

At 30 September 2024

22,500

22,500

At 30 September 2023

30,000

30,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Improvements to property
 £

Total
£

Cost or valuation

At 1 October 2023

22,916

68,316

9,531

100,763

At 30 September 2024

22,916

68,316

9,531

100,763

Depreciation

At 1 October 2023

18,914

57,754

8,713

85,381

Charge for the year

1,100

2,641

137

3,878

At 30 September 2024

20,014

60,395

8,850

89,259

Carrying amount

At 30 September 2024

2,902

7,921

681

11,504

At 30 September 2023

4,002

10,562

818

15,382

 

Acorn Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Stock

1,250

1,500

7

Debtors

Current

2024
£

2023
£

Trade debtors

70,574

54,956

Prepayments

1,681

1,928

Other debtors

-

19,372

 

72,255

76,256

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

20,939

10,747

Trade creditors

 

5,858

27,090

Taxation and social security

 

14,159

4,815

Accruals and deferred income

 

11,020

10,324

Other creditors

 

1,648

1,735

 

53,624

54,711

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

43,799

16,753

 

Acorn Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

111

111

111

111

Ordinary A of £1 each

1

1

1

1

 

112

112

112

112

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

43,799

16,753

2024
£

2023
£

Current loans and borrowings

Bank borrowings

20,939

10,747

11

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

LK Payne

Director's loan account - No interest has been charged

9,686

16,926

(26,640)

(28)

         
       

Mrs J Payne

Director's loan account - No interest has been charged

9,686

16,926

(26,640)

(28)

         
       

 

 

Acorn Electrical Contractors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

LK Payne

Director's loan account - No interest has been charged

(102)

24,638

(14,850)

9,686

         
       

Mrs J Payne

Director's loan account - No interest has been charged

(102)

24,638

(14,850)

9,686