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Registered number: 07420096
Acorn Psychology Ltd
Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07420096
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,414 9,635
10,414 9,635
CURRENT ASSETS
Debtors 5 458,360 367,042
Cash at bank and in hand 31,616 -
489,976 367,042
Creditors: Amounts Falling Due Within One Year 6 (482,284 ) (349,487 )
NET CURRENT ASSETS (LIABILITIES) 7,692 17,555
TOTAL ASSETS LESS CURRENT LIABILITIES 18,106 27,190
Creditors: Amounts Falling Due After More Than One Year 7 (14,806 ) (24,947 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,025 ) (1,831 )
NET ASSETS 1,275 412
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 1,175 312
SHAREHOLDERS' FUNDS 1,275 412
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Page 2
For the year ending 31 October 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.
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 Nigel Sharphouse
Director
31/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Acorn Psychology Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07420096 . The registered office is 11 Bridge Street, Ramsbottom, Bury, BL0 9AB.
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:
Freehold 20% year on year
Leasehold 20% year on year
Plant & Machinery 20% year on year
Motor Vehicles 20% year on year
Fixtures & Fittings 20% year on year
Computer Equipment 20% year on year
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 18)
24 18
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2023 6,623 13,229 594 20,446
Additions 3,758 - - 3,758
As at 31 October 2024 10,381 13,229 594 24,204
Depreciation
As at 1 November 2023 3,727 6,490 594 10,811
Provided during the period 964 2,015 - 2,979
As at 31 October 2024 4,691 8,505 594 13,790
Net Book Value
As at 31 October 2024 5,690 4,724 - 10,414
As at 1 November 2023 2,896 6,739 - 9,635
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 11,480 14,955
Other debtors 39,258 50,379
Directors' loan accounts 378,406 291,184
429,144 356,518
Due after more than one year
Corporation tax recoverable assets 29,216 10,524
458,360 367,042
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 10,140 23,735
Corporation tax 231,575 148,570
Other taxes and social security 131,780 107,867
Net wages 49,418 11,036
Other creditors 3,312 5,040
Accruals and deferred income 56,059 53,239
482,284 349,487
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,806 24,947
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Nigel Sharphouse 291,184 377,993 244,512 - 424,665
Interest has been charged at the official rate of interest of 2.25%, the loan is unsecured and is repayable on demand.
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