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Registration number: 04593740

AcornCo Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

AcornCo Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

AcornCo Ltd

Company Information

Director

Mr O Wood

Company secretary

Mrs A Wood

Registered office

Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AcornCo Ltd
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AcornCo Ltd for the year ended 30 November 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of AcornCo Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AcornCo Ltd and state those matters that we have agreed to state to the Board of Directors of AcornCo Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AcornCo Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AcornCo Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AcornCo Ltd. You consider that AcornCo Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of AcornCo Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

4 March 2025

 

AcornCo Ltd

(Registration number: 04593740)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

65,356

67,029

Current assets

 

Stocks

5

59,598

43,712

Debtors

6

62,123

21,888

Cash at bank and in hand

 

444,689

494,968

 

566,410

560,568

Creditors: Amounts falling due within one year

7

(184,646)

(246,249)

Net current assets

 

381,764

314,319

Total assets less current liabilities

 

447,120

381,348

Provisions for liabilities

(1,682)

(1,822)

Net assets

 

445,438

379,526

Capital and reserves

 

Called up share capital

1,100

1,000

Retained earnings

444,338

378,526

Shareholders' funds

 

445,438

379,526

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

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 3 March 2025
 

 

AcornCo Ltd

(Registration number: 04593740)
Balance Sheet as at 30 November 2024

.........................................
Mr O Wood
Director

 

AcornCo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

These financial statements were authorised for issue by the director on 3 March 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

AcornCo Ltd

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

Tax

The tax expense for the period comprises current and 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.

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

Plant and machinery

33% straight line

Computer equipment

33% straight line

Motor Vehicles

33% straight line

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.

 

AcornCo Ltd

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

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

AcornCo Ltd

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

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 the director) during the year, was 8 (2023 - 8).

 

AcornCo Ltd

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 December 2023

41,186

14,778

59,382

32,219

147,565

Additions

-

1,921

17,050

346

19,317

At 30 November 2024

41,186

16,699

76,432

32,565

166,882

Depreciation

At 1 December 2023

-

14,293

44,502

21,741

80,536

Charge for the year

-

786

14,375

5,829

20,990

At 30 November 2024

-

15,079

58,877

27,570

101,526

Carrying amount

At 30 November 2024

41,186

1,620

17,555

4,995

65,356

At 30 November 2023

41,186

485

14,880

10,478

67,029

Included within the net book value of land and buildings above is £41,186 (2023 - £41,186) in respect of freehold land and buildings.
 

 

AcornCo Ltd

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

5

Stocks

2024
£

2023
£

Other inventories

59,598

43,712

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,113

21,888

Other debtors

59,010

-

 

62,123

21,888

 

AcornCo Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

74,549

113,086

Taxation and social security

67,483

37,049

Accruals and deferred income

3,989

2,741

Other creditors

38,625

93,373

184,646

246,249

8

Related party transactions

2024

At 1 December 2023
£

Advances to director
£

At 30 November 2024
£

Loan

(67,760)

126,768

59,008

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Loan

(46,596)

42,823

(63,987)

(67,760)