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Company No: 12171192 (England and Wales)

ACORN DEVELOPMENTS SW (DEVON) LTD

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

ACORN DEVELOPMENTS SW (DEVON) LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

ACORN DEVELOPMENTS SW (DEVON) LTD

BALANCE SHEET

As at 30 November 2024
ACORN DEVELOPMENTS SW (DEVON) LTD

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Current assets
Stocks 3 896,016 884,507
Debtors 4 19,983 20,153
Cash at bank and in hand 2 2
916,001 904,662
Creditors: amounts falling due within one year 5 ( 590,510) ( 496,591)
Net current assets 325,491 408,071
Total assets less current liabilities 325,491 408,071
Creditors: amounts falling due after more than one year 6 ( 555,628) ( 555,744)
Net liabilities ( 230,137) ( 147,673)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 230,139 ) ( 147,675 )
Total shareholder's deficit ( 230,137) ( 147,673)

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 financial statements of Acorn Developments SW (Devon) Ltd (registered number: 12171192) were approved and authorised for issue by the Director on 29 August 2025. They were signed on its behalf by:

M P Thomas
Director
ACORN DEVELOPMENTS SW (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
ACORN DEVELOPMENTS SW (DEVON) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
1. Accounting policies

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.

General information and basis of accounting

Acorn Developments SW (Devon) Ltd (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 40 Kingston House, 1 Kingston Road, Taunton, Somerset, TA2 7ED, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £230,137. The company is supported through loans from the companies in which the director has an interest of at least 50% and has significant influence over. The director has received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and that the companies will continue to support the Company. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and direct labour.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

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.

Loans and 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Stocks

2024 2023
£ £
Work in progress 896,016 884,507

4. Debtors

2024 2023
£ £
Other debtors 19,983 20,153

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 3,180 1,920
Other taxation and social security 2,618 2,830
Other creditors 584,712 491,841
590,510 496,591

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 555,628 555,744

Other loans included above are secured against land held within stock and work in progress.

7. Related party transactions

Other related party transactions

During the year the company entered into a number of transactions with other companies in which M P Thomas (director) has a direct or indirect interest of at least 50% and has a significant influence. At the year end there are amounts included in other debtors of £19,983 (2023 - £20,153) and other creditors of £583,632 (2023 - £491,241) in connection with these transactions.