Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 500,065 | 570,086 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 5,091,219 | 2,947,238 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (10,560) | (169,465) | ||
| Total assets less current liabilities | 489,505 | 400,621 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Undistributable reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Acorn Homes (SW) Limited (registered number:
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M P Thomas
Director |
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.
Acorn Homes (SW) Limited (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, TA2 7ED, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
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 current liabilities of £10,560. 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 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.
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.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other debtors or other creditors in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
| Fixtures and fittings |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by the director, on an open market value for existing use basis.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Fixtures and fittings | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 December 2023 |
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| At 30 November 2024 |
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| Accumulated depreciation | |||
| At 01 December 2023 |
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| Charge for the financial year |
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| At 30 November 2024 |
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| Net book value | |||
| At 30 November 2024 | 65 | 65 | |
| At 30 November 2023 | 86 | 86 |
| Investment property | |
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| Valuation | |
| As at 01 December 2023 |
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| Disposals | (70,000) |
| As at 30 November 2024 |
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Valuation
The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £500,000 (2023 - £570,000).
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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Other financial commitments
The total amount of contingencies not included in the balance sheet is £5,214,259 (2023 - £5,252,902). The company has an omnibus guarantee and set-off agreement for loans taken out by Refresh Living No.1 Ltd, Refresh Living No.2 Ltd, Refresh Living No.5 Ltd and Refresh Commercial Ltd.
Other related party transactions
During the year the company entered into a number of transactions with other companies in which the director, Mr M P Thomas, has a direct or indirect interest of at least 50% and has a significant influence over. At the year end there are amounts included in other debtors of £4,988,122 (2023- £2,875,241) and other creditors of £4,892,508 (2023 - £2,865,908) in connection with these transactions.