Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 482,383 | 530,114 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 7,286,468 | 5,039,629 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 520,370 | 687,301 | ||
| Total assets less current liabilities | 1,002,753 | 1,217,415 | ||
| 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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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Acorn Land (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 Land (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, 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 £.
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.
Other operating income comprises management charges receivable from companies in which the director has an interest and significant influence. Management charges receivable are recognised over the period in which management services are rendered.
| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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| Office equipment |
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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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | |||||
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| Cost | |||||||||
| At 01 December 2023 |
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| Additions |
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| At 30 November 2024 |
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| Accumulated depreciation | |||||||||
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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 | 399,970 | 78,144 | 2,228 | 2,041 | 482,383 | ||||
| At 30 November 2023 | 427,244 | 97,680 | 2,621 | 2,569 | 530,114 |
| 2024 | 2023 | ||
| £ | £ | ||
| Work in progress |
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| Trade debtors |
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| Other debtors |
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| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Taxation and social security |
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| Obligations under finance leases and hire purchase contracts (secured) |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Other loans |
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| Obligations under finance leases and hire purchase contracts (secured) |
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Transactions with the entity's directors
Advances
At 1 December 2023, the balance owed by the director was £448,763. During the year, £449,657 was advanced to the director and £385,359 was repaid by the director. At 30 November 2024, the balance owed by the director was £513,061.
At 1 December 2022, the balance owed by the director was £522,133. During the year, £493,293 was advanced to the director and £566,663 was repaid by the director. At 30 November 2023, the balance owed by the director was £448,763.
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 £5,425,759 (2023 - £3,449,854) and other creditors of £4,345,497 (2023 - £2,316,866) in connection with these transactions.