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Company No: 04868957 (England and Wales)

ACORN DEVELOPMENTS (SW) LIMITED

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

ACORN DEVELOPMENTS (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

ACORN DEVELOPMENTS (SW) LIMITED

BALANCE SHEET

As at 30 November 2024
ACORN DEVELOPMENTS (SW) LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 100,840 64
Investments 4 2 2
100,842 66
Current assets
Stocks 5 1,496,240 1,522,107
Debtors 6 2,160,127 1,919,968
Cash at bank and in hand 0 1,792
3,656,367 3,443,867
Creditors: amounts falling due within one year 7 ( 4,543,777) ( 3,743,482)
Net current liabilities (887,410) (299,615)
Total assets less current liabilities (786,568) (299,549)
Creditors: amounts falling due after more than one year 8 ( 854,698) ( 1,104,932)
Net liabilities ( 1,641,266) ( 1,404,481)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 1,641,366 ) ( 1,404,581 )
Total shareholder's deficit ( 1,641,266) ( 1,404,481)

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.

Directors' responsibilities:

The financial statements of Acorn Developments (SW) Limited (registered number: 04868957) were approved and authorised for issue by the Board of Directors on 29 August 2025. They were signed on its behalf by:

M P Thomas
Director
ACORN DEVELOPMENTS (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

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

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) 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 £.

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 current liabilities of £887,410 and net liabilities of £1,641,266. The Company is supported through loans from other 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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of properties and property development work 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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks comprises work in progress and is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. 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 directors 2 1

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 December 2023 0 120 120
Additions 120,960 0 120,960
At 30 November 2024 120,960 120 121,080
Accumulated depreciation
At 01 December 2023 0 56 56
Charge for the financial year 20,160 24 20,184
At 30 November 2024 20,160 80 20,240
Net book value
At 30 November 2024 100,800 40 100,840
At 30 November 2023 0 64 64

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 December 2023 2
At 30 November 2024 2
Provisions for impairment
At 01 December 2023 2
At 30 November 2024 2
Carrying value at 30 November 2024 0
Carrying value at 30 November 2023 0

5. Stocks

2024 2023
£ £
Work in progress 1,496,240 1,522,107

6. Debtors

2024 2023
£ £
Trade debtors 7,212 0
Amounts owed by Group undertakings 130,503 0
Other debtors 2,022,412 1,919,968
2,160,127 1,919,968

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 5,489 5,405
Trade creditors 151,140 108,204
Amounts owed to Group undertakings 1 9,344
Obligations under finance leases and hire purchase contracts (secured) 32,717 0
Other creditors 4,354,430 3,620,529
4,543,777 3,743,482

Obligations under hire purchase contracts are secured over the assets to which they relate.

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

2024 2023
£ £
Bank loans (secured £ 505,337) 531,531 972,202
Other loans (secured £ 207,116) 270,206 132,730
Obligations under finance leases and hire purchase contracts (secured) 52,961 0
854,698 1,104,932

Bank and other loans are secured by way of fixed and floating charges over land included within stocks.

9. 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 £1,960,862 (2023 - £1,851,556) and other creditors of £4,149,381 (2023 - £3,129,899) in connection with these transactions.