Company No:
Contents
| Note | 2024 | 2023 | ||
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| Current assets | ||||
| Stocks | 3 |
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| Debtors | 4 |
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| 938,365 | 10,423 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 690,967 | 3,619 | ||
| Total assets less current liabilities | 690,967 | 3,619 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net (liabilities)/assets | (
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| Profit and loss account | (
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Director's responsibilities:
The financial statements of Acorn Developments 3 (SW) Limited (registered number:
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M 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 Developments 3 (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, England, 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 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 £76,848. The Company is supported through loans from fellow group companies of £130,503. 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 fellow group 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.
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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
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| Monthly average number of persons employed by the Company during the year, including the director |
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| Work in progress |
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| Amounts owed by Group undertakings |
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| Other debtors |
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| Bank overdrafts |
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| Trade creditors |
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| Amounts owed to Group undertakings |
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| Other creditors |
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| Bank loans (secured) |
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Transactions with the entity's director
There is a personal guarantor provided by M Thomas (director) for the sum of £660,000 plus interest, costs and fees against bank loans of £767,815 included in creditors falling due after more than one year.
Other related party transactions
During the year, the company entered into a number of transactions with fellow group companies. At the year-end end there are amounts owed by group undertakings of £Nil (2023 - £9,343) and amounts owed to group undertakings of £130,503 (2023 - £Nil) in connection with these transactions.
During the year, the company entered into a number of transactions with other companies which are under the control of Mr M P Thomas (director). At the year-end end there are amounts included in other debtors of £49,549 (2023 - £1,080) and other creditors of £105,629 (2023 - £5,724) in connection with these transactions.