Registration number:
Prepared for the registrar
for the
Period from 1 July 2024 to 31 March 2025
Acorns (Southern) Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Acorns (Southern) Limited
Company Information
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Directors |
A S Barnwell H G A Foster C M Palmer M O'Malley |
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Registered office |
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Auditors |
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Acorns (Southern) Limited
(Registration number: 11788437)
Balance Sheet as at 31 March 2025
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Note |
31 March 2025 |
Unaudited |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
Director
Acorns (Southern) Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Name of parent of group
These financial statements are consolidated in the financial statements of Ignite (Acorns) Limited.
The financial statements of Ignite (Acorns) Limited may be obtained from Companies House.
Disclosure of long or short period
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. 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.
Acorns (Southern) Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 March 2025
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% straight line |
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Motor vehicles |
25% straight line |
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Fixtures and fittings |
20% straight line |
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Computer equipment |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Acorns (Southern) Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 March 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Acorns (Southern) Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 March 2025
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was as follows:
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1 July 2024 to 31 March 2025 |
Unaudited |
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Average number of employees |
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Auditors' remuneration |
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1 July 2024 to 31 March 2025 |
Unaudited |
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Audit of the financial statements |
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- |
Acorns (Southern) Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 March 2025
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Taxation |
Tax charged/(credited) in the profit and loss account
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1 July 2024 to 31 March 2025 |
Unaudited |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
( |
- |
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264,059 |
469,792 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
- |
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Tax expense in the income statement |
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Deferred tax |
Deferred tax assets
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2025 |
Asset |
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Difference between tax allowances and depreciation on fixed assets |
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Short term timing differences |
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Tangible assets |
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Furniture, fittings and equipment |
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Cost |
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At 1 July 2024 |
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Additions |
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At 31 March 2025 |
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Depreciation |
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At 1 July 2024 |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 30 June 2024 |
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Acorns (Southern) Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 March 2025
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Debtors |
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Note |
31 March 2025 |
Unaudited |
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Trade debtors |
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Amounts owed by group undertakings |
1,578,695 |
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Prepayments |
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Other debtors |
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Directors' loan account |
50,000 |
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Deferred tax assets |
5,247 |
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Creditors |
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31 March 2025 |
Unaudited |
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
20,701 |
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Accruals and deferred income |
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Other creditors |
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Corporation tax liability |
189,035 |
469,833 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of guarantees not included in the balance sheet is £6,500,000 (2024 - £Nil). The company is bound by an intra-group cross guarantee in respect of the bank debt with other members of the group at the balance sheet date.
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Related party transactions |
Summary of transactions with other related parties
During the year, the company paid consultancy fees of £198,675 (2024 - £nil) to the ultimate controlling party.
Acorns (Southern) Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 March 2025
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
Up until 12 May 2025, the ultimate controlling party was
Since 12 May 2025, the ultimate controlling party is Harpa Capital Partners II.
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Audit report |