Property Services South West Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06396105

PROPERTY SERVICES SOUTH WEST LIMITED

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2024

PROPERTY SERVICES SOUTH WEST LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	109,696	38,043

Current assets

Debtors	6	1,331,021	1,321,857
Cash at bank and in hand		24,871	15,797
		-------------	-------------
		1,355,892	1,337,654

Creditors: amounts falling due within one year	7	( 1,196,365)	( 1,213,392)
		-------------	-------------
Net current assets		159,527	124,262
		----------	----------
Total assets less current liabilities		269,223	162,305

Creditors: amounts falling due after more than one year	8	( 106,521)	( 39,245)
		----------	----------
Net assets		162,702	123,060
		----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	162,602	122,960
	----------	----------
Shareholder funds	162,702	123,060
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 17 December 2025 , and are signed on behalf of the board by:

M Omirou

Director

Company registration number: 06396105

PROPERTY SERVICES SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 York Street, London, W1H 1EZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared in sterling on the historical cost basis.

Going concern

The company is part of the Acorn Property Group and the ultimate parent company is Acorn PG Holdings Limited. The group has made a loss and has net liabilities however has unrealised profits on future development projects and is managing group cashflows to ensure liabilities are being paid as they fall due for payment. The group is receiving financial support from related companies to provide it with adequate working capital for a period of at least 12 months from the date of signing the financial statements and the ultimate parent company has provided group support. For these reasons, the directors have prepared the company’s financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. The directors consider that there are no significant judgements or estimates in the preparation of these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents amounts receivable from inter group companies in the form of management charges.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Motor vehicles	-	25% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2023: 17 ).

5. Tangible assets

	Motor vehicles
	£
Cost
At 1 October 2023	51,639
Additions	106,815
	----------
At 30 September 2024	158,454
	----------
Depreciation
At 1 October 2023	13,596
Charge for the year	35,162
	----------
At 30 September 2024	48,758
	----------
Carrying amount
At 30 September 2024	109,696
	----------
At 30 September 2023	38,043
	----------

6. Debtors

	2024	2023
	£	£
Trade debtors	105,686	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,045,236	1,250,525
Other debtors	180,099	71,332
	-------------	-------------
	1,331,021	1,321,857
	-------------	-------------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	194,456	101,417
Amounts owed to group undertakings	731,787	901,224
Accruals and deferred income	4,984	5,419
Social security and other taxes	226,398	132,307
Obligations under finance leases and hire purchase contracts	13,707	7,268
Other creditors	15,033	55,757
	-------------	-------------
	1,196,365	1,213,392
	-------------	-------------

Included within other creditors are hire purchase liabilities of £13,707 (2023 - £7,268) which are secured on the assets concerned.

Included within amounts due to group undertakings is £674,518 (2023: £896,503) which is secured against the assets of the company.

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

	2024	2023
	£	£
Bank loans and overdrafts	6,588	16,117
Obligations under finance leases and hire purchase contracts	99,933	23,128
	----------	---------
	106,521	39,245
	----------	---------

Included within other creditors are hire purchase liabilities of £99,933 (2023 - £23,128) which are secured on the assets concerned.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	50,945	8,755
Later than 1 year and not later than 5 years	53,690	12,404
	----------	---------
	104,635	21,159
	----------	---------

10. Summary audit opinion

The auditor's report dated 24 December 2025 was unqualified , however, the auditor drew attention to the following by way of emphasis.

We draw attention to note 3 in the financial statements, which indicates that the company is reliant on support from the ultimate parent undertaking, Acorn PG Holdings Limited. We note the group is receiving financial support from related companies. The ability of the company to continue as a going concern is dependent on continuing financial support by the ultimate parent undertaking, which in turn is dependent on the continuing financial support of these related companies. These conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .

11. Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.

12. Controlling party

APG Regional Development Limited is the immediate parent company. Acorn PG Holdings Limited is the ultimate parent company. The registered office of the companies is 29 York Street, London, England, W1H 1EZ. Copies of the financial statements for the parent company and group can be obtained from Companies House.