COMPANY REGISTRATION NUMBER:
06522524
|
FILLETED FINANCIAL STATEMENTS |
|
|
STATEMENT OF FINANCIAL POSITION |
|
30 September 2024
Fixed assets
Current assets
|
Stocks |
5 |
261,363 |
– |
|
Debtors |
6 |
204,077 |
36,850 |
|
Cash at bank and in hand |
18,660 |
3,073 |
|
---------- |
--------- |
|
484,100 |
39,923 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
2,475,188) |
(
2,108,960) |
|
------------- |
------------- |
|
Net current liabilities |
(
1,991,088) |
(
2,069,037) |
|
------------- |
------------- |
|
Total assets less current liabilities |
(
1,990,987) |
(
2,068,936) |
|
------------- |
------------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
(
1,991,087) |
(
2,069,036) |
|
------------- |
------------- |
|
Shareholder deficit |
(
1,990,987) |
(
2,068,936) |
|
------------- |
------------- |
|
|
|
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 director acknowledges her 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:
Company registration number:
06522524
|
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. This company is a beneficiary company of Crooklets Developments Limited and RST Tregony Developments Limited which also forms part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current year for Crooklets Developments Limited and RST Tregony Developments Limited are reflected in these financial statements.
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 the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The key judgements and sources of estimation uncertainty that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the financial statements and below. This company is a beneficiary company of Crooklets Developments Limited and RST Tregony Developments Limited which also forms part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current year for Crooklets Developments Limited and RST Tregony Developments Limited are reflected in these financial statements.
Revenue recognition
Interest and arrangement fee income are recognised using the effective interest method. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Investments
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transactions in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment. Financial liabilities - trade creditors and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.
4.
Investments
|
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 1 October 2023 and 30 September 2024 |
101 |
|
---- |
|
Impairment |
|
|
At 1 October 2023 and 30 September 2024 |
– |
|
---- |
|
|
|
Carrying amount |
|
|
At 30 September 2024 |
101 |
|
---- |
|
At 30 September 2023 |
101 |
|
---- |
|
|
The company owns 100% of the issued share capital of RST Tregony Developments Limited and Buffalo St Ives Limited. These companies remained dormant throughout the period.
5.
Stocks
|
2024 |
2023 |
|
£ |
£ |
|
Work in progress |
261,363 |
– |
|
---------- |
---- |
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
126,605 |
– |
|
Other debtors |
77,472 |
36,850 |
|
---------- |
--------- |
|
204,077 |
36,850 |
|
---------- |
--------- |
|
|
|
Included in other debtors is £36,850 (2023 - £36,850) owed from related parties.
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
53,923 |
– |
|
Amounts owed to group undertakings |
1,858,302 |
2,108,960 |
|
Amounts owed to related parties |
562,962 |
– |
|
Other creditors |
1 |
– |
|
------------- |
------------- |
|
2,475,188 |
2,108,960 |
|
------------- |
------------- |
|
|
|
8.
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.
We draw the readers attention to Note 3 of the financial statements, which describes the basis for preparation of the financial statements. This company is a beneficiary company of Crooklets Developments Limited and RST Tregony Developments Limited which also forms part of the Acorn PG Holdings Limited group. Due to the binding legal agreements in place, the trading transactions and balances for the current year for these entities are reflected in these financial statements. Our opinion is not modified in respect of this matter.
The senior statutory auditor was
Jonathan Day,
for and on behalf of Streets Audit LLP
.
9.
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. Several related parties hold debentures over the assets of the company. During the year the company borrowed funds from APG PI Limited, a company under common control. The balance outstanding at the year end was £411,000. No interest is charged on this loan and the loan is repayable on demand. During the year the company borrowed funds from First Oak Partnerships Limited, a company under common control. The balance outstanding at the year end was £151,962. No interest is charged on this loan and the loan is repayable on demand.
10.
Controlling party
APG Cornwall 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.