0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 2,303 2,303 xbrli:pure xbrli:shares iso4217:GBP 14477464 2023-10-01 2024-09-30 14477464 2024-09-30 14477464 2023-09-30 14477464 bus:Director1 2023-10-01 2024-09-30 14477464 core:WithinOneYear 2024-09-30 14477464 core:ShareCapital 2024-09-30 14477464 core:RetainedEarningsAccumulatedLosses 2024-09-30 14477464 core:CostValuation core:Non-currentFinancialInstruments 2024-09-30 14477464 core:Non-currentFinancialInstruments 2024-09-30 14477464 bus:SmallEntities 2023-10-01 2024-09-30 14477464 bus:Audited 2023-10-01 2024-09-30 14477464 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 14477464 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 14477464 bus:FullAccounts 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 14477464
APG CORNWALL LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2024
APG CORNWALL LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
Note
£
Fixed assets
Investments
4
2,303
Current assets
Stocks
5
28,163
Debtors
6
7,652,191
Cash at bank and in hand
29,937
-------------
7,710,291
Creditors: amounts falling due within one year
7
7,847,526
-------------
Net current liabilities
137,235
----------
Total assets less current liabilities
( 134,932)
----------
Capital and reserves
Called up share capital
100
Profit and loss account
( 135,032)
----------
Shareholders deficit
( 134,932)
----------
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 comprehensive income 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 26 December 2025 , and are signed on behalf of the board by:
M Omirou
Director
Company registration number: 14477464
APG CORNWALL 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 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 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. (i) Funding arrangements Management has assessed the substance of funding agreements for other loans and consider them to be financing arrangements. The sums advanced under these agreements are therefore included in creditors as financial liabilities. The financial liabilities are measured at transaction price, including any transaction costs and subsequent measurement is at amortised cost using the effective interest rate method. With the exception of the estimate described above, the directors consider that there are no other significant judgements or estimates in the preparation of these financial statements. (ii) Profit recognition Stock consists of the acquisition cost of the land and buildings, together with related legal and professional costs, development and borrowing costs which is recorded as incurred during a project. An apportionment of stock is transferred to the profit and loss account when properties are sold on a project. The proportion of stock transferred is calculated so as to achieve a consistent margin across each individual project and is reliant on management’s estimation of the total selling price. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the value of property. Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates may differ from the actual selling prices achieved in future periods.
Revenue recognition
Turnover is from the provision of services and is recognised when 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
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Investments
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
2,303
-------
Impairment
At 1 October 2023 and 30 September 2024
–
-------
Carrying amount
At 30 September 2024
2,303
-------
5. Stocks
2024
£
Work in progress
28,163
---------
6. Debtors
2024
£
Trade debtors
24,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,579,386
Other debtors
48,805
-------------
7,652,191
-------------
Included within trade debtors are balances of £24,000 receivable from group undertakings.
7. Creditors: amounts falling due within one year
2024
£
Trade creditors
18,784
Amounts owed to group undertakings and undertakings in which the company has a participating interest
7,826,939
Other creditors
1,803
-------------
7,847,526
-------------
8. Summary audit opinion
The auditor's report dated 26 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 .
9. Related party transactions
A related party holds a debenture over the assets of the company. 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.
10. 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.