Company No: 04868957 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	333,919		100,840
Investment property	4	1,586,787		0
Investments	5	2		2
		1,920,708		100,842
Current assets
Stocks	6	1,141,706		1,496,240
Debtors	7	2,365,102		2,160,127
		3,506,808		3,656,367
Creditors: amounts falling due within one year	8	( 5,256,687)		( 4,543,777)
Net current liabilities		(1,749,879)		(887,410)
Total assets less current liabilities		170,829		(786,568)
Creditors: amounts falling due after more than one year	9	( 2,324,208)		( 854,698)
Net liabilities		( 2,153,379)		( 1,641,266)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 2,153,479 )		( 1,641,366 )
Total shareholder's deficit		( 2,153,379)		( 1,641,266)

For the financial year ending 30 November 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Acorn Developments (SW) Limited (registered number: 04868957) were approved and authorised for issue by the Board of Directors on 28 August 2026. They were signed on its behalf by:

M P Thomas Director

1. Accounting policies

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.

General information and basis of accounting

Acorn Developments (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, Somerset, TA2 7ED, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The financial statements have been prepared on a going concern basis.
The Company has net current liabilities of £1,749,879 and net liabilities of £2,153,379 at the balance sheet date. Included within creditors are amounts of £4,351,484 owed to companies in which M P Thomas (director) has a direct or indirect interest of at least 50% and has significant influence, together with £1 owed to a group undertaking.
The directors have received confirmation that these entities will continue to provide financial support and will not seek repayment of amounts owed where such repayment would jeopardise the Company's ability to continue trading for a period of at least twelve months from the date of approval of these financial statements.
Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of properties and property development work in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks comprise property development work in progress and are stated at the lower of cost and net realisable value. Cost includes land acquisition costs, construction costs, professional fees and other directly attributable development expenditure incurred in bringing development properties to their present condition. Net realisable value represents the estimated selling price less costs to complete and sell.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 December 2024	0		120,960		120		121,080
Additions	118,533		173,077		0		291,610
At 30 November 2025	118,533		294,037		120		412,690
Accumulated depreciation
At 01 December 2024	0		20,160		80		20,240
Charge for the financial year	16,685		41,822		24		58,531
At 30 November 2025	16,685		61,982		104		78,771
Net book value
At 30 November 2025	101,848		232,055		16		333,919
At 30 November 2024	0		100,800		40		100,840
Leased assets included above:
Net book value
At 30 November 2025	92,705		232,055		0		324,760
At 30 November 2024	0		100,800		0		100,800

4. Investment property

	Investment property
	£
Valuation
As at 01 December 2024	0
Additions	1,586,787
As at 30 November 2025	1,586,787

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2025		2024
	£		£
Historic cost	1,586,787		0

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 December 2024	2
At 30 November 2025	2
Provisions for impairment
At 01 December 2024	2
At 30 November 2025	2
Carrying value at 30 November 2025	0
Carrying value at 30 November 2024	0

6. Stocks

	2025		2024
	£		£
Work in progress	1,141,706		1,496,240

7. Debtors

	2025		2024
	£		£
Trade debtors	0		7,212
Amounts owed by Group undertakings	25,389		130,503
Other debtors	2,339,713		2,022,412
	2,365,102		2,160,127

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	5,654		5,489
Trade creditors	148,201		151,140
Amounts owed to Group undertakings	1		1
Obligations under finance leases and hire purchase contracts (secured)	62,981		32,717
Other creditors	5,039,850		4,354,430
	5,256,687		4,543,777

Amounts due under finance leases and hire purchase contracts are secured against the assets by which they are related.
Other creditors of £244,400 are secured by a personal guarantee of M P Thomas.

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

	2025		2024
	£		£
Bank loans (secured £ 521,264)	541,860		531,531
Obligations under finance leases and hire purchase contracts (secured)	208,226		52,961
Other creditors	1,574,122		270,206
	2,324,208		854,698

Bank and other loans are secured by way of fixed and floating charges over land included within stocks.
Other creditors of £1,309,500 are secured against the investment property held within the company, a personal guarantee of M P Thomas and a corporate guarantee from a company under common control.
Amounts due under finance leases and hire purchase contracts are secured against the assets by which they are related.

10. Related party transactions

Other related party transactions

During the year the company entered into a number of transactions with other companies in which M P Thomas (director) has a direct or indirect interest of at least 50% and has a significant influence. At the year end there are amounts included in other debtors of £2,013,232 (2024 - £1,960,862) and other creditors of £4,350,664 (2024 - £4,149,381) in connection with these transactions.