Company No: 08042619 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	12,705		65
Investment property	4	500,000		500,000
		512,705		500,065
Current assets
Debtors	5	7,050,114		5,090,597
Cash at bank and in hand		6,448		622
		7,056,562		5,091,219
Creditors: amounts falling due within one year	6	( 7,162,751)		( 5,101,779)
Net current liabilities		(106,189)		(10,560)
Total assets less current liabilities		406,516		489,505
Creditors: amounts falling due after more than one year	7	( 300,186)		( 295,731)
Net assets		106,330		193,774
Capital and reserves
Called-up share capital		100		100
Undistributable reserve		88,921		88,921
Profit and loss account		17,309		104,753
Total shareholders' funds		106,330		193,774

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.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges 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 Homes (SW) Limited (registered number: 08042619) were approved and authorised for issue by the Director 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 Homes (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, 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 £106,189 at the balance sheet date. Included within creditors are amounts of £6,804,813 owed to companies in which M P Thomas (director) has a direct or indirect interest of at least 50% and has significant influence.
The director has 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 director considers it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover represents commission income from letting agency activities and rental income from investment properties.

Commission income is recognised when services have been provided. Rental income is recognised over the term of the tenancy agreement. Revenue is measured at the fair value of consideration receivable and is stated net of value added tax.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other debtors or other creditors in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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
Fixtures and fittings	25 % reducing balance

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.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 director, on an open market value for existing use basis.

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.

Other creditors include tenant deposits received, which are held by the Company and recognised as liabilities until refunded or applied in accordance with the relevant tenancy agreements.

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 the director	5		4

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Total
	£		£		£
Cost
At 01 December 2024	0		639		639
Additions	13,500		0		13,500
At 30 November 2025	13,500		639		14,139
Accumulated depreciation
At 01 December 2024	0		574		574
Charge for the financial year	844		16		860
At 30 November 2025	844		590		1,434
Net book value
At 30 November 2025	12,656		49		12,705
At 30 November 2024	0		65		65
Leased assets included above:
Net book value
At 30 November 2025	12,656		0		12,656
At 30 November 2024	0		0		0

4. Investment property

	Investment property
	£
Valuation
As at 01 December 2024	500,000
As at 30 November 2025	500,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £500,000 (2024 - £500,000).

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	395,000		395,000

5. Debtors

	2025		2024
	£		£
Trade debtors	0		102,145
Other debtors	7,050,114		4,988,452
	7,050,114		5,090,597

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	89,493		50,131
Taxation and social security	6,851		16,553
Obligations under finance leases and hire purchase contracts (secured)	6,012		0
Other creditors	7,060,395		5,035,095
	7,162,751		5,101,779

Amounts due under finance leases and hire purchase contracts are secured against the assets by which they are related.
Other creditors of £199,000 are secured by a personal guarantee from the director.

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

	2025		2024
	£		£
Bank loans (secured)	295,731		295,731
Obligations under finance leases and hire purchase contracts (secured)	4,455		0
	300,186		295,731

Lloyds Bank plc hold a first legal charge and debenture over all assets in respect of its outstanding debt of £295,731 (2024 - £295,731).
Amounts due under finance leases and hire purchase contracts are secured against the assets by which they are related.

8. Contingencies

Contingent liabilities

The total amount of contingencies not included in the balance sheet is £7,988,319 (2024- £5,214,259). The company has an omnibus guarantee and set-off agreement for loans taken out by Acorn Developments (SW) Ltd, Refresh Living No.1 Ltd, Refresh Living No.2 Ltd, Refresh Living No.5 Ltd and Refresh Commercial Ltd.

9. Related party transactions

Other related party transactions

During the year the company entered into a number of transactions with other companies in which the director, Mr M P Thomas, has a direct or indirect interest of at least 50% and has a significant influence over. At the year end there are amounts included in other debtors of £7,016,899 (2024- £4,988,122) and other creditors of £6,804,814 (2024 - £4,892,508) in connection with these transactions.

The balances due to and from related parties are unsecured, interest free and repayable on demand.