Company No:
Contents
| Note | 2025 | 2024 | ||
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| Current assets | ||||
| Stocks | 3 |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 1,342,159 | 916,001 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 494,292 | 325,491 | ||
| Total assets less current liabilities | 494,292 | 325,491 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Acorn Developments SW (Devon) Ltd (registered number:
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M P Thomas
Director |
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.
Acorn Developments SW (Devon) Ltd (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 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 £.
The financial statements have been prepared on a going concern basis.
The Company has net liabilities of £450,606 at the balance sheet date. Included within creditors are amounts of £743,255 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.
Cost includes land acquisition costs, construction costs, professional fees, directly attributable development expenditure and borrowing costs capitalised in accordance with the Company's accounting policy.
Net realisable value represents the estimated selling price of completed developments less costs to complete and sell.
At each reporting date, work in progress is reviewed for impairment and any excess of carrying value over net realisable value is recognised in profit or loss.
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
Loans and borrowings are initially recognised at the transaction price, net of directly attributable transaction costs, and are subsequently measured at amortised cost using the effective interest method.
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.
Interest costs relating to qualifying development expenditure are capitalised in accordance with the Company's borrowing costs policy. All other borrowing costs are recognised in profit or loss using the effective interest method.
Loans are derecognised when the Company's contractual obligations have been discharged, cancelled or expire.
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| £ | £ | ||
| Work in progress |
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| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Other taxation and social security |
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| Other creditors |
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| Other loans (secured) |
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£633,704 is secured by a fixed and floating debenture over all assets of the borrower, a personal guarantee by the director, and a first legal charge over the property.
(2024 - £555,628 included above are secured against land held within stock and work in progress.)
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 significant influence.
At the year end, there are amounts included in other debtors of £nil (2024: £19,983) and other creditors of £743,255 (2024: £583,632) in connection with these transactions.
The balances due to and from related parties are unsecured, interest free and repayable on demand unless otherwise stated.