REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 30 September 2021 |
|
for |
|
Acorn Venture Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 30 September 2021 |
|
for |
|
Acorn Venture Limited |
Acorn Venture Limited (Registered number: 02319525) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 30 September 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Acorn Venture Limited |
|
Company Information |
for the year ended 30 September 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Meryll House |
57 Worcester Road |
Bromsgrove |
Worcestershire |
B61 7DN |
|
|
|
BANKERS: |
|
Stourbridge |
114 High Street |
Stourbridge |
West Midlands |
DY8 1DZ |
Acorn Venture Limited (Registered number: 02319525) |
|
Balance Sheet |
30 September 2021 |
|
30.9.21 | 30.9.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
Acorn Venture Limited (Registered number: 02319525) |
|
Balance Sheet - continued |
30 September 2021 |
|
30.9.21 | 30.9.20 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
|
|
Revaluation reserve | 10 |
|
|
Capital redemption reserve |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
Acorn Venture Limited (Registered number: 02319525) |
|
Notes to the Financial Statements |
for the year ended 30 September 2021 |
|
1. | STATUTORY INFORMATION |
|
Acorn Venture Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Going Concern |
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider is appropriate. |
|
The COVID-19 pandemic and the ensuing government lockdown on 23 March 2020 has significantly affected the turnover, profitability and cashflow of the business. How long this effect will continue is uncertain. Currently the travel and transport industry are significantly impacted. |
|
The directors have taken actions in this which they believe are sufficient to ensure the company is able to continue as a going concern. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Tangible fixed assets |
|
Land and buildings | - |
|
Plant and machinery etc | - |
|
|
The directors believe that the buildings have a useful life of 25 years. |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are accounted for at cost less impairment. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Acorn Venture Limited (Registered number: 02319525) |
|
Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2020 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 30 September 2021 |
|
|
|
DEPRECIATION |
At 1 October 2020 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 30 September 2021 |
|
|
|
NET BOOK VALUE |
At 30 September 2021 |
|
|
|
At 30 September 2020 |
|
|
|
|
Included in cost or valuation of land and buildings is freehold land of £ 745,000 (2020 - £ 745,000 ) which is not depreciated. |
Acorn Venture Limited (Registered number: 02319525) |
|
Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
|
4. | TANGIBLE FIXED ASSETS - continued |
|
Cost or valuation at 30 September 2021 is represented by: |
|
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2006 | 85,304 | - | 85,304 |
Valuation in 2007 | 403,358 | - | 403,358 |
Valuation in 2013 | (510,271 | ) | - | (510,271 | ) |
Valuation in 2016 | (101,243 | ) | - | (101,243 | ) |
Valuation in 2019 | 214,075 | - | 214,075 |
Cost | 1,654,323 | 549,134 | 2,203,457 |
1,745,546 | 549,134 | 2,294,680 |
|
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
|
30.9.21 | 30.9.20 |
£ | £ |
Cost | 1,655,599 | 1,655,599 |
Aggregate depreciation | 424,466 | 388,042 |
|
Value of land in freehold land and buildings | 745,000 | 745,000 |
|
During the prior year, Savills revalued the freehold land and buildings (to include all plant, equipment etc) to be £1,800,000. The directors estimated that the Net Book Value element of the plant and equipment at this centre to be £75,000. As the company does not revalue plant and equipment this amount has been excluded and hence the freehold land and buildings value used is £1,725,000. The valuation continues on the basis of existing use and multiple of earnings. |
|
5. | FIXED ASSET INVESTMENTS |
|
30.9.21 | 30.9.20 |
£ | £ |
Shares in group undertakings |
|
|
Loans to group undertakings |
|
|
|
|
Acorn Venture Limited (Registered number: 02319525) |
|
Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
|
5. | FIXED ASSET INVESTMENTS - continued |
|
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 October 2020 |
|
Capitalisation of loan balance |
|
At 30 September 2021 |
|
NET BOOK VALUE |
At 30 September 2021 |
|
At 30 September 2020 |
|
|
Cost or valuation at 30 September 2021 is represented by: |
|
Shares in |
group |
undertakings |
£ |
Valuation in 2021 | 260,478 |
Cost | 4,765 |
265,243 |
Loans to |
group |
undertakings |
£ |
At 1 October 2020 |
|
New in year |
|
Other movement | ( |
) |
At 30 September 2021 |
|
Acorn Venture Limited (Registered number: 02319525) |
|
Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Amount owed by connected comp | 17,857 | - |
Other debtors | 10,000 | - |
Directors' current accounts | - | 10,000 |
S419 tax debtor | 2,938 | 2,938 |
VAT |
|
|
Called up share capital not paid |
|
|
Prepayments |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Amounts owed to associates | 540,390 | 656,563 |
Tax |
|
|
Social security and other taxes |
|
|
VAT | 17,603 | - |
Other creditors |
|
|
Accrued expenses |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Bank loans - 1-2 years |
|
|
Bank loans - 2-5 years |
|
|
Bank loans more 5 yr by instal |
|
|
Directors capital account |
|
|
Preference shares | 11,250 | 11,250 |
|
|
Acorn Venture Limited (Registered number: 02319525) |
|
Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
|
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
30.9.21 | 30.9.20 |
£ | £ |
Amounts falling due in more than five years: |
|
Repayable otherwise than by instalments |
Preference shares |
|
|
|
Repayable by instalments |
Bank loans more 5 yr by instal | 237,538 | 288,359 |
Directors capital account | 375,000 | 400,000 |
612,538 | 688,359 |
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
30.9.21 | 30.9.20 |
£ | £ |
Bank loans |
|
|
|
The Group bank loans are secured via a fixed and floating charge on the business assets of the group. |
|
The Company original bank loan is repayable over 25 years from March 2006. Interest is now charged at 2.55%. A 12 month holiday repayment was taken starting April 2021. A further loan was taken out. This is charged at 2.55% and is repayable over 12 years. A 12 month holiday repayment was taken starting April 2021.A Further CBILs loan was taken out during the year with interest of 3.99% and repayment starting in November 2021. There is no agreed repayment date for the directors loans. |
|
Dated 29th October 2015 HSBC Bank plc holds a fixed charge over all assets of the company. |
|
Dated 11th November 2013 HSBC Bank plc holds a first floating charge over all assets of the company. |
|
Dated 11th November 2013 HSBC Bank Ltd holds a Composite Company Unlimited Multilateral Guarantee given by The School Travel Company and Acorn Venture Limited. |
|
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2020 |
and 30 September 2021 |
|
Acorn Venture Limited (Registered number: 02319525) |
|
Notes to the Financial Statements - continued |
for the year ended 30 September 2021 |
|
11. | CONTINGENT LIABILITIES |
|
There is an ongoing HM Revenue and Customs enquiry into the tax treatment of items transacted in a prior year. The amount of additional corporation tax being sought by HM Revenue & Customs is £70,898. However, the company believes its arguments are sound and as such this amount has not been provided in these accounts. |
|
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 30 September 2021 and 30 September 2020: |
|
30.9.21 | 30.9.20 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) |
|
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
The directors loan is repaid with 9 months of the year end. |
|
13. | RELATED PARTY DISCLOSURES |
|
During the year the company was supplied transport services by its subsidiary company, Acorn Venture Transport Limited, to the value of nil (2020 - £4,062) and charged management fees of nil (2020 - £1,200).The amount owed by the parent company at the balance sheet date was £nil (2020 - £109,591). Dividends were received during the year totalling nil (2020 - £5,000). |
|
During the year expenses were recharged from the company for shared overheads to its associate company, The School Travel Company Limited, to the value of nil (2020 - £26,127) and recharged expenses from The School Travel Company Limited of nil (2020 - £30,314).The amount owed to this company at the balance sheet date was £540,390 |
(2020 - £656,563). |