Company Registration No. 02888767 (England and Wales)
Acorn Labels Limited
Unaudited accounts
for the year ended 31 December 2021
Acorn Labels Limited
Unaudited accounts
Contents
Acorn Labels Limited
Statement of financial position
as at
31 December 2021
Tangible assets
1,878,376
1,527,414
Inventories
612,544
402,003
Debtors
1,776,762
1,503,465
Cash at bank and in hand
-
49,020
Creditors: amounts falling due within one year
(2,296,780)
(1,622,009)
Net current assets
92,526
332,479
Total assets less current liabilities
1,970,902
1,859,893
Creditors: amounts falling due after more than one year
(282,956)
(137,851)
Provisions for liabilities
Deferred tax
(321,427)
(248,222)
Net assets
1,366,519
1,473,820
Called up share capital
2
2
Revaluation reserve
67,000
67,000
Profit and loss account
1,299,517
1,406,818
Shareholders' funds
1,366,519
1,473,820
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2022 and were signed on its behalf by
B Child
Director
Company Registration No. 02888767
Acorn Labels Limited
Notes to the Accounts
for the year ended 31 December 2021
Acorn Labels Limited is a private company, limited by shares, registered in England and Wales, registration number 02888767. The registered office is UNIT 28, BURREL ROAD, ST. IVES, CAMBRIDGESHIRE, PE27 3LE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in sterling.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
5% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
12.5% reducing balance
Computer equipment
33% straight line
Other tangible fixed assets
25% reducing balance
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks are measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Acorn Labels Limited
Notes to the Accounts
for the year ended 31 December 2021
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Contributions to defined contribution plans are expensed in the period to which they relate.
4
Intangible fixed assets
Goodwill
At 1 January 2021
120,000
At 31 December 2021
120,000
At 1 January 2021
120,000
At 31 December 2021
120,000
Acorn Labels Limited
Notes to the Accounts
for the year ended 31 December 2021
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 January 2021
3,309,957
51,427
3,361,384
Additions
539,214
-
539,214
At 31 December 2021
3,849,171
51,427
3,900,598
At 1 January 2021
1,809,525
24,445
1,833,970
Charge for the year
181,506
6,746
188,252
At 31 December 2021
1,991,031
31,191
2,022,222
At 31 December 2021
1,858,140
20,236
1,878,376
At 31 December 2020
1,500,432
26,982
1,527,414
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
1,498,249
1,169,379
Other debtors
278,513
334,086
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
673,040
363,137
Obligations under finance leases and hire purchase contracts
161,639
113,543
Trade creditors
1,273,706
872,428
Taxes and social security
187,302
272,145
Other creditors
1,093
756
8
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
282,956
121,173
The company's ultimate parent company and ultimate controlling party is Acorn Labels Holdings Limited, a company incorporated in England & Wales. Copies of the financial statements of Acorn Labels Holdings Limited are available from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.
10
Average number of employees
During the year the average number of employees was 48 (2020: 43).