Registration number:
Acorn Industrial Estates Limited
for the Period from 1 April 2017 to 30 April 2018
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Yew Street
Stockport
SK4 2HD
Acorn Industrial Estates Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Acorn Industrial Estates Limited
Company Information
Directors |
Mr J F Gow Mr A A O'Brien |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Acorn Industrial Estates Limited
(Registration number: 04536717)
Balance Sheet as at 30 April 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
- |
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- |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
- |
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Profit and loss account |
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Total equity |
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Page 2 |
Acorn Industrial Estates Limited
(Registration number: 04536717)
Balance Sheet as at 30 April 2018
For the financial period ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Mr J F Gow
Director
Page 3 |
Acorn Industrial Estates Limited
Statement of Changes in Equity for the Period from 1 April 2017 to 30 April 2018
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 April 2017 |
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|
|
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Loss for the period |
- |
- |
( |
( |
Other comprehensive income |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
( |
( |
Dividends |
- |
- |
( |
( |
Transfers |
- |
- |
1,461,481 |
1,461,481 |
At 30 April 2018 |
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- |
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 April 2016 |
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Profit for the period |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
Transfers |
- |
17,000 |
(17,000) |
- |
At 31 March 2017 |
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Page 4 |
Acorn Industrial Estates Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
20% straight line |
Motor vehicles |
33% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 5 |
Acorn Industrial Estates Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Property acquired for resale is stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 6 |
Acorn Industrial Estates Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Page 7 |
Acorn Industrial Estates Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Disposals |
( |
( |
At 30 April 2018 |
- |
- |
Depreciation |
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At 1 April 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 30 April 2018 |
- |
- |
Carrying amount |
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At 30 April 2018 |
- |
- |
At 31 March 2017 |
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Investment properties |
2018 |
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At 1 April |
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Disposals |
( |
At 30 April |
- |
The investment properties were all sold during the current period.
Previously, the investment properties which were classed as fixed assets were revalued on 24th June 2016 by D A Baker MRICS of Lambert Smith Hampton who is external to the company. The basis of valuation was Market Value in accordance with the RICS Professional Standards UK January 2014 (Revised April 2015). In 2017, this class of asset had a current value of £4,075,807 and a carrying amount at historical cost of £2,053,827.
Stocks |
2018 |
2017 |
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Property held for resale |
- |
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Page 8 |
Acorn Industrial Estates Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Other non-current financial liabilities |
- |
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- |
2,133,980 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Page 9 |
Acorn Industrial Estates Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018
Bank borrowings
The bank loan is secured by a legal charge over all the Investment properties held by The Bank of Scotland PLC. |
Page 10 |