Company Registration No. 11128765 (England and Wales)
ACORN PROPERTY AND LANDSCAPING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
ACORN PROPERTY AND LANDSCAPING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ACORN PROPERTY AND LANDSCAPING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,174
5,037
Current assets
Stocks
630
200
Debtors
4
1,085
1,261
Cash at bank and in hand
168
131
1,883
1,592
Creditors: amounts falling due within one year
5
(4,085)
(4,686)
Net current liabilities
(2,202)
(3,094)
Total assets less current liabilities
2,972
1,943
Provisions for liabilities
27
-
Net assets
2,999
1,943
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,899
1,843
Total equity
2,999
1,943
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ACORN PROPERTY AND LANDSCAPING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
2019
2018
Notes
£
£
£
£
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 October 2020
Mr G S H Evans
Director
Company Registration No. 11128765
ACORN PROPERTY AND LANDSCAPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Acorn Property and Landscaping Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
First Floor, Suite 1a, Rossett Business Village, Llyndir Lane, Rossett, Wrexham, LL12 0AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33%
Fixtures and fittings
25%
Computers
25%
Motor vehicles
25%
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
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 current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ACORN PROPERTY AND LANDSCAPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
1
1
ACORN PROPERTY AND LANDSCAPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
7,205
80
200
-
7,485
Additions
362
-
-
3,500
3,862
Disposals
(3,190)
-
-
-
(3,190)
At 31 December 2019
4,377
80
200
3,500
8,157
Depreciation and impairment
At 1 January 2019
2,378
20
50
-
2,448
Depreciation charged in the year
660
15
38
875
1,588
Revaluation
(1,053)
-
-
-
(1,053)
At 31 December 2019
1,985
35
88
875
2,983
Carrying amount
At 31 December 2019
2,392
45
112
2,625
5,174
At 31 December 2018
4,827
60
150
-
5,037
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,085
1,051
Deferred tax asset
-
210
1,085
1,261
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
420
-
Corporation tax
3,146
1,346
Other creditors
519
3,340
4,085
4,686