Acorn Lodge (Bournemouth) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04475217

Acorn Lodge (Bournemouth) Limited

Filleted Unaudited Financial Statements

31 December 2018

Acorn Lodge (Bournemouth) Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Acorn Lodge (Bournemouth) Limited

Balance Sheet

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		595,410	597,977

Current assets

Debtors	7	3,530	3,443
Cash at bank and in hand		220,637	215,136
		---------	---------
		224,167	218,579

Creditors: amounts falling due within one year	8	28,130		52,922
		---------		---------
Net current assets			196,037	165,657
			---------	---------
Total assets less current liabilities			791,447	763,634

Creditors: amounts falling due after more than one year	9		–	1,212

Provisions

Deferred taxation	6,488	7,213
	---------	---------
Net assets	784,959	755,209
	---------	---------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	58,964	58,727
Profit and loss account	725,895	696,382
	---------	---------
Shareholders funds	784,959	755,209
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Acorn Lodge (Bournemouth) Limited

Balance Sheet (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 9 April 2019 , and are signed on behalf of the board by:

Mrs Angela K Druce	Mr Martin P Druce
Director	Director

Company registration number: 04475217

Acorn Lodge (Bournemouth) Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for services rendered during the year.

Taxation

Current tax is recognised on taxable profit for the current and, where not previously recognised, for past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

The estimated residual value of the company's freehold property is in excess of its net book value. It is the company's policy to maintain this property to a high standard, so that the estimated residual value will not be impaired over time. The costs of this maintenance are charged to the profit and loss account as incurred. The directors are of the opinion that any depreciation in respect of the company's freehold property would be immaterial and consequently no provision is made in the accounts for such depreciation.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Pension costs

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the Statement of Income and Retained Earnings when due.

4. Staff numbers

The average number of persons employed by the company during the year amounted to 31 (2017: 31 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2018 and 31 December 2018	30,000
	--------
Amortisation
At 1 January 2018 and 31 December 2018	30,000
	--------
Carrying amount
At 31 December 2018	–
	--------
At 31 December 2017	–
	--------

6. Tangible assets

	Land and buildings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2018	585,000	50,200	17,016	652,216
Additions	–	–	2,893	2,893
Disposals	–	–	( 1,971)	( 1,971)
	---------	--------	--------	---------
At 31 December 2018	585,000	50,200	17,938	653,138
	---------	--------	--------	---------
Depreciation
At 1 January 2018	–	42,105	12,134	54,239
Charge for the year	–	2,024	3,436	5,460
Disposals	–	–	( 1,971)	( 1,971)
	---------	--------	--------	---------
At 31 December 2018	–	44,129	13,599	57,728
	---------	--------	--------	---------
Carrying amount
At 31 December 2018	585,000	6,071	4,339	595,410
	---------	--------	--------	---------
At 31 December 2017	585,000	8,095	4,882	597,977
	---------	--------	--------	---------

At 31 December 2017 the remaining freehold buildings were revalued individually by the company directors, at open market value. In respect of certain fixed assets held at revalued amounts, the comparable historical cost and depreciation values are as follows:

	2018	2017
	£	£
Net book value at the end of the year	585,000	585,000
Historical cost	521,526	521,526

7. Debtors

	2018	2017
	£	£
Other debtors	3,530	3,443
	-------	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	1,244	16,821
Corporation tax	12,102	20,916
Social security and other taxes	8,490	9,259
Other creditors	6,294	5,926
	--------	--------
	28,130	52,922
	--------	--------

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2018	2017
	£	£
Bank loans	1,244	16,821

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	–	1,212
	----	-------

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2018	2017
	£	£
Bank loans	-	1,212

10. Related party transactions

Information about related party transactions and balances are listed below: Key management personnel:

	2018	2017
	£	£
Amounts due to the directors	2,175	2,607