REGISTERED NUMBER: 04868957 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2017

for

Acorn Developments (SW) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M P Thomas

REGISTERED OFFICE:

40 Kingston House

1 Kingston Road

Taunton

Somerset

TA2 7ED

REGISTERED NUMBER:

04868957 (England and Wales)

ACCOUNTANTS:

A C Mole & Sons

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

CURRENT ASSETS

Stock and WIP

4,644,005

4,486,025

Debtors

4

204,318

148,057

Cash at bank

3,042

12,209

4,851,365

4,646,291

CREDITORS

Amounts falling due within one year

5

1,289,969

1,352,429

NET CURRENT ASSETS

3,561,396

3,293,862

TOTAL ASSETS LESS CURRENT LIABILITIES

3,561,396

3,293,862

CREDITORS

Amounts falling due after more than one year

6

3,503,434

3,325,761

NET ASSETS/(LIABILITIES)

57,962

(31,899

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

57,862

(31,999

)

SHAREHOLDERS' FUNDS

57,962

(31,899

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 31 August 2018 and were signed by:

M P Thomas - Director

1.	STATUTORY INFORMATION

Acorn Developments (SW) Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act. The financial statements have been prepared under the historical cost

convention.

This is the first set of financial statement prepared by Acorn Developments (SW) Limited in compliance with

FRS 102 section 1A.

The company transitioned from previously extant UK GAAP to FRS 102 as at 1 December 2016. An

explanation of how transition to FRS 102 has affected the reported financial position and financial performance

is given in the notes.

Critical accounting estimates and judgements

The director is of the opinion that there are no estimates or assumptions that have a significant risk of causing a

material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stock and wip to their present location and condition.

Financial instruments

The company only has financial assets and liabilities that qualify as basic financial instruments. Basic financial

instruments are initially recognised at transaction value and subsequently measured at settlement value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

17,793

-

Related company loans

4,646

-

Intercompany accounts

170,895

142,876

VAT

10,984

181

Prepayments

-

5,000

204,318

148,057

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

186,217

147,698

Tax

14,942

-

Intercompany accounts

492,087

802,734

Other creditors

150,686

401,997

Related company loans

446,037

-

1,289,969

1,352,429

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Loans & Mortgages

3,503,434

3,325,761

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Close Brothers Loan

3,223,434

3,045,761

Howe White Loan

280,000

280,000

3,503,434

3,325,761

8.	RELATED PARTY DISCLOSURES

Related parties with common ownership

During the year the company entered into a number of transactions with companies in which Mr M Thomas, a

director of Acorn Developments (SW) Ltd also holds a participating interest. These include transactions under

normal market conditions as well as interest free loans between companies and various funds transfers between

the companies. The net value of these transactions during the year was (£182,021) (2016: £400,971) and the

balance owing to these related parties at the year end was £321,192 (2016: £139,171).

Related parties under common control

During the year the company entered into a number of transactions with companies in which Mr M Thomas, is

also a director, and which are under common control. These include transactions under normal market conditions

as well as interest free loans between companies and various funds transfers between the companies. The net

value of these transactions during the year was £79,296 (2016: (£575,427)) and the balance owing to these

related parties at the year end was £441,391 (2016: £520,687).

9.	TRANSITION TO FRS 102

Prior to 1 December 2016 the company prepared its financial statements under previously extant UK GAAP.

From 1 December 2016, the company has elected to present its annual financial statements in accordance with

FRS 102 Section 1A and the Companies Act 2006.

In preparing the accounts, the director considered whether in applying the accounting policies required by FRS

102 Section 1A a restatement of comparative items was needed. No restatements were required.