Acorn Storage Limited - Period Ending 2018-04-30

Acorn Storage Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2017 to 30 April 2018

Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD

Acorn Storage Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Acorn Storage Limited

(Registration number: 04178111)
Balance Sheet as at 30 April 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	-	31
Current assets
Debtors	5	649,303	843,347
Cash at bank and in hand		105,846	197,505
		755,149	1,040,852
Creditors: Amounts falling due within one year	6	(146,298)	(598,915)
Net current assets		608,851	441,937
Net assets		608,851	441,968
Capital and reserves
Called up share capital	7	35	35
Share premium reserve		49,970	49,970
Capital redemption reserve		35	35
Profit and loss account		558,811	391,928
Total equity		608,851	441,968

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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The director acknowledges his 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 director on 29 January 2019

Mr A A O'Brien

Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

Acorn Storage Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
No1 St Pauls Square
Liverpool
Merseyside
L3 9SJ

These financial statements were authorised for issue by the director on 29 January 2019.

2	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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 2

Acorn Storage Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018

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
Equipment	33.3% straight line
Plant and machinery	33.3% - 100% straight line
Fixtures and fittings	33.3% straight line

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.

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.

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.

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 3

Acorn Storage 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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 13 (2017 - 13).

Page 4

Acorn Storage Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018

4	Tangible assets

Furniture, fittings and equipment
£

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 April 2017

41,083

45,604

86,687

At 30 April 2018

41,083

45,604

86,687

Depreciation

At 1 April 2017

41,062

45,594

86,656

Charge for the year

21

10

31

At 30 April 2018

41,083

45,604

86,687

Carrying amount

At 30 April 2018

-

-

-

At 31 March 2017

21

10

31

5

Debtors

2018
£

2017
£

Trade debtors

647,386

696,678

Prepayments

1,917

146,669

649,303

843,347

6

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	19,876	280,755
Taxation and social security	29,013	52,722
Accruals and deferred income	36,914	68,038
Other creditors	60,495	197,400
	146,298	598,915

Page 5

Acorn Storage Limited

Notes to the Financial Statements for the Period from 1 April 2017 to 30 April 2018

7

Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	70	70	70	70

Page 6

	Furniture, fittings and equipment £	Other property, plant and equipment £	Total £
Cost or valuation
At 1 April 2017	41,083	45,604	86,687
At 30 April 2018	41,083	45,604	86,687
Depreciation
At 1 April 2017	41,062	45,594	86,656
Charge for the year	21	10	31
At 30 April 2018	41,083	45,604	86,687
Carrying amount
At 30 April 2018	-	-	-
At 31 March 2017	21	10	31