Acorn Windows (Nottingham) Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.

1.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	in accordance with the property
Plant & Machinery	at varying rates on cost
Motor Vehicles	25% on cost
Fixtures & Fittings	at varying rates on cost

1.5. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

1.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Page 3

Acorn Windows (Nottingham) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2017

1.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2017	2016
Office and administration	2	2
Sales, marketing and distribution	4	4
Manufacturing	3	3

	9	9

3. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2017	31,765

As at 31 December 2017	31,765

Amortisation
As at 1 January 2017	31,765

As at 31 December 2017	31,765

Net Book Value
As at 31 December 2017	-

As at 1 January 2017	-

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Acorn Windows (Nottingham) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2017

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 January 2017	157,214	-	306,563	112,268	576,045
Additions	20,000	-	23,000	-	43,000

As at 31 December 2017	177,214	-	329,563	112,268	619,045

Depreciation
As at 1 January 2017	138,844	8,978	199,000	100,479	447,301
Provided during the period	7,553	2,289	50,517	-	60,359

As at 31 December 2017	146,397	11,267	249,517	100,479	507,660

Net Book Value
As at 31 December 2017	30,817	(11,267 )	80,046	11,789	111,385

As at 1 January 2017	18,370	(8,978 )	107,563	11,789	128,744

5. Stocks

	2017	2016
	£	£
Stock - materials and work in progress	40,003	(6,655)

	40,003	(6,655 )

6. Debtors

	2017	2016
	£	£
Due within one year
Trade debtors	22,271	113,891
Prepayments and accrued income	10,448	13,494
Other debtors	35,000	-
Directors' loan accounts	-	70,436

	67,719	197,821

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Acorn Windows (Nottingham) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2017

7. Creditors: Amounts Falling Due Within One Year

	2017	2016
	£	£
Net obligations under finance lease and hire purchase contracts	74,744	134,914
Trade creditors	184,496	217,679
Bank loans and overdrafts	3,587	1,842
Corporation tax	-	15,736
Other taxes and social security	10,398	10,246
VAT	37,989	43,881
Other creditors	159,957	40,500
Accruals and deferred income	3,284	1,650
Directors' loan accounts	7,018	-

	481,473	466,448

8. Obligations Under Finance Leases and Hire Purchase

	2017	2016
	£	£
The maturity of these amounts is as follows:
Amounts Payable:
Within one year	74,744	134,914

	74,744	134,914

	74,744	134,914

9. Share Capital

	2017		2016
Allotted, Called up and fully paid	5,000		5,000

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

The above loan is unsecured, interest free and repayable on demand.

11. General Information

Acorn Windows (Nottingham) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 2927090. The registered office is 139 Middleton Boulevard, Wollaton Park, Nottingham, Nottinghamshire, NG8 1FW.

Page 6

		2017		2016
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		111,385		128,744

			111,385		128,744
CURRENT ASSETS
Stocks	5	40,003		(6,655 )
Debtors	6	67,719		197,821
Cash at bank and in hand		427,332		355,336

		535,054		546,502
Creditors: Amounts Falling Due Within One Year	7	(481,473 )		(466,448 )

NET CURRENT ASSETS (LIABILITIES)			53,581		80,054

TOTAL ASSETS LESS CURRENT LIABILITIES			164,966		208,798

NET ASSETS			164,966		208,798

CAPITAL AND RESERVES
Called up share capital	9		5,000		5,000
Profit and Loss Account			159,966		203,798

SHAREHOLDERS' FUNDS			164,966		208,798