Acorn Consultants Limited - Accounts to registrar (filleted) - small 18.2

ACORN CONSULTANTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mrs L A Stevenson

Mrs M T Stevenson

SECRETARY:

J Hilditch

REGISTERED OFFICE:

Ashley Bank House

Langholm

Dumfriesshire

DG13 0AN

REGISTERED NUMBER:

SC119978 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

622,836

565,732

622,836

565,732

CURRENT ASSETS

Debtors

6

14,297

4,142

Cash at bank

789,515

710,556

803,812

714,698

CREDITORS

Amounts falling due within one year

7

52,719

36,969

NET CURRENT ASSETS

751,093

677,729

TOTAL ASSETS LESS CURRENT LIABILITIES

1,373,929

1,243,461

PROVISIONS FOR LIABILITIES

23,000

12,500

NET ASSETS

1,350,929

1,230,961

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,349,929

1,229,961

SHAREHOLDERS' FUNDS

1,350,929

1,230,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 22nd September 2020 and were signed on its behalf by:

Mrs L A Stevenson - Director

1.	STATUTORY INFORMATION

Acorn Consultants Limited is a private company, limited by shares , registered in Scotland. 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 2006. The financial statements have been

prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

The company provides consultancy services. Revenue is recognised in the accounting period in which

the services are rendered when the outcome of the contract can be measured reliably.

Revenue is measured at the fair value of the transaction excluding discounts, rebates, value added tax

and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Office equipment

-

25% on cost

Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at

transaction price.

At the end of each reporting period financial assets measured at cost are assessed for evidence of

impairment. Any impairment loss is recognised in the Income Statement.

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire

or are settled.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction

price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. These are classed as current liabilities if payment is due within one

year or less. If not they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Investments

Investments are shown in fair value. Any aggregate surplus or deficit arising from changes in fair

value is transferred to the profit and loss account.

Going concern

The directors have considered the potential impact of the current Covid-19 pandemic on the business

and are satisfied that the company has sufficient cash reserves to meet all financial obligations for the

foreseeable future. The Accounts have therefore been prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1st January 2019

and 31st December 2019

632

DEPRECIATION

At 1st January 2019

and 31st December 2019

632

NET BOOK VALUE

At 31st December 2019

-

At 31st December 2018

-

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST OR VALUATION

At 1st January 2019

565,732

Revaluations

57,104

At 31st December 2019

622,836

NET BOOK VALUE

At 31st December 2019

622,836

At 31st December 2018

565,732

Cost or valuation at 31st December 2019 is represented by:

Unlisted

investments

£

Valuation in 2019

622,836

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Prepayments

14,297

4,142

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,617

1

Corporation tax

13,000

12,500

Social security and other taxes

19,164

22,238

Accrued expenses

17,938

2,230

52,719

36,969

8.	RELATED PARTY DISCLOSURES

Consultancy services for £100,000 (31st December 2018, £100,000) were provided during the period

to Ashleybank Investments Limited, which is related to the Company by virtue of a nucleus of

common shareholders.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Acorn Consultants Limited for the year ended 31st December 2019

which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from

the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Acorn Consultants Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Acorn Consultants Limited and state those matters that we have agreed to state to the Board of Directors of Acorn Consultants Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Acorn Consultants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Acorn Consultants Limited. You consider that Acorn Consultants Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Acorn Consultants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

22nd September 2020