Acorn Blackcountry Developments Limited Filleted accounts for Companies House (small and micro)

ACORN BLACKCOUNTRY DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03877675

Acorn Blackcountry Developments Limited

Filleted Unaudited Financial Statements

31 July 2020

Acorn Blackcountry Developments Limited

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		735,000	735,000

Current assets

Debtors	5	20,867	27,320
Cash at bank and in hand		13,272	278
		-------	-------
		34,139	27,598

Creditors: amounts falling due within one year	6	1,418		4,458
		-------		-------
Net current assets			32,721	23,140
			--------	--------
Total assets less current liabilities			767,721	758,140

Creditors: amounts falling due after more than one year	7	792,645	792,645
		--------	--------
Net liabilities		( 24,924)	( 34,505)
		--------	--------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	165,678	165,678
Profit and loss account	( 190,702)	( 200,283)
	--------	--------
Shareholders deficit	( 24,924)	( 34,505)
	--------	--------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 July 2020 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Acorn Blackcountry Developments Limited

Statement of Financial Position (continued)

31 July 2020

These financial statements were approved by the board of directors and authorised for issue on 14 January 2021 , and are signed on behalf of the board by:

Mr J Smith
Director

Company registration number: 03877675

Acorn Blackcountry Developments Limited

Notes to the Financial Statements

Year ended 31 July 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chartwells House, 1St Josephs Court, Trindle Road, Dudley, West Midlands, DY2 7AU.

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 and liabilities and investment properties 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and 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.

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.

Investment property

The Investment property was independently valued on 22nd January 2018 and held to be the fair value as at 31st July 2017. The movement in fair value is recognised in the profit and loss in the period that it occurred. This valuation was not undertaken by a RICS qualified valuer, but rather an independent estate agent. The method used to determine the open market value of the property was based upon its expected future revenue, including car parking and expenses. The fair value of £735,000 has also been elected to be the deemed cost at the transition date to FRS102 of 1st August 2015, in accordance with section 35.10 of the standard.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Investment property
	£
Cost
At 1 August 2019 and 31 July 2020	735,000
	--------
Carrying amount
At 31 July 2020	735,000
	--------
At 31 July 2019	735,000
	--------

5. Debtors

	2020	2019
	£	£
Trade debtors	2,289	3,205
Other debtors	18,578	24,115
	-------	-------
	20,867	27,320
	-------	-------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	( 1,850)	( 3,711)
Corporation tax	1,468	7,029
Other creditors	1,800	1,140
	------	------
	1,418	4,458
	------	------

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

	2020	2019
	£	£
Bank loans and overdrafts	792,645	792,645
	--------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr J Smith	9,923	( 3,042)	6,881
	------	------	------

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr J Smith	9,850	73	9,923
	------	----	------

9. Related party transactions

The company was under the control of Mr J Smith throughout the current and previous year. Mr J Smith is the managing director and an equal shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.