ACORSWOOD LIMITED Filleted accounts for Companies House (small and micro)

ACORSWOOD LIMITED Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 04261522
ACORSWOOD LIMITED
Filleted Unaudited Financial Statements
31 December 2020
ACORSWOOD LIMITED
Statement of Financial Position
31 December 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
4
845,580
845,580
Current assets
Debtors
5
1,412,915
1,391,527
Cash at bank and in hand
33,430
15,184
------------
------------
1,446,345
1,406,711
Creditors: amounts falling due within one year
6
1,200,262
1,161,216
------------
------------
Net current assets
246,083
245,495
------------
------------
Total assets less current liabilities
1,091,663
1,091,075
Creditors: amounts falling due after more than one year
7
214
------------
------------
Net assets
1,091,663
1,090,861
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,091,661
1,090,859
------------
------------
Shareholders funds
1,091,663
1,090,861
------------
------------
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 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ACORSWOOD LIMITED
Statement of Financial Position (continued)
31 December 2020
These financial statements were approved by the board of directors and authorised for issue on 29 March 2022 , and are signed on behalf of the board by:
Mr S Feldman
Director
Company registration number: 04261522
ACORSWOOD LIMITED
Notes to the Financial Statements
Year ended 31 December 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 Hallswelle House, 1 Halleswelle
Road, London, NW11 0DH.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
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.
4. Tangible assets
Land and buildings
£
Cost
At 1 January 2020 and 31 December 2020
845,580
---------
Depreciation
At 1 January 2020 and 31 December 2020
---------
Carrying amount
At 31 December 2020
845,580
---------
At 31 December 2019
845,580
---------
The investment properties were revalued by the directors as at 31 December 2020 having considered the open market value of the properties. No independent valuation was undertaken
5. Debtors
2020
2019
£
£
Other debtors
1,412,915
1,391,527
------------
------------
6. Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
1,200,262
1,161,216
------------
------------
7. Creditors: amounts falling due after more than one year
2020
2019
£
£
Corporation tax
214
----
----
8. Related party transactions
The company was under the joint control of Mr A Feldman and Mr S Feldman .