Acorn Floors & Furnishings Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03916603 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2017

FOR

ACORN FLOORS & FURNISHINGS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C H Ferguson

Mrs J E Ferguson

Mr S J Sherrington

SECRETARY:

Mr C H Ferguson

REGISTERED OFFICE:

c/o Michael Heaven & Associates Limited

47 Calthorpe Road

Edgbaston

BIRMINGHAM

West Midlands

B15 1TH

BUSINESS ADDRESS:

Unit 5

The Business Centre

20 James Rd

Tyseley

Birmingham

B11 2BA

REGISTERED NUMBER:

03916603 (England and Wales)

ACCOUNTANTS:

Michael Heaven & Associates Limited

Chartered Certified Accountants

47 Calthorpe Road

Edgbaston

BIRMINGHAM

B15 1TH

INCORPORATED:

31st January 2000

FIXED ASSETS

Tangible assets

3

22,513

2,429

CURRENT ASSETS

Debtors

9,273

23,172

Cash at bank

32,565

18,765

41,838

41,937

CREDITORS

Amounts falling due within one year

42,816

46,147

NET CURRENT LIABILITIES

(978

)

(4,210

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,535

(1,781

)

CREDITORS

Amounts falling due after more than one year

(7,767

)

-

PROVISIONS FOR LIABILITIES

5

(3,827

)

(486

)

NET ASSETS/(LIABILITIES)

9,941

(2,267

)

CAPITAL AND RESERVES

Called up share capital

6

1,600

1,600

Retained earnings

7

8,341

(3,867

)

SHAREHOLDERS' FUNDS

9,941

(2,267

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 15th November 2017 and were signed on its behalf by:

Mr C H Ferguson - Director

1.	STATUTORY INFORMATION

Acorn Floors & Furnishings Limited is a private company, limited by shares , registered in England and

Wales. 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.

Turnover

Turnover represents the value of goods and services provided under contracts to the extent that there is

a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Computer equipment - 25% straight line

Plant and machinery - 15% reducing balance

Motor Vehicles - 15% reducing balance

Taxation

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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter. The interest element of these obligations is charged to the profit and loss account over the

relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2016

5,905

Additions

24,547

At 31st May 2017

30,452

DEPRECIATION

At 1st June 2016

3,476

Charge for year

4,463

At 31st May 2017

7,939

NET BOOK VALUE

At 31st May 2017

22,513

At 31st May 2016

2,429

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

Additions

15,785

At 31st May 2017

15,785

DEPRECIATION

Charge for year

2,368

At 31st May 2017

2,368

NET BOOK VALUE

At 31st May 2017

13,417

4.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

4,051

-

Between one and five years

7,767

-

11,818

-

Non-cancellable

operating leases

2017

2016

£

£

Within one year

8,100

-

5.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

3,827

486

Deferred

tax

£

Balance at 1st June 2016

486

Accelerated capital allowances

3,341

Balance at 31st May 2017

3,827

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

NIL

Ordinary C

£1

-

75

(2016 - 75 )

NIL

Ordinary D

£1

-

25

(2016 - 25 )

500

Ordinary E

£1

500

500

500

Ordinary F

£1

500

500

500

Ordinary G

£1

500

500

50

Ordinary A

£1

50

-

50

Ordinary B

£1

50

-

1,600

1,600

7.

RESERVES

Retained

earnings

£

At 1st June 2016

(3,867

)

Profit for the year

29,408

Dividends

(17,200

)

At 31st May 2017

8,341

8.	FIRST YEAR ADOPTION

There have been no transitional adjustments made in respect of the move to the new FRS 102 Section

1A accounting standards.