Acorn Floors & Furnishings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03916603 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2018

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

Mr A C Ferguson

SECRETARY:

Mr C H Ferguson

REGISTERED OFFICE:

c/o Michael Heaven & Associates Limited

47 Calthorpe Road

Edgbaston

BIRMINGHAM

West Midlands

B15 1TH

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

4

19,185

22,513

CURRENT ASSETS

Stocks

2,000

-

Debtors

27,680

9,273

Cash at bank

46,788

32,565

76,468

41,838

CREDITORS

Amounts falling due within one year

82,475

42,816

NET CURRENT LIABILITIES

(6,007

)

(978

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,178

21,535

CREDITORS

Amounts falling due after more than one year

(3,443

)

(7,767

)

PROVISIONS FOR LIABILITIES

6

(3,261

)

(3,827

)

NET ASSETS

6,474

9,941

CAPITAL AND RESERVES

Called up share capital

7

1,600

1,600

Retained earnings

4,874

8,341

SHAREHOLDERS' FUNDS

6,474

9,941

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2018 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 2018 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 28th January 2019 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

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis.

Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for

slow moving, obsolete or damaged stock where the net realisable value is less than cost.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2017

30,452

Additions

583

At 31st May 2018

31,035

DEPRECIATION

At 1st June 2017

7,939

Charge for year

3,911

At 31st May 2018

11,850

NET BOOK VALUE

At 31st May 2018

19,185

At 31st May 2017

22,513

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

Totals

£

COST

At 1st June 2017

and 31st May 2018

15,785

DEPRECIATION

At 1st June 2017

2,368

Charge for year

2,013

At 31st May 2018

4,381

NET BOOK VALUE

At 31st May 2018

11,404

At 31st May 2017

13,417

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

4,324

4,051

Between one and five years

3,443

7,767

7,767

11,818

Non-cancellable

operating leases

2018

2017

£

£

Within one year

8,100

8,100

6.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

3,261

3,827

Deferred

tax

£

Balance at 1st June 2017

3,827

Accelerated capital allowances

(566

)

Balance at 31st May 2018

3,261

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

500

Ordinary E

£1

500

500

500

Ordinary F

£1

500

500

500

Ordinary G

£1

500

500

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

1,600

1,600