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Company registration number: 11370743
Krismac Groundworks Ltd
Unaudited filleted financial statements
31 May 2022
Krismac Groundworks Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Krismac Groundworks Ltd
Directors and other information
Directors Mr K Mcnamara
Company number 11370743
Registered office 1 Maeshyfryd
Aberdare
Rhondda Cynon Taff
CF44 0DH
Accountants Beverley & Williams Accountants Ltd
Unit A, St Davids House
Feeder Row
Cwmcarn
Newport, Gwent
NP11 7ED
Krismac Groundworks Ltd
Statement of financial position
31 May 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 45,317 21,161
_______ _______
45,317 21,161
Current assets
Debtors 6 25,938 18,076
Cash at bank and in hand 120,560 121,624
_______ _______
146,498 139,700
Creditors: amounts falling due
within one year 7 ( 32,260) ( 31,446)
_______ _______
Net current assets 114,238 108,254
_______ _______
Total assets less current liabilities 159,555 129,415
Creditors: amounts falling due
after more than one year 8 ( 29,167) ( 50,652)
Provisions for liabilities ( 8,610) ( 3,715)
_______ _______
Net assets 121,778 75,048
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 121,777 75,047
_______ _______
Shareholders funds 121,778 75,048
_______ _______
For the year ending 31 May 2022 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 August 2022 , and are signed on behalf of the board by:
Mr K Mcnamara
Director
Company registration number: 11370743
Krismac Groundworks Ltd
Notes to the financial statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Maeshyfryd, Aberdare, Rhondda Cynon Taff, CF44 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 June 2021 2,048 37,894 39,942
Additions - 49,190 49,190
Disposals - ( 30,694) ( 30,694)
_______ _______ _______
At 31 May 2022 2,048 56,390 58,438
_______ _______ _______
Depreciation
At 1 June 2021 387 18,394 18,781
Charge for the year 410 8,634 9,044
Disposals - ( 14,704) ( 14,704)
_______ _______ _______
At 31 May 2022 797 12,324 13,121
_______ _______ _______
Carrying amount
At 31 May 2022 1,251 44,066 45,317
_______ _______ _______
At 31 May 2021 1,661 19,500 21,161
_______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 22,704 16,445
Other debtors 3,234 1,631
_______ _______
25,938 18,076
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 10,000 10,105
Trade creditors 3,678 334
Corporation tax 16,210 10,929
Social security and other taxes 69 22
Other creditors 2,303 10,056
_______ _______
32,260 31,446
_______ _______
Included within other creditors is an amount of £0 (2021: £2,876) relating to finance leases that are secured on the assets concerned.
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 29,167 39,895
Other creditors - 10,757
_______ _______
29,167 50,652
_______ _______
Included within other creditors is an amount of £0 (2021: £10,757) relating to finance leases that are secured on the assets concerned.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr K Mcnamara ( 26) 49,423 ( 50,000) ( 603)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr K Mcnamara ( 33,018) 82,992 ( 50,000) ( 26)
_______ _______ _______ _______
10. Controlling party
The ultimate controlling party is Mr K Mcnamara .