Registered number
04661720
NWF Groundworks Ltd
Filleted Accounts
31 March 2022
NWF Groundworks Ltd
Registered number: 04661720
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 341,114 236,655
Current assets
Debtors 4 83,831 155,843
Cash at bank and in hand 223,751 131,180
307,582 287,023
Creditors: amounts falling due within one year 5 (244,953) (179,541)
Net current assets 62,629 107,482
Total assets less current liabilities 403,743 344,137
Creditors: amounts falling due after more than one year 6 (76,094) (106,923)
Provisions for liabilities (18,263) (20,213)
Net assets 309,386 217,001
Capital and reserves
Called up share capital 100 100
Profit and loss account 309,286 216,901
Shareholders' funds 309,386 217,001
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N W Freeman
Director
Approved by the board on 5 September 2022
NWF Groundworks Ltd
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 15% reducing balance
Tools and equipment 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Buildings and fixtures Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 149,076 96,469 87,189 332,734
Additions 255,200 8,251 58,953 322,404
Disposals (138,369) - (78,895) (217,264)
At 31 March 2022 265,907 104,720 67,247 437,874
Depreciation
At 1 April 2021 23,447 35,609 37,023 96,079
Charge for the year 10,788 13,822 12,517 37,127
On disposals (16,604) - (19,842) (36,446)
At 31 March 2022 17,631 49,431 29,698 96,760
Net book value
At 31 March 2022 248,276 55,289 37,549 341,114
At 31 March 2021 125,629 60,860 50,166 236,655
4 Debtors 2022 2021
£ £
Trade debtors 69,938 125,609
Other debtors 13,893 30,234
83,831 155,843
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 55,000 15,292
Obligations under finance lease and hire purchase contracts 13,975 18,975
Trade creditors 36,408 78,967
Director's loan 46,375 675
Taxation and social security costs 48,957 22,583
Other creditors 44,238 43,049
244,953 179,541
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 41,833 44,104
Obligations under finance lease and hire purchase contracts 34,261 62,819
76,094 106,923
7 Related party transactions
Director's remuneration 17,820 17,700
Dividends paid to related party 71,429 48,000
8 Controlling party
The company's controlling party comprises the directors, N W Freeman owns 51% of the issued shares and Mrs M Freeman 49%.
9 Other information
NWF Groundworks Ltd is a private company limited by shares and incorporated in England. Its registered office is:
23 Cottingham Way
Thrapston
Kettering
Northants
NN14 4PL
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