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20 JULY 2022
GRANTS GROUNDWORKS LIMITED
Registered in England & Wales No. 8316416
FILLETED FINANCIAL ACCOUNTS
FOR THE PERIOD
1 JANUARY 2021 TO 31 DECEMBER 2021
ACCOUNTING POLICIES
Accounting convention
The financial statements within the annual report have been prepared on the going concern basis and are in compliance with section 1A of the financial reporting standard 102 applicable in the United Kingdom.
Non-current assets
Property, plant and equipment, excluding any property held for investment, is stated at cost except for any revaluation of land and buildings, less aggregate depreciation and any provision for impairment. Depreciation, except on freehold land, is charged after allowance for residual value, over the remaining useful economic lives by equal annual instalments. The economic life used is for acquisition as new, the deemed life for assets acquired second hand is the remainder or half of the deemed life from new, whichever is the greater.
Inventories
Inventories, which include work in progress, are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes materials, sub-contract labour, and hire of plant. There are no attributable overheads. Estimated selling price assumes sale in the normal course of trade.
Deferred taxation
Provision is made for at the appropriate or current tax rate in respect of any possible liability due to timing differences between recognition of events for taxation and accounting purposes. Recognition of any possible asset due to timing differences as above is only recognised to the extent that recovery is reasonably certain.
Revenue
Revenue represents income in respect of goods or services possession of which has passed to customers in the normal course of activity, and for which those customers have become liable during the period. It is stated net of any tax that is passed on to, or offset against amounts due from, taxing authorities.
Repairs and renewals
Expenditure of up to £1000 on an item, excluding items treated as part of a project over £1000, is written off in the period it is incurred even if it represented an addition or improvement.
FINANCIAL POSITION
As at 31 December 2021 2020
Notes £ £
Non-current assets
Productive property, plant and equipment 2 0 24,762
Transport equipment 3 0 2,910
0 27,672
Current assets
Inventories 4 24,000 16,508
Trade and other receivables 5 83,351 79,805
Cash and cash equivalents 6 184,240 190,190
291,591 286,503
Current liabilities
Due not later than one year
Credits and overdrafts repayable on demand 7 (955) (2,213)
Trade and other payables 8 (47,791) (45,539)
Taxation 9 (102,041) (86,909)
Borrowings subject to notice (18,524) (21,943)
Net current assets 122,280 129,899
Non-current liabilities
Due later than one and not later than five years 10 (33,251) (44,000)
89,029 113,571
Equity
Share capital 11 25 25
Distributable reserves 12 89,004 113,546
89,029 113,571
The company is registered in England & Wales under no. 8316416 and is subject to the Companies Act 2006 in its various sections.
The directors acknowledge their responsibilities under section 386 of the Act for the maintainance of adequate accounting records and under section 394 of the Act for the preparation of financial statements.
For the period to 31 December 2021, the date of this financial position statement, the company qualified as small under section 382 of the Act. Members have not required the company to obtain an audit of its financial statements under section 476 of the Act.
The company is entitled, as a small company, to exemption under section 477 of the Companies Act 2006 from the statutory requirement for audited financial statements.
In conformity with section 444 of the Act, the form of these accounts delivered to the registrar of companies; in accordance with the provisions applicable to companies subject to the small companies regime, may be prepared by the removal of any reports, statements of movements in equity, income and expenses, and cash flows; but this filleted form delivers, as a minimum, the statements of accounting policies, financial position and notes thereto.
Approved and authorised for issue by the board on 20 July 2022 and signed on its behalf.
J M Grant
Director
NOTES TO THE FILLETED ACCOUNTS
2021 2020
£ £
1 Accounting Policies
The accounting policies are set out in full in a preceding statement.
2 Productive property, plant and equipment comprises plant and equipment
Life in years is 4
Cost or valuation
Opening amount 113,650 146,150
Disposals and scrappings (0) (32,500)
Closing amount 113,650 113,650
Amortisation
Opening amount 88,888 96,625
Charge for the period 24,762 24,763
Disposals and scrappings (0) (32,500)
Closing amount 113,650 88,888
Net amounts
Opening amount 24,762 49,525
Closing amount 0 24,762
Includes assets under finance leases
Charge for the period 0 (24,763)
Net closing balance 24,762 24,762
3 Transport equipment
Life in years is 4
Cost or valuation
Opening amount 55,370 49,550
Additions 0 5,820
Disposals and scrappings (5,820) (0)
Closing amount 49,550 55,370
Impairment
Opening amount 52,460 49,550
Charge for the period 0 2,910
Disposals and scrappings (2,910) (0)
Closing amount 49,550 52,460
Net amount
Opening amount 2,910 0
At 31 Dec 2,910
Closing amount 0 2,910
4 Inventories
Work in progress 24,000 16,508
5 Trade and other receivables
Trade receivables 59,504 52,170
Prepayments 252 0
Amounts advanced to employees 2 0
Amounts due from directors 23,593 27,635
83,351 79,805
6 Cash and cash equivalents
Bank current account 184,240 190,190
7 Borrowings due on demand
Bank card accounts due on demand (955) (2,213)
8 Current trade and other payables
Trade payables (41,813) (40,811)
Accruals (5,978) (4,728)
(47,791) (45,539)
9 Current taxation
Taxation collected (102,041) (86,909)
10 Liabilities due later than one but not later than five years
Accruals (3,251) 0
Borrowings (30,000) (44,000)
(33,251) (44,000)
11 Share capital
The company is a private company limited by share capital
2021 2020
Number Number
Equity ordinary shares of £1 each
Ordinary
Allotted, called up and fully paid 25 25 25 25
12 Reserves
Distributable 89,004 113,546
13 Ultimate control
The company is controlled by the director.
14 Commitments
Capital expenditure
There are no capital commitments.
15 Related party transactions
Key management personnel
Directors and their relationships
Transactions during the period
Remuneration 42,000 42,000
Dividends 2,000 2,000
Remuneration of family members 16,500 12,000
Purchase of services
Business use of home 1,040 1,040
16 Activity
The principal activity continues to be that of site excavation and foundation construction.
17 Employees (including directors)
2021 2020
Average during the period Number Number
2 2
ADMINISTRATION AND ADVISERS
Bankers Lloyds Bank PLC,
National Westminster Bank PLC
Accountants and registrar Cramptons
25A St Matthews Road
Torquay
TQ2 6JA
Office 23 Rowcroft Road
Paignton
TQ3 2RE
Grants Groundworks Limited 08316416 false 2021-01-01 2021-12-31 2021-12-31 VT Final Accounts (tagged by user) April 2022 J M Grant Director No description of principal activity 08316416 2020-01-01 2020-12-31 08316416 2021-01-01 2021-12-31 08316416 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08316416 bus:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 08316416 bus:Director40 2021-01-01 2021-12-31 08316416 bus:Director39 2021-01-01 2021-12-31 08316416 bus:FRS102 2021-01-01 2021-12-31 08316416 bus:FullAccounts 2021-01-01 2021-12-31 08316416 2021-12-31 08316416 2020-12-31 iso4217:GBP xbrli:pure