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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 | |||||||||||
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 | |||||||||
Transport equipment | 3 | 0 | |||||||||
0 | 27,672 | ||||||||||
Current assets | |||||||||||
Inventories | 4 | ||||||||||
Trade and other receivables | 5 | ||||||||||
Cash and cash equivalents | 6 | ||||||||||
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 | ( |
( |
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Taxation | 9 | ( |
( |
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Borrowings subject to notice | ( |
( |
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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. | |||||||||||
Approved and authorised for issue by the board on |
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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 | |||||||||||
Amortisation | |||||||||||
Opening amount | 88,888 | 96,625 | |||||||||
Charge for the period | 24,762 | 24,763 | |||||||||
Disposals and scrappings | (0) | (32,500) | |||||||||
Closing amount | |||||||||||
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 | |||||||||||
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 | |||||||||
ADMINISTRATION AND ADVISERS | |||||||||||
Bankers | Lloyds Bank PLC, National Westminster Bank PLC |
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Accountants and registrar | Cramptons 25A St Matthews Road Torquay TQ2 6JA |
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Office | 23 Rowcroft Road Paignton TQ3 2RE |