Below Ground Interiors Ltd 13563112 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Renovation services Digita Accounts Production Advanced 6.30.9574.0 true true 13563112 2022-04-01 2023-03-31 13563112 2023-03-31 13563112 core:RetainedEarningsAccumulatedLosses 2023-03-31 13563112 core:ShareCapital 2023-03-31 13563112 core:CurrentFinancialInstruments 2023-03-31 13563112 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13563112 core:MotorVehicles 2023-03-31 13563112 bus:SmallEntities 2022-04-01 2023-03-31 13563112 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13563112 bus:FullAccounts 2022-04-01 2023-03-31 13563112 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13563112 bus:RegisteredOffice 2022-04-01 2023-03-31 13563112 bus:Director2 2022-04-01 2023-03-31 13563112 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13563112 core:MotorVehicles 2022-04-01 2023-03-31 13563112 countries:EnglandWales 2022-04-01 2023-03-31 13563112 2022-03-31 13563112 core:MotorVehicles 2022-03-31 13563112 2021-08-12 2022-03-31 13563112 2022-03-31 13563112 core:RetainedEarningsAccumulatedLosses 2022-03-31 13563112 core:ShareCapital 2022-03-31 13563112 core:CurrentFinancialInstruments 2022-03-31 13563112 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 13563112 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 13563112

Below Ground Interiors Ltd

Annual Report and Unaudited Financial Statements

For The Year Ended 31 March 2023

 

Below Ground Interiors Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Below Ground Interiors Ltd

(Registration number: 13563112)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

44,318

 

21,277

Current assets

   

 

Debtors

5

32,770

 

6,281

 

Cash at bank and in hand

 

24,348

 

43,321

 

 

57,118

 

49,602

 

Creditors: Amounts falling due within one year

6

(28,316)

 

(36,652)

 

Net current assets

   

28,802

 

12,950

Total assets less current liabilities

   

73,120

 

34,227

Provisions for liabilities

 

(11,079)

 

(4,043)

Net assets

   

62,041

 

30,184

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

61,941

 

30,084

 

Total equity

   

62,041

 

30,184

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 September 2023 and signed on its behalf by:
 

.........................................
Mr S.J. Maud
Director

 

Below Ground Interiors Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 11, Fusion Court
Aberford Road
Garforth
Leeds
LS25 2GH

These financial statements were authorised for issue by the Board on 7 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Below Ground Interiors Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

 

Below Ground Interiors Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2023

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

28,369

28,369

Additions

37,816

37,816

At 31 March 2023

66,185

66,185

Depreciation

At 1 April 2022

7,092

7,092

Charge for the year

14,775

14,775

At 31 March 2023

21,867

21,867

Carrying amount

At 31 March 2023

44,318

44,318

At 31 March 2022

21,277

21,277

5

Debtors

Current

2023
£

2022
£

Trade debtors

(845)

2,012

Other debtors

33,615

4,269

 

32,770

6,281

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

-

20,000

Taxation and social security

21,055

13,179

Other creditors

7,261

3,473

28,316

36,652

 

Below Ground Interiors Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2023

7

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,363

-