3 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07230280 2022-04-01 2022-12-31 07230280 2022-12-31 07230280 2022-03-31 07230280 2021-04-01 2022-03-31 07230280 2022-03-31 07230280 core:PlantMachinery 2022-04-01 2022-12-31 07230280 core:PlantMachinery 2022-03-31 07230280 core:WithinOneYear 2022-12-31 07230280 core:WithinOneYear 2022-03-31 07230280 core:ShareCapital 2022-12-31 07230280 core:ShareCapital 2022-03-31 07230280 core:RetainedEarningsAccumulatedLosses 2022-12-31 07230280 core:RetainedEarningsAccumulatedLosses 2022-03-31 07230280 bus:Director1 2022-04-01 2022-12-31 07230280 bus:Director4 2022-04-01 2022-12-31 07230280 bus:SmallEntities 2022-04-01 2022-12-31 07230280 bus:AuditExemptWithAccountantsReport 2022-04-01 2022-12-31 07230280 bus:FullAccounts 2022-04-01 2022-12-31 07230280 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2022-12-31 07230280 bus:PrivateLimitedCompanyLtd 2022-04-01 2022-12-31 07230280 core:ComputerEquipment 2022-04-01 2022-12-31 07230280 core:ComputerEquipment 2022-03-31
COMPANY REGISTRATION NUMBER: 07230280
INITIAL GROUNDWORKS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2022
INITIAL GROUNDWORKS LTD
STATEMENT OF FINANCIAL POSITION
31 December 2022
31 Dec 22
31 Mar 22
Note
£
£
£
£
CURRENT ASSETS
Debtors
6
7,044
3,261
Cash at bank and in hand
13,234
-------
--------
7,044
16,495
CREDITORS: amounts falling due within one year
7
7,032
22,930
-------
--------
NET CURRENT ASSETS/(LIABILITIES)
12
( 6,435)
----
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
12
( 6,435)
----
-------
NET ASSETS/(LIABILITIES)
12
( 6,435)
----
-------
CAPITAL AND RESERVES
Called up share capital
5
5
Profit and loss account
7
( 6,440)
----
-------
SHAREHOLDERS FUNDS/(DEFICIT)
12
( 6,435)
----
-------
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 income and retained earnings has not been delivered.
For the period ending 31 December 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 period 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 were approved by the board of directors and authorised for issue on 6 July 2023 , and are signed on behalf of the board by:
Mr C D Brooks Director
Company registration number: 07230280
INITIAL GROUNDWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 APRIL 2022 TO 31 DECEMBER 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 Headlands House 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
33% straight line
Equipment
-
33% straight line
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 3 (2022: 3 ).
5. TANGIBLE ASSETS
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 April 2022
6,153
621
6,774
Disposals
( 6,153)
( 621)
( 6,774)
-------
----
-------
At 31 December 2022
-------
----
-------
Depreciation
At 1 April 2022
6,153
621
6,774
Disposals
( 6,153)
( 621)
( 6,774)
-------
----
-------
At 31 December 2022
-------
----
-------
Carrying amount
At 31 December 2022
-------
----
-------
At 31 March 2022
-------
----
-------
6. DEBTORS
31 Dec 22
31 Mar 22
£
£
Trade debtors
1,017
2,920
Other debtors
6,027
341
-------
-------
7,044
3,261
-------
-------
7. CREDITORS: amounts falling due within one year
31 Dec 22
31 Mar 22
£
£
Corporation tax
3,752
11,425
Social security and other taxes
5,168
Other creditors
3,280
6,337
-------
--------
7,032
22,930
-------
--------
8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors advanced monies to the company. As at 31 December 2022 the amount owing from the company was £6027 (2022 - £57)