Registered number
10640788
IRW Groundworks Ltd
Filleted Accounts
31 March 2023
IRW Groundworks Ltd
Registered number: 10640788
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,158 21,881
Current assets
Debtors 4 13,808 39,700
Cash at bank and in hand 12,560 24,393
26,368 64,093
Creditors: amounts falling due within one year 5 (10,523) (10,193)
Net current assets 15,845 53,900
Total assets less current liabilities 37,003 75,781
Creditors: amounts falling due after more than one year 6 (36,845) (44,485)
Net assets 158 31,296
Capital and reserves
Called up share capital 100 100
Profit and loss account 58 31,196
Shareholders' funds 158 31,296
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.
Liam Wade
Director
Approved by the board on 14 October 2023
IRW Groundworks Ltd
Notes to the Accounts
for the period from 1 February 2022 to 31 March 2023
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 17,250 30,700 47,950
Additions 1,703 3,300 5,003
At 31 March 2023 18,953 34,000 52,953
Depreciation
At 1 February 2022 9,006 17,063 26,069
Charge for the period 1,492 4,234 5,726
At 31 March 2023 10,498 21,297 31,795
Net book value
At 31 March 2023 8,455 12,703 21,158
At 31 January 2022 8,244 13,637 21,881
4 Debtors 2023 2022
£ £
Trade debtors 4,894 16,732
Other debtors 8,914 22,968
13,808 39,700
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 4,505
Taxation and social security costs 4,085 (812)
Directors Loan Account 2,113 -
Other creditors 4,325 6,500
10,523 10,193
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 36,845 43,734
Obligations under finance lease and hire purchase contracts - 751
36,845 44,485
7 Other information
IRW Groundworks Ltd is a private company limited by shares and incorporated in England. Its registered office is:
13a Pelham Street
Ilkeston
Derbyshire
DE7 8AR
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