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REGISTERED NUMBER: SC446464 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

Groundtek Ltd

Groundtek Ltd (Registered number: SC446464)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Groundtek Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: K MacEachen
Mrs M Gibson





REGISTERED OFFICE: 7 Central Avenue
Mount Vernon
Scotland
Glasgow
G32 9JP





REGISTERED NUMBER: SC446464 (Scotland)





ACCOUNTANTS: Key Professional Partnership Ltd
Unit 3 Morris Park
Rosyth Road
Glasgow
G5 0YE

Groundtek Ltd (Registered number: SC446464)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,200 42,310

CURRENT ASSETS
Stocks 41,609 6,140
Debtors 5 113,150 167,430
Cash at bank 21,241 6,047
176,000 179,617
CREDITORS
Amounts falling due within one year 6 128,920 145,478
NET CURRENT ASSETS 47,080 34,139
TOTAL ASSETS LESS CURRENT
LIABILITIES

79,280

76,449

CREDITORS
Amounts falling due after more than one
year

7

(73,130

)

(104,938

)

PROVISIONS FOR LIABILITIES (5,646 ) -
NET ASSETS/(LIABILITIES) 504 (28,489 )

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 403 (28,590 )
SHAREHOLDERS' FUNDS 504 (28,489 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Groundtek Ltd (Registered number: SC446464)

Balance Sheet - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





K MacEachen - Director


Groundtek Ltd (Registered number: SC446464)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Groundtek Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to the considerations and is recorded at the value of the considerations due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on reducing balance
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Groundtek Ltd (Registered number: SC446464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 8 ) .

Groundtek Ltd (Registered number: SC446464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 7,915 83,536 91,451
Additions 579 667 1,246
Disposals - (8,750 ) (8,750 )
At 30 April 2023 8,494 75,453 83,947
DEPRECIATION
At 1 May 2022 450 48,691 49,141
Charge for year 402 8,185 8,587
Eliminated on disposal - (5,981 ) (5,981 )
At 30 April 2023 852 50,895 51,747
NET BOOK VALUE
At 30 April 2023 7,642 24,558 32,200
At 30 April 2022 7,465 34,845 42,310

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 10,112 74,689
Other debtors 103,038 92,741
113,150 167,430

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 10,048 9,930
Hire purchase contracts 4,438 6,521
Trade creditors 58,063 70,090
Taxation and social security (2,214 ) 13,700
Other creditors 58,585 45,237
128,920 145,478

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Bank loans 20,786 31,159
Hire purchase contracts 7,086 13,738
Other creditors 45,258 60,041
73,130 104,938