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Registered Number: 07862533
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2023

for

GROUND DESIGNS (NORFOLK) LTD.

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 23,559    26,423 
23,559    26,423 
Current assets      
Debtors 4 8,261   
Cash at bank and in hand 25,865    54,229 
34,126    54,229 
Creditors: amount falling due within one year 5 (13,952)   (46,534)
Net current assets 20,174    7,695 
 
Total assets less current liabilities 43,733    34,118 
Creditors: amount falling due after more than one year 6 (5,648)   (10,551)
Provisions for liabilities 7 (5,955)   (5,523)
Net assets 32,130    18,044 
 

Capital and reserves
     
Called up share capital 200    200 
Profit and loss account 31,930    17,844 
Shareholder's funds 32,130    18,044 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 November 2023 and were signed on its behalf by:


-------------------------------
Thomas Kenneth Ground
Director
1
General Information
Ground Designs (Norfolk) Ltd. is a private company, limited by shares, registered in England and Wales, registration number 07862533, registration address Sedum House, Sandpit Lane, Gimingham, Norfolk, NR11 8HH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 20% Reducing Balance
Computer Equipment 33% Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Computer Equipment   Total
  £   £   £
At 01 April 2022 29,020    13,820    42,840 
Additions   3,791    3,791 
Disposals    
At 31 March 2023 29,020    17,611    46,631 
Depreciation
At 01 April 2022 4,929    11,488    16,417 
Charge for year 4,818    1,837    6,655 
On disposals    
At 31 March 2023 9,747    13,325    23,072 
Net book values
Closing balance as at 31 March 2023 19,273    4,286    23,559 
Opening balance as at 01 April 2022 24,091    2,332    26,423 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 8,261   
8,261   

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Corporation Tax 2,923   
PAYE & Social Security 698   
Accrued Expenses   1,440 
Obligations under HP/Financial Leases 5,383    5,383 
Directors' Current Accounts 1,956    35,156 
VAT 2,992    4,555 
13,952    46,534 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Obligations Under HP/Financial Leases 5,648    10,551 
5,648    10,551 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 5,523    5,523 
Charged to Profit & Loss 432   
5,955    5,523 

2