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Company registration number: 11182696
Lord Groundworks Services Ltd
Unaudited filleted abridged financial statements
28 February 2023
Lord Groundworks Services Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Lord Groundworks Services Ltd
Directors and other information
Directors M B R Lord
L M Lord
Company number 11182696
Registered office 18 Station Road
Haddenham
Ely
Cambridgeshire
CB6 3XD
Accountants Tracy Newman & Co Limited
Chartered Accountant
7a Market Place
Ely
Cambridgeshire
CB7 4NP
Lord Groundworks Services Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Lord Groundworks Services Ltd
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lord Groundworks Services Ltd for the year ended 28 February 2023 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of Lord Groundworks Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lord Groundworks Services Ltd and state those matters that we have agreed to state to the board of directors of Lord Groundworks Services Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lord Groundworks Services Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lord Groundworks Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lord Groundworks Services Ltd. You consider that Lord Groundworks Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Lord Groundworks Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Tracy Newman & Co Limited
Chartered Accountant
7a Market Place
Ely
Cambridgeshire
CB7 4NP
23 November 2023
Lord Groundworks Services Ltd
Abridged statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible fixed assets 5 112,478 53,924
Fixed Asset Investments 6 268,098 48,500
_______ _______
380,576 102,424
Current assets
Stocks 7,500 5,500
Debtors 104,353 79,290
Cash at bank and in hand 276,511 348,595
_______ _______
388,364 433,385
Creditors: amounts falling due
within one year 7 ( 88,522) ( 60,215)
_______ _______
Net current assets 299,842 373,170
_______ _______
Total assets less current liabilities 680,418 475,594
Creditors: amounts falling due
after more than one year 8 ( 130,067) -
Provisions for liabilities ( 21,048) ( 9,871)
_______ _______
Net assets 529,303 465,723
_______ _______
Capital and reserves
Called up share capital 1 1
Revaluation reserve 5,384 5,755
Profit and loss account 523,918 459,967
_______ _______
Shareholders funds 529,303 465,723
_______ _______
For the year ending 28 February 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 financial statements for the year 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 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
M B R Lord
Director
Company registration number: 11182696
Lord Groundworks Services Ltd
Notes to the financial statements
Year ended 28 February 2023
1. General information
Lord Groundworks Services Ltd is a private company, limited by shares, registered in England & Wales. The address of the registered office is 18 Station Road, Haddenham, Ely, Cambridgeshire, CB6 3XD.
2. Statement of compliance
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.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors believe that the company is experiencing good levels of sales and profitability, and that it is well-placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Turnover from a contract to provide services is recognised when the significant risks and rewards of ownership have transferred to the buyer and the following criteria have been met: i) the amount of revenue can be measured reliably; ii) it is probable that the associated economic benefits will flow to the company; iii) the stage of the completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible fixed assets
tangible fixed assets held for the company's own use are stated at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Assets held under finance leases are depreciated in the same way as owned assets. Any tangible fixed assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Portable freehold properties - 10 % straight line
Plant and machinery - 25 % straight line
Computer equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments (excluding Investment Properties)
Any assets purchased for investment purposes only and therefore not used in the business are initially recorded at cost.
At each balance sheet date specialists in the sale and purchase of such assets will appraise each asset. Each asset will be recorded in the accounts at its revaluation amount.
If an asset's carrying amount is increased as a result of revaluation the increase shall be recognised in Other Comprehensive Income and accumulated in equity. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit or loss.
The decrease of an asset's carrying amount as a result of a revaluation shall be recognised in Other Comprehensive Income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment Property
Investment property is carried at fair value determined annually by the directors. No depreciation is provided.
If a property's carrying amount is increased as a result of revaluation the increase shall be recognised in Other Comprehensive Income and accumulated in equity. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit or loss.
The decrease of a property's carrying amount as a result of a revaluation shall be recognised in Other Comprehensive Income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
When stocks are sold the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Pension costs
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. Contributions to defined contribution plans are recognised as an expense in the period in which they fall due. Amounts not paid are shown under creditors as a liability in the Balance Sheet.
4. Employee numbers
During the year the average number of employees, including directors, was 7 (2022: 6).
5. Tangible fixed assets
£
Cost
At 1 March 2022 103,611
Additions 97,358
Disposals ( 23,500)
_______
At 28 February 2023 177,469
_______
Depreciation
At 1 March 2022 49,687
Charge for the year 27,815
Disposals ( 12,511)
_______
At 28 February 2023 64,991
_______
Carrying amount
At 28 February 2023 112,478
_______
At 28 February 2022 53,924
_______
6. Fixed Asset Investments
£
Valuation
At 1 March 2022 48,500
Additions at cost 219,969
Revaluations ( 371)
_______
At 28 February 2023 268,098
_______
Classic Motorbikes
The company holds two classic motorbikes for investment purposes. The historical cost of the two motorbikes is £42,745.
A Suzuki RGV570 bike was serviced during the year at a cost of £371. At 3 October 2023 the bike was valued as at 28 February 2023 on an open market basis for £30,000 (historical costs of £25,366). The valuation was undertaken by RHR Motorcycles, Unit 7 Gold Leaf Industrial Estate, Sandall Lane, Wisbech PE13 2GA.
A Yamaha TZ250 bike was valued as at 28 February 2023 on an open market basis on 30 September 2023 for £18,500 (historical cost £17,750). The valuation was undertaken by Racing & Investment Motorcycles, Windsong, Itchenor Road, Itchenor Green, Chichester PO20 7DA.
Investment Property
In January 2023 the company bought a residential property for investment purposes. The cost of the property including all purchase costs amounted to £219,598. As at 28 February 2023 the directors valued the property on an open market value for existing use basis at £219,598.
7. Creditors: amounts falling due within one year
Included within creditors: amounts falling due within one year a total of £22,568 (2022: £Nil) is secured against the assets to which the liabilities relate. A bank loan of £12,638 is secured against the investment residential property. Net obligations under hire purchase contracts (£9,930) are secured against the vehicle to which it relates.
8. Creditors: amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year a total of £130,067 (2022: £Nil) is secured against the assets to which the liabilities relate. A bank loan of £112,689 is secured against the investment residential property. Net obligations under hire purchase contracts (£17,378) are secured against the vehicle to which it relates.
Included within creditors: amounts falling due after more than one year is an amount of £62,137 (2022: £Nil) in respect of bank loans payable by instalments which fall due for payment after more than five years from the reporting date.
9. Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,650 (2022: £2,520). Contribution payments totalling £612 (2022: £707) were outstanding at the balance sheet date and are included in creditors.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
M B R & L M Lord 7,305 3,068 ( 13,219) ( 2,846)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
M B R & L M Lord 762 10,392 ( 3,849) 7,305
_______ _______ _______ _______
The advance to the directors was unsecured, interest free and repayable on demand.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2023 2022
£ £
M B R Lord 52,500 -
_______ _______
In January 2023 the company purchased a residential property for £210,000 for investment purposes. The property was 25% owned by the director, M B R Lord .