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Registration number: 04533524

Groundgate Limited

Annual Report and Unaudited Financial Statements Period from 1 May 2022 to 30 September 2023

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Chartered Accountants

 

Groundgate Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

Groundgate Limited

Company Information

Directors

Mrs Miranda Olivia Heynes

Mrs Imogen Tammy Addington

Mrs Lucinda Brown

Company secretary

Mrs Kathleen Hobbs

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Groundgate Limitedfor the Period Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Groundgate Limited for the period ended 30 September 2023 as set out on pages 3 to 6 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/regulation.

This report is made solely to the Board of Directors of Groundgate Limited, as a body, in accordance with the terms of our engagement letter dated 9 August 2010. Our work has been undertaken solely to prepare for your approval the accounts of Groundgate Limited and state those matters that we have agreed to state to the Board of Directors of Groundgate Limited, 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 Groundgate Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Groundgate Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Groundgate Limited. You consider that Groundgate Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Groundgate Limited. 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 accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

15 January 2024

 

Groundgate Limited

(Registration number: 04533524)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

207,711

Current assets

 

Debtors

5

24,662

-

Cash at bank and in hand

 

-

431

 

24,662

431

Creditors: Amounts falling due within one year

6

-

(249,627)

Net current assets/(liabilities)

 

24,662

(249,196)

Net assets/(liabilities)

 

24,662

(41,485)

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

24,660

(41,487)

Shareholders' funds/(deficit)

 

24,662

(41,485)

For the financial period ending 30 September 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2024 and signed on its behalf by:
 



Mrs Lucinda Brown
Director

 

Groundgate Limited

Notes to the Unaudited Financial Statements
for the Period from 1 May 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

The company owns an Investment property in Portugal. The property is included at its original cost as the Director believes that the fair value cannot be measured reliably without undue cost or effort.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Groundgate Limited

Notes to the Unaudited Financial Statements
for the Period from 1 May 2022 to 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3 (2022 - 3).

4

Tangible assets

Investment property
£

Total
£

Cost or valuation

At 1 May 2022

207,711

207,711

Disposals

(207,711)

(207,711)

At 30 September 2023

-

-

Depreciation

Carrying amount

At 30 September 2023

-

-

At 30 April 2022

207,711

207,711

.
 

5

Debtors

Current

2023
£

2022
£

Other debtors

24,662

-

 

Groundgate Limited

Notes to the Unaudited Financial Statements
for the Period from 1 May 2022 to 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

25,855

Trade creditors

 

-

595

Accruals and deferred income

 

-

420

Other creditors

 

-

222,757

 

-

249,627

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

2 Ordinary shares of £1 each

2

2

2

2

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

5,855

Other borrowings

-

20,000

-

25,855