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COMPANY REGISTRATION NUMBER: 05671751
Ground Skips Limited
Filleted Unaudited Financial Statements
30 June 2023
Ground Skips Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ground Skips Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
760,034
730,439
Current assets
Stocks
8,179
10,369
Debtors
6
673,184
604,377
Cash at bank and in hand
491,523
645,756
------------
------------
1,172,886
1,260,502
Creditors: amounts falling due within one year
7
1,115,432
1,113,518
------------
------------
Net current assets
57,454
146,984
----------
----------
Total assets less current liabilities
817,488
877,423
Creditors: amounts falling due after more than one year
8
106,820
100,734
----------
----------
Net assets
710,668
776,689
----------
----------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
710,666
776,687
----------
----------
Shareholders funds
710,668
776,689
----------
----------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ground Skips Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr P Shanahan
Director
Company registration number: 05671751
Ground Skips Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 West Burrowfield, Welwyn Garden City, Hertfordshire, AL7 4TW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where 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.
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:
Plant and machinery
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 July 2022
1,722,189
24,423
1,746,612
Additions
189,862
189,862
Disposals
( 154,976)
( 154,976)
------------
--------
------------
At 30 June 2023
1,757,075
24,423
1,781,498
------------
--------
------------
Depreciation
At 1 July 2022
1,004,326
11,847
1,016,173
Charge for the year
119,439
1,886
121,325
Disposals
( 116,034)
( 116,034)
------------
--------
------------
At 30 June 2023
1,007,731
13,733
1,021,464
------------
--------
------------
Carrying amount
At 30 June 2023
749,344
10,690
760,034
------------
--------
------------
At 30 June 2022
717,863
12,576
730,439
------------
--------
------------
6. Debtors
2023
2022
£
£
Trade debtors
654,756
583,175
Prepayments and accrued income
18,428
21,202
----------
----------
673,184
604,377
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
666,391
479,555
Accruals and deferred income
14,943
8,331
Social security and other taxes
48,603
61,559
Obligations under finance leases and hire purchase contracts
134,199
114,928
Director loan accounts
100,000
100,000
Other creditors
151,296
349,145
------------
------------
1,115,432
1,113,518
------------
------------
Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
106,820
100,734
----------
----------
Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Related party transactions
The company was under the control of Mr Shanahan throughout the current and previous year. Mr Shanahan is the managing director and majority shareholder. Transactions entered into during the year, under normal commercial terms, with companies with common interests were as follows:- Ground Waste Recycling Limited At the reporting date £149,645 (2022 - £348,345) was owed to Ground Waste Recycling Limited in respect of a short term interest free loan and £212,321 (2022 - £168,120) was owed to Ground Waste Recycling Limited in respect of trading activities.