Acorah Software Products - Accounts Production 14.5.601 false true 30 September 2022 1 October 2021 false 1 October 2022 30 September 2023 30 September 2023 05926572 Mr Gene Rigby Mr Nicholas McDowell Mr Steven Elwell Mr Nicholas McDowell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05926572 2022-09-30 05926572 2023-09-30 05926572 2022-10-01 2023-09-30 05926572 frs-core:CurrentFinancialInstruments 2023-09-30 05926572 frs-core:Non-currentFinancialInstruments 2023-09-30 05926572 frs-core:BetweenOneFiveYears 2023-09-30 05926572 frs-core:FurnitureFittings 2023-09-30 05926572 frs-core:FurnitureFittings 2022-10-01 2023-09-30 05926572 frs-core:FurnitureFittings 2022-09-30 05926572 frs-core:PlantMachinery 2023-09-30 05926572 frs-core:PlantMachinery 2022-10-01 2023-09-30 05926572 frs-core:PlantMachinery 2022-09-30 05926572 frs-core:WithinOneYear 2023-09-30 05926572 frs-core:ShareCapital 2023-09-30 05926572 frs-core:RetainedEarningsAccumulatedLosses 2023-09-30 05926572 frs-bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05926572 frs-bus:FilletedAccounts 2022-10-01 2023-09-30 05926572 frs-bus:SmallEntities 2022-10-01 2023-09-30 05926572 frs-bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 05926572 frs-bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 05926572 frs-bus:Director1 2022-10-01 2023-09-30 05926572 frs-bus:Director1 2022-09-30 05926572 frs-bus:Director1 2023-09-30 05926572 frs-bus:Director2 2022-10-01 2023-09-30 05926572 frs-bus:Director2 2022-09-30 05926572 frs-bus:Director2 2023-09-30 05926572 frs-bus:Director3 2022-10-01 2023-09-30 05926572 frs-bus:CompanySecretary1 2022-10-01 2023-09-30 05926572 frs-countries:EnglandWales 2022-10-01 2023-09-30 05926572 2021-09-30 05926572 2022-09-30 05926572 2021-10-01 2022-09-30 05926572 frs-core:CurrentFinancialInstruments 2022-09-30 05926572 frs-core:Non-currentFinancialInstruments 2022-09-30 05926572 frs-core:BetweenOneFiveYears 2022-09-30 05926572 frs-core:PlantMachinery 2021-10-01 2022-09-30 05926572 frs-core:WithinOneYear 2022-09-30 05926572 frs-core:ShareCapital 2022-09-30 05926572 frs-core:RetainedEarningsAccumulatedLosses 2022-09-30
Registered number: 05926572
G N Groundworks Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05926572
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,075,423 1,072,564
1,075,423 1,072,564
CURRENT ASSETS
Stocks 5 976,477 685,338
Debtors 6 513,152 627,855
Cash at bank and in hand 440,550 448,075
1,930,179 1,761,268
Creditors: Amounts Falling Due Within One Year 7 (1,119,938 ) (966,382 )
NET CURRENT ASSETS (LIABILITIES) 810,241 794,886
TOTAL ASSETS LESS CURRENT LIABILITIES 1,885,664 1,867,450
Creditors: Amounts Falling Due After More Than One Year 8 (980,256 ) (796,497 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (194,374 ) (203,787 )
NET ASSETS 711,034 867,166
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 710,934 867,066
SHAREHOLDERS' FUNDS 711,034 867,166
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For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nicholas McDowell
Director
8 April 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
G N Groundworks Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05926572 . The registered office is Clear Accountancy (Inc. Nira Smith Accounts) Ltd, The E-Innovation Centre, Priorslee, Telford, Shropshire, TF2 9FT.
The financial statements are presented in pound sterling.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Included within Fixtures & Fittings are office alterations of £87,012 not depreciated.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 13 15
13 15
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 October 2022 2,003,459 20,600 2,024,059
Additions 164,725 97,148 261,873
Disposals (143,962 ) - (143,962 )
As at 30 September 2023 2,024,222 117,748 2,141,970
Depreciation
As at 1 October 2022 938,423 13,072 951,495
Provided during the period 235,183 2,699 237,882
Disposals (122,830 ) - (122,830 )
As at 30 September 2023 1,050,776 15,771 1,066,547
Net Book Value
As at 30 September 2023 973,446 101,977 1,075,423
As at 1 October 2022 1,065,036 7,528 1,072,564
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & Machinery 184,531 674,649
184,531 674,649
5. Stocks
2023 2022
£ £
Materials 25,000 25,000
Work in progress 951,477 660,338
976,477 685,338
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 383,099 486,644
Prepayments and accrued income 64,441 34,730
Other debtors - 188
Corporation tax recoverable assets 26,968 26,968
VAT 38,644 79,325
513,152 627,855
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 54,431 207,218
Trade creditors 633,283 420,704
Bank loans and overdrafts 277,489 154,411
Corporation tax 19,821 -
Other taxes and social security 50,005 43,452
Other creditors 4,352 955
Accruals and deferred income 76,847 139,487
Directors' loan accounts 3,710 155
1,119,938 966,382
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 124,018 360,669
Bank loans 856,238 435,828
980,256 796,497
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9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by way of a fixed and floating charge over the company's assets:
2023 2022
£ £
Bank loans and overdrafts 673,132 553,572
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 54,431 207,218
Later than one year and not later than five years 124,018 360,669
178,449 567,887
178,449 567,887
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,271 (2022: £843) were due to the fund. They are included in Other Creditors.
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2022 Amounts advanced Amounts repaid Amounts written off As at 30 September 2023
£ £ £ £ £
Mr Gene Rigby - 91,290 95,000 - (3,710 )
Mr Nicholas McDowell (155 ) 95,155 95,000 - -
The above loans are unsecured, interest has been charged at 2.00% on the above loans. There were no other conditions attached.
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