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Registration number: 11783900

Y E Groundworks Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2024

 

Y E Groundworks Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Y E Groundworks Ltd

Company Information

Directors

Mrs Jolie Lockie

Mr Richard Ian Lockie

Registered office

Stones Accountancy Limited
5 North Court Armstrong Road
Maidstone Kent
Kent
ME15 6JZ

Accountants

Stones Accountancy Limited
Chartered Accountant
5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ

 

Y E Groundworks Ltd

(Registration number: 11783900)
Abridged Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,000

6,000

Tangible assets

5

17,447

21,690

 

22,447

27,690

Current assets

 

Debtors

6

25,343

23,672

Cash at bank and in hand

 

2,217

700

 

27,560

24,372

Creditors: Amounts falling due within one year

(24,787)

(19,383)

Net current assets

 

2,773

4,989

Total assets less current liabilities

 

25,220

32,679

Creditors: Amounts falling due after more than one year

(20,725)

(27,651)

Accruals and deferred income

 

(624)

(2,076)

Net assets

 

3,871

2,952

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

3,869

2,950

Shareholders' funds

 

3,871

2,952

For the financial year ending 31 January 2024 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 year 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 11 March 2024 and signed on its behalf by:
 

 

Y E Groundworks Ltd

(Registration number: 11783900)
Abridged Balance Sheet as at 31 January 2024

.........................................
Mr Richard Ian Lockie
Director

 

Y E Groundworks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Stones Accountancy Limited
5 North Court Armstrong Road
Maidstone Kent
Kent
ME15 6JZ
United Kingdom

These financial statements were authorised for issue by the Board on 11 March 2024.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Y E Groundworks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing Balance

Office Equipment

25% Reducing Balance

Vehicles

20% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill from Sole trade

Strightline over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Y E Groundworks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Y E Groundworks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 February 2023

10,000

At 31 January 2024

10,000

Amortisation

At 1 February 2023

4,000

Amortisation charge

1,000

At 31 January 2024

5,000

Carrying amount

At 31 January 2024

5,000

At 31 January 2023

6,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

1,141

33,108

200

34,449

Additions

-

-

160

160

At 31 January 2024

1,141

33,108

360

34,609

Depreciation

At 1 February 2023

703

11,919

137

12,759

Charge for the year

109

4,238

56

4,403

At 31 January 2024

812

16,157

193

17,162

Carrying amount

At 31 January 2024

329

16,951

167

17,447

At 31 January 2023

438

21,189

63

21,690

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

 

Y E Groundworks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

2

2

2

2

       

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £24,000.00 (2023 - £26,000.00) per each Ordinary £1

48,000

52,000

 

 

9

Related party transactions

 

Y E Groundworks Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,510

21,358