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Company No: 04478669 (England and Wales)

RBS GROUNDWORKS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

RBS GROUNDWORKS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

RBS GROUNDWORKS LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2023
RBS GROUNDWORKS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTORS K Brice-Smith
R Brice-Smith
SECRETARY K Brice-Smith
REGISTERED OFFICE Fair View Farm
Allet
Truro
TR4 9DW
United Kingdom
COMPANY NUMBER 04478669 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
RBS GROUNDWORKS LIMITED

BALANCE SHEET

As at 31 July 2023
RBS GROUNDWORKS LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 254,790 311,694
254,790 311,694
Current assets
Stocks 4 218,975 300,412
Debtors 5 282,573 417,123
Cash at bank and in hand 851,078 890,185
1,352,626 1,607,720
Creditors: amounts falling due within one year 6 ( 477,686) ( 464,247)
Net current assets 874,940 1,143,473
Total assets less current liabilities 1,129,730 1,455,167
Creditors: amounts falling due after more than one year 7 ( 17,373) ( 63,833)
Provision for liabilities 8 ( 53,606) ( 51,553)
Net assets 1,058,751 1,339,781
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,058,749 1,339,779
Total shareholders' funds 1,058,751 1,339,781

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of RBS Groundworks Limited (registered number: 04478669) were approved and authorised for issue by the Board of Directors on 04 April 2024. They were signed on its behalf by:

K Brice-Smith
Director
RBS GROUNDWORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
RBS GROUNDWORKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RBS Groundworks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fair View Farm, Allet, Truro, TR4 9DW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 33

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 August 2022 23,745 467,743 83,718 575,206
Additions 0 17,918 0 17,918
At 31 July 2023 23,745 485,661 83,718 593,124
Accumulated depreciation
At 01 August 2022 0 237,348 26,164 263,512
Charge for the financial year 0 60,433 14,389 74,822
At 31 July 2023 0 297,781 40,553 338,334
Net book value
At 31 July 2023 23,745 187,880 43,165 254,790
At 31 July 2022 23,745 230,395 57,554 311,694

4. Stocks

2023 2022
£ £
Stocks 87,513 130,804
Work in progress 131,462 169,608
218,975 300,412

5. Debtors

2023 2022
£ £
Trade debtors 237,397 177,574
Other debtors 45,176 239,549
282,573 417,123

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 134,673 128,625
Taxation and social security 36,409 156,558
Obligations under finance leases and hire purchase contracts 48,662 56,075
Other creditors 257,942 122,989
477,686 464,247

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 17,373 63,833

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 53,606 51,553

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
The directors are owed £99,730 by the company 99,730 (20,466)