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REGISTERED NUMBER: SC350683 (Scotland)










Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Groundwater Tait Limited

Groundwater Tait Limited (Registered number: SC350683)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Groundwater Tait Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: E J Tait
Mrs O J Tait
E J G Tait
Mrs K J Watson





SECRETARY: Mrs O J Tait





REGISTERED OFFICE: Ranganoust
Orphir
Orkney
KW17 2RB





REGISTERED NUMBER: SC350683 (Scotland)





ACCOUNTANTS: Orcadia
Chartered Accountants
1 - 3 East Road
Kirkwall
Orkney
KW15 1HZ

Groundwater Tait Limited (Registered number: SC350683)

Statement of Financial Position
31 October 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
99,419 Tangible assets 4 82,994

CURRENT ASSETS
98,103 Stocks 54,062
88,101 Debtors 5 15,788
109,619 Cash at bank 269,768
295,823 339,618
CREDITORS
118,004 Amounts falling due within one year 6 137,660
177,819 NET CURRENT ASSETS 201,958
277,238 TOTAL ASSETS LESS CURRENT
LIABILITIES

284,952

CREDITORS
- Amounts falling due after more than one
year

7

(3,782

)

(17,141 ) PROVISIONS FOR LIABILITIES (18,862 )
260,097 NET ASSETS 262,308

CAPITAL AND RESERVES
44 Called up share capital 44
260,053 Retained earnings 262,264
260,097 SHAREHOLDERS' FUNDS 262,308

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Groundwater Tait Limited (Registered number: SC350683)

Statement of Financial Position - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





E J Tait - Director


Groundwater Tait Limited (Registered number: SC350683)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Groundwater Tait Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 10% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Groundwater Tait Limited (Registered number: SC350683)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The interest element of the rental obligations are charged to profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 268,286
Additions 16,766
At 31 October 2023 285,052
DEPRECIATION
At 1 November 2022 168,867
Charge for year 33,191
At 31 October 2023 202,058
NET BOOK VALUE
At 31 October 2023 82,994
At 31 October 2022 99,419

Groundwater Tait Limited (Registered number: SC350683)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 20,053
Other debtors 15,788 68,048
15,788 88,101

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 6,484 16,750
Trade creditors 79,851 62,029
Taxation and social security 19,709 10,249
Other creditors 31,616 28,976
137,660 118,004

Other creditors includes £24,671 (2022: £26,909) due to the directors.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,782 -