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Registration number: 04370092

The Ground Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Ground Group Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

The Ground Group Limited

(Registration number: 04370092)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

45,640

92,640

Investment property

5

5,742,131

6,230,039

 

5,787,771

6,322,679

Current assets

 

Stocks

6

-

2,991,747

Debtors

7

8,369,494

4,394,724

Cash at bank and in hand

 

262,862

19,560

 

8,632,356

7,406,031

Creditors: Amounts falling due within one year

8

(1,730,101)

(2,041,405)

Net current assets

 

6,902,255

5,364,626

Total assets less current liabilities

 

12,690,026

11,687,305

Creditors: Amounts falling due after more than one year

8

(5,681,215)

(5,034,639)

Provisions for liabilities

(35,128)

(32,183)

Net assets

 

6,973,683

6,620,483

Capital and reserves

 

Called up share capital

2

2

Retained earnings

6,973,681

6,620,481

Shareholders' funds

 

6,973,683

6,620,483

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

The Ground Group Limited

(Registration number: 04370092)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 29 July 2024
 

.........................................
Mr N S Griffiths
Company secretary and director

 

The Ground Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit D Xenon Park
Worcester Avenue
Wheatley
Doncaster
DN2 4NB

These financial statements were authorised for issue by the director on 29 July 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 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 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.

Revenue recognition

Turnover is recognised at legal completion in respect of the total proceeds of building and
development. Turnover is measured at the fair value of consideration receivable and represents the
amount receivable for a property, net of discounts and VAT.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred 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.

 

The Ground Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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% per annum on a reducing balance basis

Fixtures, fittings and equipment

25% per annum on a reducing balance basis

Motor vehicles

25% per annum on a reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

The Ground Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

The Ground Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 6).

 

The Ground Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

126,427

146,053

272,480

Disposals

-

(56,500)

(56,500)

At 31 December 2023

126,427

89,553

215,980

Depreciation

At 1 January 2023

85,843

93,997

179,840

Charge for the year

10,150

5,069

15,219

Eliminated on disposal

-

(24,719)

(24,719)

At 31 December 2023

95,993

74,347

170,340

Carrying amount

At 31 December 2023

30,434

15,206

45,640

At 31 December 2022

40,584

52,056

92,640

5

Investment properties

2023
£

At 1 January

6,230,039

Additions

957,739

Disposals

(1,445,647)

At 31 December

5,742,131

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Other inventories

-

2,991,747

 

The Ground Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

64,242

162,884

Amounts owed by related parties

11

7,693,404

3,830,711

Other debtors

 

570,260

396,236

Prepayments

 

41,588

4,893

 

8,369,494

4,394,724

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

461,492

416,937

Trade creditors

 

71,405

112,782

Amounts owed to related parties

11

609,812

159,220

Taxation and social security

 

39,802

215,993

Corporation tax

 

373,973

955,372

Other creditors

 

114,879

115,294

Accrued expenses

 

58,738

65,807

 

1,730,101

2,041,405

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £211,492 (2022 - £128,392).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

5,681,215

5,034,639

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,681,215 (2022 - £4,740,405).

 

The Ground Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,681,215

4,740,406

Hire purchase contracts

-

294,233

5,681,215

5,034,639

2023
£

2022
£

Current loans and borrowings

Bank borrowings

211,492

128,392

Hire purchase contracts

-

58,545

Other borrowings

250,000

230,000

461,492

416,937

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £4,941).

11

Related party transactions

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

3,830,711

3,830,711

Advanced

3,862,693

3,862,693

At end of period

7,693,404

7,693,404

 

The Ground Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2022

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

1,751,148

2,134,073

3,885,221

Advanced

2,079,563

-

2,079,563

Repaid

-

(2,134,073)

(2,134,073)

At end of period

3,830,711

-

3,830,711

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

123,258

123,258

Repaid

(1,133)

(1,133)

At end of period

122,125

122,125

2022

Entities with joint control or significant influence
£

Total
£

At start of period

528,485

528,485

Repaid

(405,227)

(405,227)

At end of period

123,258

123,258

Terms of loans from related parties

There are no repayment terms and interest is charged on the loans to the directors only.

Key management includes the company directors.