2023-01-012023-12-312023-12-31false08496396Grounds Maintenance Specialists 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Grounds Maintenance Specialists Limited

Registered Number
08496396
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Grounds Maintenance Specialists Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

Mr M D Wright

Registered Address

Unit 1 J Admiral Business Park
Nelson Way
Cramlington
NE23 1WG

Registered Number

08496396 (England and Wales)
Grounds Maintenance Specialists Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets41,085,861996,178
1,085,861996,178
Current assets
Stocks55,26843,031
Debtors5772,964715,851
Cash at bank and on hand157,835225,465
986,067984,347
Creditors amounts falling due within one year6(451,118)(471,170)
Net current assets (liabilities)534,949513,177
Total assets less current liabilities1,620,8101,509,355
Creditors amounts falling due after one year7(262,003)(266,858)
Provisions for liabilities8(206,313)(189,274)
Net assets1,152,4941,053,223
Capital and reserves
Called up share capital100100
Profit and loss account1,152,3941,053,123
Shareholders' funds1,152,4941,053,223
The financial statements were approved and authorised for issue by the Director on 14 August 2024, and are signed on its behalf by:
Mr M D Wright
Director
Registered Company No. 08496396
Grounds Maintenance Specialists Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles20
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year5050
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 January 2310,50010,500
At 31 December 2310,50010,500
Amortisation and impairment
At 01 January 2310,50010,500
At 31 December 2310,50010,500
Net book value
At 31 December 23--
At 31 December 22--
4.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 January 231,132,270562,3801,694,650
Additions217,45666,840284,296
Disposals(17,954)-(17,954)
At 31 December 231,331,772629,2201,960,992
Depreciation and impairment
At 01 January 23471,282227,190698,472
Charge for year118,30970,399188,708
On disposals(12,049)-(12,049)
At 31 December 23577,542297,589875,131
Net book value
At 31 December 23754,230331,6311,085,861
At 31 December 22660,988335,190996,178
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables268,926221,511
Amounts owed by group undertakings488,062412,394
Other debtors212312
Prepayments and accrued income15,76481,634
Total772,964715,851
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables55,08150,709
Bank borrowings and overdrafts9,6469,646
Taxation and social security90,080107,064
Finance lease and HP contracts169,774146,983
Other creditors113,334143,620
Accrued liabilities and deferred income13,20313,148
Total451,118471,170
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured on the assets to which they relate.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts15,30525,195
Other creditors246,698241,663
Total262,003266,858
Finance lease and HP contracts are included in other creditors £246,698 (2023 - £241,663) and are secured on the assets to which they relate.
8.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made. Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account the relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the statement of financial position.

2023

2022

££
Net deferred tax liability (asset)206,313189,274
Total206,313189,274
9.Other commitments
At 31 December 2023 the company had future minimum lease payments under non-cancellable operating leases of £30,150 (2022 - £72,000).
10.Related party transactions
The company has taken advantage of the small group exemptions not to disclose transactions with the parent entity, of which the company is a 100% subsidiary, or fellow subsidiaries.