10 SEPTEMBER 2024
GRANTS GROUNDWORKS LIMITED
Registered in England & Wales No. 8316416
FILLETED FINANCIAL ACCOUNTS
FOR THE PERIOD
1 JANUARY 2023 TO 31 DECEMBER 2023
ACCOUNTING POLICIES
Accounting convention
The financial statements within the annual report have been prepared on the going concern basis and are in compliance with section 1A of the financial reporting standard 102 applicable in the United Kingdom.
Non-current assets
Property, plant and equipment, excluding any property held for investment, is stated at cost except for any revaluation of land and buildings, less aggregate depreciation and any provision for impairment. With the exception of freehold land, depreciation is charged after allowance for residual value, over the remaining useful economic life by equal annual instalments. The economic life used is for acquisition as new, the deemed life for assets acquired second hand is the remainder or half of the deemed life from new, whichever is the greater.
Deferred taxation
Provision is made for at the appropriate or current tax rate in respect of any possible liability due to timing differences between recognition of events for taxation and accounting purposes. Recognition of any possible asset due to timing differences as above is only recognised to the extent that recovery is reasonably certain.
Revenue
Revenue represents income in respect of goods or services possession of which has passed to customers in the normal course of activity, and for which those customers have become liable during the period. It is stated net of any tax that is passed on to, or offset against amounts due from, taxing authorities.
Repairs and renewals
Expenditure of up to £1000 on an item, excluding items treated as part of a project over £1000, is written off in the period it is incurred even if it represented an addition or improvement.
FINANCIAL POSITION
As at 31 December 2023 2022
Notes £ £
Non-current assets
Productive property, plant and equipment 2 56,250 0
Current assets
Trade and other receivables 4 45,250 90,550
Cash and cash equivalents 5 270,337 171,398
315,587 261,948
Current liabilities
Due not later than one year
Credits and overdrafts repayable on demand 6 (0) (1,448)
Trade and other payables 7 (12,987) (9,787)
Taxation 8 (47,744) (64,343)
Borrowings subject to notice (10,045) (17,939)
Provisions 9 (57,600) (0)
Net current assets 187,211 168,431
Non-current liabilities
Due later than one and not later than five years 10 (31,700) (30,775)
211,761 137,656
Equity
Share capital 11 25 25
Distributable reserves 211,736 137,631
211,761 137,656
The company is registered in England & Wales under no. 8316416 and is subject to the Companies Act 2006 in its various sections.
The directors acknowledge their responsibilities under section 386 of the Act for the maintenance of adequate accounting records and under section 394 of the Act for the preparation of financial statements.
For the period to 31 December 2023, the date of this financial position statement, the company qualified as small under section 382 of the Act. Members have not required the company to obtain an audit of its financial statements under section 476 of the Act.
The company is entitled, as a small company, to exemption under section 477 of the Companies Act 2006 from the statutory requirement for audited financial statements.
In conformity with section 444 of the Act, the form of these accounts delivered to the registrar of companies; in accordance with the provisions applicable to companies subject to the small companies regime, may be prepared by the removal of any reports, statements of movements in equity, income and expenses, and cash flows; but this filleted form delivers, as a minimum, the statements of accounting policies, financial position and notes thereto.
Approved and authorised for issue by the board on 10 September 2024 and signed on its behalf.
J M Grant
Director
NOTES TO THE FILLETED ACCOUNTS
2023 2022
£ £
1 Accounting Policies
The accounting policies are set out in full in a preceding statement.
2 Productive property comprises plant and equipment
Cost or valuation
Opening amount 100,350 113,650
Additions 75,000 0
Disposals and scrappings (58,750) (13,300)
Closing amount 116,600 100,350
Amortisation
Opening amount 100,350 113,650
Charge for the period 18,750 0
Disposals and scrappings (58,750) (13,300)
Closing amount 60,350 100,350
Net amounts
Opening amount 0 0
Closing amount 56,250 0
3 Transport equipment
Cost or valuation
Opening and closing amount 49,550 49,550
Net amount
Opening amount 0 0
4 Trade and other receivables
Trade receivables 45,250 66,423
Non-trade receivables 0 22,000
Amounts due from directors 0 2,127
45,250 90,550
5 Cash and cash equivalents
Bank current account 270,337 171,398
6 Borrowings due on demand
Bank card accounts due on demand 0 (1,448)
7 Current trade and other payables
Trade payables (4,224) (4,014)
Due to directors (39) 0
Accruals (8,724) (5,773)
(12,987) (9,787)
8 Current taxation
Taxation collected (42,513) (55,119)
Corporation tax (5,231) (9,224)
(47,744) (64,343)
9 Provisions due not later than one year
Acquisition of property plant and equipment (57,600) 0
10 Liabilities due later than one but not later than five years
Accruals (2,720) (5,971)
Deferred tax (14,062) 0
Borrowings (14,918) (24,804)
(31,700) (30,775)
11 Share capital
The company is a private company limited by share capital
2023 2022
Number Number
Equity ordinary shares of £1 each
Ordinary
Allotted, called up and fully paid 25 25 25 25
12 Ultimate control
The company is controlled by the director.
13 Commitments
Capital expenditure
There are no capital commitments.
14 Related party transactions
Key management personnel
Directors and their relationships
Transactions during the period
Remuneration 6,000 27,000
Dividends
Directors 15,000 20,000
Remuneration of family members 18,000 18,000
Purchase of services from the following
Business use of home 1,040 1,040
15 Activity
The principal activity continues to be that of site excavation and foundation construction.
16 Employees (including directors)
2023 2022
Average during the period Number Number
2 2
ADMINISTRATION AND ADVISERS
Bankers Lloyds Bank plc
National Westminster Bank plc
Accountants and registrar Cramptons
25A St Matthews Road
Torquay
TQ2 6JA
Office 23 Rowcroft Road
Paignton
TQ3 2RE
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