Company registration number 11202350 (England and Wales)
GROUNDSHIRE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
GROUNDSHIRE HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
GROUNDSHIRE HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
370,000
370,000
Investments
4
35,100
35,100
405,100
405,100
Current assets
Debtors
6
74,732
53,000
Cash at bank and in hand
696,175
546,175
770,907
599,175
Creditors: amounts falling due within one year
7
(101)
(101)
Net current assets
770,806
599,074
Total assets less current liabilities
1,175,906
1,004,174
Provisions for liabilities
(30,615)
(30,842)
Net assets
1,145,291
973,332
Capital and reserves
Called up share capital
23,917
23,917
Capital redemption reserve
11,083
11,083
Profit and loss reserves
1,110,291
938,332
Total equity
1,145,291
973,332

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

GROUNDSHIRE HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
K E L Dempster
Director
Company Registration No. 11202350
GROUNDSHIRE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Groundshire Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Littleburn House, Littleburn Industrial Estate, Langley Moor, Co Durham, DH7 8HJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GROUNDSHIRE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GROUNDSHIRE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
370,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 8th February 2023 by Bradley Hall, Chartered Surveyors and Estate Agents, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The historical cost of the properties is £208,740. The director does not consider there to be a significant change in value during the year.

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
35,100
35,100
5
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

GROUNDSHIRE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Groundshire Limited
The principal activity of Groundshire Limited is ground construction.
Ordinary
100.00
Groundshire North East Limited
The principal activity of Groundshire North East Limited is a dormant company.
Ordinary
100.00

The registered office for both subsidiaries is Littleburn House, Littleburn Industrial Estate, Langley Moor, Durham, DH7 8HJ, England.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
74,732
53,000
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
100
100
Other creditors
1
1
101
101

Included in other creditors due within one year are amounts owed to the director of £1 (2023: £1).

8
Prior period adjustment
Reconciliation of changes in equity
1 February
31 January
2022
2023
£
£
Adjustments to prior year
Corrections of dividends paid
-
53,000
Equity as previously reported
929,914
920,332
Equity as adjusted
929,914
973,332
Analysis of the effect upon equity
Profit and loss reserves
-
53,000
GROUNDSHIRE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
230,418
Profit as adjusted
230,418
Notes to reconciliation

Management have restated the prior year following a review of certain accounting balances.

 

During the previous years, pension contributions of £38,000 in 2023 and £15,000 in 2022 were incorrectly stated as dividend income within the financial statements. These transactions should have been included within Groundshire Limited, a subsidiary company. Amounts owed to group undertakings have been adjusted to reflect these amendments.

 

We have further adjusted for the corporation tax movement on those adjustments.

2024-01-312023-02-01false13 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityK E L Dempsterfalsefalse112023502023-02-012024-01-31112023502024-01-31112023502023-01-3111202350core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3111202350core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3111202350core:CurrentFinancialInstruments2024-01-3111202350core:CurrentFinancialInstruments2023-01-3111202350core:ShareCapital2024-01-3111202350core:ShareCapital2023-01-3111202350core:CapitalRedemptionReserve2024-01-3111202350core:CapitalRedemptionReserve2023-01-3111202350core:RetainedEarningsAccumulatedLosses2024-01-3111202350core:RetainedEarningsAccumulatedLosses2023-01-3111202350bus:Director12023-02-012024-01-31112023502022-02-012023-01-31112023502023-01-3111202350bus:PrivateLimitedCompanyLtd2023-02-012024-01-3111202350bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3111202350bus:FRS1022023-02-012024-01-3111202350bus:AuditExemptWithAccountantsReport2023-02-012024-01-3111202350bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP