Registered number
07339281
Falcon Groundworks Ltd
Unaudited Filleted Accounts
31 August 2024
Falcon Groundworks Ltd
Registered number: 07339281
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 51,161 53,099
Current assets
Debtors 4 483 974
Cash at bank and in hand (8,748) (815)
(8,265) 159
Creditors: amounts falling due within one year 5 (14,644) (17,776)
Net current liabilities (22,909) (17,617)
Total assets less current liabilities 28,252 35,482
Creditors: amounts falling due after more than one year 6 (6,667) (14,667)
Provisions for liabilities (9,721) (10,089)
Net assets 11,864 10,726
Capital and reserves
Called up share capital 100 100
Profit and loss account 11,764 10,626
Shareholders' funds 11,864 10,726
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G L Rogers
Director
Approved by the board on 13 September 2024
Falcon Groundworks Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 61,101 27,290 88,391
Additions - 9,995 9,995
Disposals (3,995) - (3,995)
At 31 August 2024 57,106 37,285 94,391
Depreciation
At 1 September 2023 23,054 12,238 35,292
Charge for the year 5,708 4,610 10,318
On disposals (2,380) - (2,380)
At 31 August 2024 26,382 16,848 43,230
Net book value
At 31 August 2024 30,724 20,437 51,161
At 31 August 2023 38,047 15,052 53,099
4 Debtors 2024 2023
£ £
Other debtors 483 974
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,000 8,000
Taxation and social security costs 6,176 8,623
Other creditors 468 1,153
14,644 17,776
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 6,667 14,667
7 Other information
Falcon Groundworks Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Hopkin, The Heath
Lavenham Road
Great Waldingfield
Suffolk
CO10 0SA
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