Groundhog (Suffolk) Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for filing with registrar
Company Registration No. 09981484 (England and Wales)
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
Accountants Report to the Director on the Unaudited Financial Statements of Groundhog (Suffolk) Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Groundhog (Suffolk) Limited for the year ended 31 March 2024 set out on the following pages from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Director of Groundhog (Suffolk) Limited, as a body, in accordance with the terms of our engagement letter dated 2 February 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Groundhog (Suffolk) Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Groundhog (Suffolk) Limited and Director as a body, for our work or for this report.
It is your duty to ensure that Groundhog (Suffolk) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Groundhog (Suffolk) Limited. You consider that Groundhog (Suffolk) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Groundhog (Suffolk) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Churchgate Accountants Limited
17 September 2024
Accountants
18 Langton Place
Bury St Edmunds
Suffolk
IP33 1NE
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,079
2,599
Investment property
4
312,500
300,000
314,579
302,599
Current assets
Stocks
7,437
7,168
Debtors
5
477
57,578
Investments
6
153,000
200,000
Cash at bank and in hand
5,703
16,153
166,617
280,899
Creditors: amounts falling due within one year
7
(4,886)
(84,370)
Net current assets
161,731
196,529
Total assets less current liabilities
476,310
499,128
Creditors: amounts falling due after more than one year
8
(68,920)
Provisions for liabilities
(8,908)
(2,451)
Net assets
398,482
496,677
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
9
37,977
10,452
Distributable profit and loss reserves
360,405
486,125
Total equity
398,482
496,677
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 17 September 2024
Mr Z Ludgrove
Director
Company registration number 09981484 (England and Wales)
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 4 -
1
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
2
Accounting policies
Company information
Groundhog (Suffolk) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Valley Farm, The Street, Butley, Woodbridge, Suffolk, IP12 3PB.
2.1
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Going concern
The company has positive reserves to cover it's outstanding liabilities and the Directors therefore consider that the company is a going concern and will continue to operate into the foreseeable future.true
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4
Investment properties
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. The surplus or deficit on revaluation is recognised in profit or loss.
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 5 -
2.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition..
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.7
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.
2.8
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 balance sheet 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.
Fair value measurement of financial instruments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 6 -
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.
2.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.10
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 profit and loss account 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.
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.
2.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
6,787
Depreciation and impairment
At 1 April 2023
4,188
Depreciation charged in the year
520
At 31 March 2024
4,708
Carrying amount
At 31 March 2024
2,079
At 31 March 2023
2,599
4
Investment property
2024
£
Fair value
At 1 April 2023
300,000
Transfers
12,500
At 31 March 2024
312,500
The investment property is stated at the revalued amount of £312,500. The property was revalued in the year by the director of the company. The basis of the valuation is market value. If the investment property was not stated at fair value, the historical cost would be £288,018 (2023: £288,018).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
8,149
Other debtors
477
49,429
477
57,578
6
Current asset investments
2024
2023
£
£
Other investments
153,000
200,000
GROUNDHOG (SUFFOLK) LIMITED
Groundhog (Suffolk) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
12,929
Other creditors
4,886
71,441
4,886
84,370
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
68,920
Included in other creditors is an interest free loan from A Matthews of £68,920.
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
10,452
13,732
Non distributable profits in the year
27,525
(3,280)
At the end of the year
37,977
10,452