Registered number
12711983
Greenwood Groundworks Limited
Filleted Accounts
31 May 2024
Greenwood Groundworks Limited
Registered number: 12711983
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 59,796 90,721
Current assets
Debtors 4 12,000 8,646
Cash at bank and in hand 1,011 -
13,011 8,646
Creditors: amounts falling due within one year 5 (57,688) (72,811)
Net current liabilities (44,677) (64,165)
Total assets less current liabilities 15,119 26,556
Creditors: amounts falling due after more than one year 6 (23,786) (33,491)
Net liabilities (8,667) (6,935)
Capital and reserves
Called up share capital 100 100
Profit and loss account (8,767) (7,035)
Shareholder's funds (8,667) (6,935)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 J Greenwood
Director
Approved by the board on 14 October 2024
Greenwood Groundworks Limited
Notes to the Accounts
for the year ended 31 May 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).
Going concern
There was a net deficiency of assets of £8,667 (2023 - £6,935) at the balance sheet date, however the director has confirmed continued support and will consider the company retains sufficient working capital to continue trading for the foreseeable future.
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 evenly over its expected useful life, as follows:
Motor vehicles over 4 years
Fixtures, fittings, tools and equipment over 5 years
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 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 55,513 71,932 127,445
Additions 4,579 - 4,579
Disposals (7,833) - (7,833)
At 31 May 2024 52,259 71,932 124,191
Depreciation
At 1 June 2023 21,412 15,312 36,724
Charge for the year 9,688 17,983 27,671
At 31 May 2024 31,100 33,295 64,395
Net book value
At 31 May 2024 21,159 38,637 59,796
At 31 May 2023 34,101 56,620 90,721
4 Debtors 2024 2023
£ £
Trade debtors 12,000 8,646
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,000 5,649
Obligations under finance lease and hire purchase contracts 11,009 9,990
Taxation and social security costs 8,236 5,451
Other creditors 35,443 51,721
57,688 72,811
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,290 7,484
Obligations under finance lease and hire purchase contracts 19,496 26,007
23,786 33,491
7 Other information
Greenwood Groundworks Limited is a private company limited by shares and incorporated in England. Its registered office is:
Fir Trees Barn
Rimington Lane
Rimington
Clitheroe
BB7 4DS
Greenwood Groundworks Limited 12711983 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 Mr J Greenwood No description of principal activity 12711983 2022-06-01 2023-05-31 12711983 core:WithinOneYear 2023-05-31 12711983 core:AfterOneYear 2023-05-31 12711983 core:ShareCapital 2023-05-31 12711983 core:RetainedEarningsAccumulatedLosses 2023-05-31 12711983 2023-06-01 2024-05-31 12711983 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12711983 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 12711983 bus:Director40 2023-06-01 2024-05-31 12711983 1 2023-06-01 2024-05-31 12711983 2 2023-06-01 2024-05-31 12711983 core:PlantMachinery 2023-06-01 2024-05-31 12711983 core:Vehicles 2023-06-01 2024-05-31 12711983 countries:England 2023-06-01 2024-05-31 12711983 bus:FRS102 2023-06-01 2024-05-31 12711983 bus:FilletedAccounts 2023-06-01 2024-05-31 12711983 2024-05-31 12711983 core:WithinOneYear 2024-05-31 12711983 core:AfterOneYear 2024-05-31 12711983 core:ShareCapital 2024-05-31 12711983 core:RetainedEarningsAccumulatedLosses 2024-05-31 12711983 core:PlantMachinery 2024-05-31 12711983 core:Vehicles 2024-05-31 12711983 2023-05-31 12711983 core:PlantMachinery 2023-05-31 12711983 core:Vehicles 2023-05-31 iso4217:GBP xbrli:pure