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Registration number: 04392972

Relative Groundwork Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Relative Groundwork Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Relative Groundwork Limited

Company Information

Directors

Mr D Killick

Mrs S Killick

Registered office

Relative House
5 Roberts Mews
Orpington
Kent
BR6 0JP

Accountants

Jordan Ludlow & Associates Limited
Accountants
9 Limes Road
Beckenham
Kent
BR3 6NS

 

Relative Groundwork Limited

(Registration number: 04392972)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,041,934

1,036,301

Investment property

5

310,506

310,506

 

1,352,440

1,346,807

Current assets

 

Stocks

6

38,285

35,210

Debtors

7

1,128,366

1,032,488

Cash at bank and in hand

 

167,559

515,022

 

1,334,210

1,582,720

Creditors: Amounts falling due within one year

8

(534,943)

(924,811)

Net current assets

 

799,267

657,909

Total assets less current liabilities

 

2,151,707

2,004,716

Creditors: Amounts falling due after more than one year

8

(285,089)

(197,258)

Provisions for liabilities

(109,920)

(98,193)

Net assets

 

1,756,698

1,709,265

Capital and reserves

 

Called up share capital

9

50

50

Retained earnings

1,756,648

1,709,215

Shareholders' funds

 

1,756,698

1,709,265

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Relative Groundwork Limited

(Registration number: 04392972)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mr D Killick
Director

.........................................
Mrs S Killick
Director

 

Relative Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Relative House
5 Roberts Mews
Orpington
Kent
BR6 0JP
United Kingdom

These financial statements were authorised for issue by the Board on 24 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Relative Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

1% per annum, straight-line basis

Plant and machinery

25% per annum, reducing balance basis

Motor vehicles

25% per annum, reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Relative Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Relative Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 62 (2023 - 58).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

484,466

853,864

177,693

1,516,023

Additions

-

216,058

8,817

224,875

Disposals

-

(60,105)

-

(60,105)

At 31 March 2024

484,466

1,009,817

186,510

1,680,793

Depreciation

At 1 April 2023

14,799

375,502

89,421

479,722

Charge for the year

2,609

137,054

23,169

162,832

Eliminated on disposal

-

(3,695)

-

(3,695)

At 31 March 2024

17,408

508,861

112,590

638,859

Carrying amount

At 31 March 2024

467,058

500,956

73,920

1,041,934

At 31 March 2023

469,667

478,362

88,272

1,036,301

Included within the net book value of land and buildings above is £467,058 (2023 - £469,667) in respect of freehold land and buildings.
 

 

Relative Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Investment properties

2024
£

At 1 April

310,506

At 31 March

310,506

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

38,285

35,210

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,123,386

1,018,310

Other debtors

4,980

14,178

 

1,128,366

1,032,488

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

224,841

567,899

Trade creditors

 

90,432

100,173

Taxation and social security

 

219,670

256,739

 

534,943

924,811

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

285,089

197,258

 

Relative Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

178,248

197,258

Hire purchase contracts

106,841

-

285,089

197,258

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

224,062

329,104

Other borrowings

779

238,795

224,841

567,899

11

Dividends

2024

2023

£

£

Interim dividend of £3,668.00 (2023 - £10,416.60) per ordinary share

183,400

520,830

 

 
 

Relative Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,300

16,300

Contributions paid to money purchase schemes

79,978

-

96,278

16,300

Dividends paid to directors

2024
£

2023
£

Mr D Killick

Dividends paid

91,700

260,415

 

 

Mrs S Killick

Dividends paid

91,700

260,415

 

 

Other transactions with directors

As at 31st March 2024, the amounts payable to Mr D Killick totalled £584 (2023 - £118,884) and the amounts payable to Mrs S Killick totalled £195 (2023 - £119,911).