Company registration number 14677879 (England and Wales)
SOUL GROUNDWORKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
SOUL GROUNDWORKS LIMITED
COMPANY INFORMATION
Directors
Mr B J Stabbins
(Appointed 20 February 2023)
Mrs R A Stabbins
(Appointed 20 February 2023)
Company number
14677879
Registered office
1 Rossendale Place
Fernhill Heath
Worcester
Worcestershire
WR3 7PZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Monzo Bank Limited
Broadwalk House
5 Appold Street
London
EC2A 2AG
SOUL GROUNDWORKS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
SOUL GROUNDWORKS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUL GROUNDWORKS LIMITED FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 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 Soul Groundworks Limited for the period ended 29 February 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Soul Groundworks Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Soul Groundworks Limited and state those matters that we have agreed to state to the board of directors of Soul Groundworks Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Soul Groundworks Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Soul Groundworks 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 profit of Soul Groundworks Limited. You consider that Soul Groundworks Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Soul Groundworks 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.

Ormerod Rutter Limited
21 October 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SOUL GROUNDWORKS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
Notes
£
£
Current assets
Debtors
3
14,340
Cash at bank and in hand
622
14,962
Creditors: amounts falling due within one year
4
(14,484)
Net current assets
478
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
378
Total equity
478

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 period 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.

The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr B J Stabbins
Mrs R A Stabbins
Director
Director
Company registration number 14677879 (England and Wales)
SOUL GROUNDWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Soul Groundworks Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Rossendale Place, Fernhill Heath, Worcester, Worcestershire, WR3 7PZ.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
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.

 

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 profit and loss account, 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.

SOUL GROUNDWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

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

2024
Number
Total
2
3
Debtors
2024
Amounts falling due within one year:
£
Other debtors
14,340
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
7,048
Taxation and social security
6,537
Other creditors
899
14,484
5
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A of £1 each
70
70
Oridnary B of £1 each
30
30
100
100

The following shares were allotted and fully paid for cash at par during the period:

 

70 Ordinary A shares of £1 each

30 Ordinary B shares of £1 each

SOUL GROUNDWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 5 -
6
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan accounts
-
-
6,840
6,840
-
6,840
6,840

The directors' loan accounts were repaid within nine months of the period end.

7
Ultimate controlling party

The ultimate controlling party is Mr B J Stabbins and Mrs R A Stabbins

8
Comparatives

This is the company's first period of trade, therefore there are no comparatives.

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