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REGISTERED NUMBER: 00925679 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

GROOVE ASSOCIATES LIMITED

GROOVE ASSOCIATES LIMITED (REGISTERED NUMBER: 00925679)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GROOVE ASSOCIATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A C Hunter
Mrs S R Dennis
I R Doble





SECRETARY: I R Doble





REGISTERED OFFICE: Charwell House
16 Wilsom Road
Alton
Hampshire
GU34 2PP





REGISTERED NUMBER: 00925679 (England and Wales)





ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ

GROOVE ASSOCIATES LIMITED (REGISTERED NUMBER: 00925679)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 138,200 80,842

CURRENT ASSETS
Stocks 534,343 369,753
Debtors 5 230,591 143,433
Cash at bank 77,011 292,590
841,945 805,776
CREDITORS
Amounts falling due within one year 6 86,939 100,260
NET CURRENT ASSETS 755,006 705,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

893,206

786,358

CAPITAL AND RESERVES
Called up share capital 23 23
Capital redemption reserve 52 52
Retained earnings 893,131 786,283
SHAREHOLDERS' FUNDS 893,206 786,358

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GROOVE ASSOCIATES LIMITED (REGISTERED NUMBER: 00925679)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:





I R Doble - Director


GROOVE ASSOCIATES LIMITED (REGISTERED NUMBER: 00925679)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Groove Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amount invoiced for goods and services provided during the year, excluding VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Stocks
Stock is valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GROOVE ASSOCIATES LIMITED (REGISTERED NUMBER: 00925679)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 103,224 14,592 117,816
Additions 114,047 - 114,047
At 31 March 2024 217,271 14,592 231,863
DEPRECIATION
At 1 April 2023 25,806 11,168 36,974
Charge for year 54,318 2,371 56,689
At 31 March 2024 80,124 13,539 93,663
NET BOOK VALUE
At 31 March 2024 137,147 1,053 138,200
At 31 March 2023 77,418 3,424 80,842

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 222,016 134,858
Other debtors 4,800 4,800
Prepayments and accrued income 3,775 3,775
230,591 143,433

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 10,834 19,674
Tax 33,163 45,860
Social security and other taxes 4,282 3,656
VAT 38,660 31,070
86,939 100,260