Registered number
10640788
IRW Groundworks Ltd
Filleted Accounts
31 March 2024
IRW Groundworks Ltd
Registered number: 10640788
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,714 21,158
Current assets
Debtors 4 31,634 13,808
Cash at bank and in hand - 12,560
31,634 26,368
Creditors: amounts falling due within one year 5 (17,067) (10,523)
Net current assets 14,567 15,845
Total assets less current liabilities 31,281 37,003
Creditors: amounts falling due after more than one year 6 (34,184) (36,845)
Net (liabilities)/assets (2,903) 158
Capital and reserves
Called up share capital 100 100
Profit and loss account (3,003) 58
Shareholders' funds (2,903) 158
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Liam Wade
Director
Approved by the board on 15 November 2024
IRW Groundworks Ltd
Notes to the Accounts
for the year ended 31 March 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).
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 18,953 34,000 52,953
At 31 March 2024 18,953 34,000 52,953
Depreciation
At 1 April 2023 10,498 21,297 31,795
Charge for the year 1,268 3,176 4,444
At 31 March 2024 11,766 24,473 36,239
Net book value
At 31 March 2024 7,187 9,527 16,714
At 31 March 2023 8,455 12,703 21,158
4 Debtors 2024 2023
£ £
Trade debtors 17,300 4,894
Other debtors 14,334 8,914
31,634 13,808
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6 -
Taxation and social security costs 9,153 4,085
Directors Loan Account 18 2,113
Other creditors 7,890 4,325
17,067 10,523
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 34,184 36,845
7 Other information
IRW Groundworks Ltd is a private company limited by shares and incorporated in England. Its registered office is:
IRW Groundworks Ltd 10640788 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Liam Wade No description of principal activity 10640788 2022-02-01 2023-03-31 10640788 core:WithinOneYear 2023-03-31 10640788 core:AfterOneYear 2023-03-31 10640788 core:ShareCapital 2023-03-31 10640788 core:RetainedEarningsAccumulatedLosses 2023-03-31 10640788 2023-04-01 2024-03-31 10640788 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10640788 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10640788 bus:Director40 2023-04-01 2024-03-31 10640788 1 2023-04-01 2024-03-31 10640788 2 2023-04-01 2024-03-31 10640788 core:PlantMachinery 2023-04-01 2024-03-31 10640788 core:Vehicles 2023-04-01 2024-03-31 10640788 countries:England 2023-04-01 2024-03-31 10640788 bus:FRS102 2023-04-01 2024-03-31 10640788 bus:FilletedAccounts 2023-04-01 2024-03-31 10640788 2024-03-31 10640788 core:WithinOneYear 2024-03-31 10640788 core:AfterOneYear 2024-03-31 10640788 core:ShareCapital 2024-03-31 10640788 core:RetainedEarningsAccumulatedLosses 2024-03-31 10640788 core:PlantMachinery 2024-03-31 10640788 core:Vehicles 2024-03-31 10640788 2023-03-31 10640788 core:PlantMachinery 2023-03-31 10640788 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure