0
01/03/2023
29/02/2024
2024-02-29
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
false
false
No description of principal activities is disclosed
2023-03-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
11182696
2023-03-01
2024-02-29
11182696
2024-02-29
11182696
2023-02-28
11182696
2022-03-01
2023-02-28
11182696
2023-02-28
11182696
2022-02-28
11182696
core:LandBuildings
2023-03-01
2024-02-29
11182696
core:PlantMachinery
2023-03-01
2024-02-29
11182696
core:FurnitureFittingsToolsEquipment
2023-03-01
2024-02-29
11182696
core:MotorVehicles
2023-03-01
2024-02-29
11182696
bus:Director2
2023-03-01
2024-02-29
11182696
bus:Director3
2023-03-01
2024-02-29
11182696
core:WithinOneYear
2024-02-29
11182696
core:WithinOneYear
2023-02-28
11182696
core:AfterOneYear
2024-02-29
11182696
core:AfterOneYear
2023-02-28
11182696
core:ShareCapital
2024-02-29
11182696
core:ShareCapital
2023-02-28
11182696
core:RevaluationReserve
2024-02-29
11182696
core:RevaluationReserve
2023-02-28
11182696
core:RetainedEarningsAccumulatedLosses
2024-02-29
11182696
core:RetainedEarningsAccumulatedLosses
2023-02-28
11182696
bus:Director3
2023-02-28
11182696
bus:Director3
2024-02-29
11182696
bus:Director3
2022-02-28
11182696
bus:Director3
2023-02-28
11182696
bus:Director3
2022-03-01
2023-02-28
11182696
bus:SmallEntities
2023-03-01
2024-02-29
11182696
bus:AuditExempt-NoAccountantsReport
2023-03-01
2024-02-29
11182696
bus:SmallCompaniesRegimeForAccounts
2023-03-01
2024-02-29
11182696
bus:PrivateLimitedCompanyLtd
2023-03-01
2024-02-29
11182696
bus:AbridgedAccounts
2023-03-01
2024-02-29
11182696
core:OtherRelatedParties
2023-03-01
2024-02-29
11182696
core:OtherRelatedParties
2022-03-01
2023-02-28
Company registration number:
11182696
Lord Groundworks Services Ltd
Unaudited filleted abridged financial statements
29 February 2024
Lord Groundworks Services Ltd
Contents
Abridged statement of financial position
Notes to the financial statements
Lord Groundworks Services Ltd
Abridged statement of financial position
29 February 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
159,037 |
|
|
|
112,478 |
|
|
Investments |
|
|
268,879 |
|
|
|
268,098 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
427,916 |
|
|
|
380,576 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
7,000 |
|
|
|
7,500 |
|
|
Debtors |
|
|
179,296 |
|
|
|
104,353 |
|
|
Cash at bank and in hand |
|
|
211,111 |
|
|
|
276,511 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
397,407 |
|
|
|
388,364 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
169,811) |
|
|
|
(
88,522) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
227,596 |
|
|
|
299,842 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
655,512 |
|
|
|
680,418 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
104,035) |
|
|
|
(
130,067) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
36,251) |
|
|
|
(
21,048) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
515,226 |
|
|
|
529,303 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1 |
|
|
|
1 |
Revaluation reserve |
|
|
|
|
5,384 |
|
|
|
5,384 |
Profit and loss account |
|
|
|
|
509,841 |
|
|
|
523,918 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
515,226 |
|
|
|
529,303 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
25 November 2024
, and are signed on behalf of the board by:
L M Lord
Director
Company registration number:
11182696
Lord Groundworks Services Ltd
Notes to the financial statements
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 18 Station Road, Haddenham, Ely, Cambridgeshire, CB6 3XD.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors believe that the company is experiencing good levels of sales and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from a contract to provide services is recognised when the significant risks and rewards of ownership have transferred to the buyer and the following criteria have been met: i) the amount of revenue can be measured reliably; ii) it is probable that the associated economic benefits will flow to the entity; iii) the stage of the completion of the contract at the end of the reporting period can be measured reliably; and iv) the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Assets held under finance leases are depreciated in the same way as owned assets.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
At each balance sheet date the company reviews the carrying amount of its tangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in Other Comprehensive Income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Portable freehold properties |
- |
10 % |
straight line |
|
Plant and machinery |
- |
25 % |
straight line |
|
Computer equipment |
- |
25 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments (excluding Investment Properties)
Fixed asset investments are initially recorded at cost. At each balance sheet date specialists in the sale and purchase of such assets will appraise each asset. Each asset will be recorded in the accounts at its revaluation amounts.
If an asset's carrying amount is increased as a result of revaluation the increase shall be recognised in Other Comprehensive Income and accumulated in equity. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit or loss.
The decrease of an asset's carrying amount as a result of a revaluation shall be recognised in Other Comprehensive Income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment Property
Investment property is carried at fair value determined annually by the directors. No depreciation is provided.
If a property's carrying amount is increased as a result of revaluation the increase shall be recognised in Other Comprehensive Income and accumulated in equity. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in the profit or loss.
The decrease of a property's carrying amount as a result of a revaluation shall be recognised in Other Comprehensive Income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
When stocks are sold the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Pension costs
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. Contributions to defined contribution plans are recognised as an expense in the period in which they fall due. Amounts not paid are shown under creditors as a liability in the Balance Sheet.
4.
Employee numbers
During the year the average number of employees, including directors, was 7 (2023: 7).
5.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 March 2023 |
177,469 |
|
|
|
|
|
|
|
Additions |
93,372 |
|
|
|
|
|
|
|
Disposals |
(
14,550) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 29 February 2024 |
256,291 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 March 2023 |
64,991 |
|
|
|
|
|
|
|
Charge for the year |
42,586 |
|
|
|
|
|
|
|
Disposals |
(
10,323) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 29 February 2024 |
97,254 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 29 February 2024 |
159,037 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 28 February 2023 |
112,478 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Fixed Asset Investments
Classic Motorbikes
The company holds two classic motorbikes for investment purposes. The historical cost of the two motorbikes is £42,745.
On 17 October 2024 a Suzuki RGV570 bike was valued as at 29 February 2024 on an open market basis for £30,000 (2023: £30,000). The valuation was undertaken by RHR Motorcycles, Wisbech, Cambridgeshire.
On 16 October 2024 a Yamaha TZ250 bike was valued as at 29 February 2024 on an open market basis for £18,500 (2023: £18,500). The valuation was undertaken by Racing & Investment Motorcycles, Itchenor Green, Chichester.
Investment Property
As at 29 February 2024 the residential property held by the company was valued by the directors on an open market value for existing use basis at £220,378 (2023: 219,589). The historical cost of the property, including purchase costs, was £219,598. Additions in the year totalled £780.
7.
Creditors: amounts falling due within one year
Included within creditors: amounts falling due within one year a total of £42,623 (2023: 22,568) is secured against the assets to which the liabilities relate. A bank loan of £13,141 (2023: £12,638) is secured against the investment residential property. Net obligations under hire purchase contracts £29, 482 (2023: £9,930) are secured against the vehicles to which they relate.
8.
Creditors: amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year a total of £141,065 (2023: 130, 067) is secured against the assets to which the liabilities relate. A bank loan of £104,035 (2023: £112, 689) is secured against the investment residential property. Net obligations of £37,030 (2023: £17,378) under hire purchase contracts are secured against the vehicles to which they relate.
Included within creditors: amounts falling due after more one year is an amount of £51,470 (2023: £62, 137) in respect of bank loans payable by instalments which fall due for payment after more than five years from the reporting date.
9.
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,110 (2023: £3,650). Contribution payments totalling £884 (2023: £612) were outstanding at the balance sheet date and are included in creditors.
10.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
M B R & L M Lord |
(
2,846) |
39,014 |
(
33,347) |
2,821 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
M B R & L M Lord |
7,305 |
3,068 |
(
13,219) |
(
2,846) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
The advance to the directors was unsecured, interest free and repayable on demand. The loan was repaid in full on 24 November 2024
11.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
|
|
M B R Lord |
- |
52,500 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
No related party transactions were undertaken in the year ending 29 February 2024
(2023: the company purchased a residential property for £210,000 for investment purposes. The property was 25% owned by the director, M B R Lord).