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Filleted

Registration number: 12733736

Thomas Groundwork's Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Thomas Groundwork's Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Thomas Groundwork's Limited

Company Information

Director

Mr J L Thomas

Registered office

Dawnville
Alltycnap Road
Johnstown
Carmarthen
SA31 3QY

 

Thomas Groundwork's Limited

(Registration number: 12733736)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

191,341

172,452

Current assets

 

Stocks

6

68,000

39,750

Debtors

7

10,880

14,674

Cash at bank and in hand

 

1,403

10,578

 

80,283

65,002

Creditors: Amounts falling due within one year

8

(169,196)

(122,837)

Net current liabilities

 

(88,913)

(57,835)

Total assets less current liabilities

 

102,428

114,617

Creditors: Amounts falling due after more than one year

8

(98,765)

(100,280)

Net assets

 

3,663

14,337

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

3,662

14,336

Total equity

 

3,663

14,337

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

 

Thomas Groundwork's Limited

(Registration number: 12733736)
Balance Sheet as at 31 July 2023

Approved and authorised by the director on 3 December 2024
 

.........................................
Mr J L Thomas
Director

   
     
 

Thomas Groundwork's Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Dawnville
Alltycnap Road
Johnstown
Carmarthen
SA31 3QY

These financial statements were authorised for issue by the director on 3 December 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.

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.

 

Thomas Groundwork's Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

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

Plant and machinery

Reducing Balance 15%

Office equipment

Reducing Balance 25%

Motor vehicles

Reducing Balance 20%

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.

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.

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.

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.

 

Thomas Groundwork's Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

34,968

26,071

 

Thomas Groundwork's Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

157,638

1,856

51,470

210,964

Additions

49,626

-

6,799

56,425

Disposals

(3,400)

-

-

(3,400)

At 31 July 2023

203,864

1,856

58,269

263,989

Depreciation

At 1 August 2022

26,722

603

11,187

38,512

Charge for the year

25,578

313

9,076

34,967

Eliminated on disposal

(831)

-

-

(831)

At 31 July 2023

51,469

916

20,263

72,648

Carrying amount

At 31 July 2023

152,395

940

38,006

191,341

At 31 July 2022

130,916

1,253

40,283

172,452

6

Stocks

2023
£

2022
£

Work in progress

43,000

33,750

Other inventories

25,000

6,000

68,000

39,750

7

Debtors

2023
£

2022
£

Trade debtors

10,880

14,674

10,880

14,674

 

Thomas Groundwork's Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

20,017

20,537

Trade creditors

 

106,496

80,519

Taxation and social security

 

30,496

17,815

Other related parties

 

6,372

346

Other creditors

 

5,815

3,620

 

169,196

122,837

Due after one year

 

Loans and borrowings

10

98,765

100,280

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

98,765

100,280

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

Thomas Groundwork's Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,200

5,199

HP and finance lease liabilities

93,565

95,081

98,765

100,280

2023
£

2022
£

Current loans and borrowings

Bank borrowings

20,017

20,537

11

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Other payments made to company by director
£

At 31 July 2023
£

Mr J L Thomas

Interest free loan repayable on demand

(346)

(6,026)

(6,372)

       
     

 

2022

At 1 August 2021
£

Other payments made to company by director
£

At 31 July 2022
£

Mr J L Thomas

Interest free loan repayable on demand

9,945

(10,291)

(346)