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Company No: 05147547 (England and Wales)

NR11 GROUNDWORKS & CIVIL ENGINEERING LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

NR11 GROUNDWORKS & CIVIL ENGINEERING LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

NR11 GROUNDWORKS & CIVIL ENGINEERING LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
NR11 GROUNDWORKS & CIVIL ENGINEERING LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 143,097 175,130
Investments 4 100 100
143,197 175,230
Current assets
Debtors 5 132,205 239,193
Cash at bank and in hand 135,912 158,665
268,117 397,858
Creditors: amounts falling due within one year 6 ( 147,416) ( 172,054)
Net current assets 120,701 225,804
Total assets less current liabilities 263,898 401,034
Creditors: amounts falling due after more than one year 7 ( 10,548) ( 20,692)
Provision for liabilities ( 18,849) ( 40,280)
Net assets 234,501 340,062
Capital and reserves
Called-up share capital 100 100
Profit and loss account 234,401 339,962
Total shareholders' funds 234,501 340,062

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of NR11 Groundworks & Civil Engineering Ltd (registered number: 05147547) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R J Mower
Director

04 January 2024

NR11 GROUNDWORKS & CIVIL ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
NR11 GROUNDWORKS & CIVIL ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

NR11 Groundworks & Civil Engineering Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 8 Layer Close, Aylsham, Norwich, Norfolk, NR11 6BL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 4 years straight line

The assets' residual, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investment in ordinary shares.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 July 2023 234,771 143,724 15,145 393,640
Additions 3,000 0 638 3,638
At 30 June 2024 237,771 143,724 15,783 397,278
Accumulated depreciation
At 01 July 2023 137,589 67,741 13,180 218,510
Charge for the financial year 14,840 18,996 1,835 35,671
At 30 June 2024 152,429 86,737 15,015 254,181
Net book value
At 30 June 2024 85,342 56,987 768 143,097
At 30 June 2023 97,182 75,983 1,965 175,130
Leased assets included above:
Net book value
At 30 June 2024 0 0 0 0
At 30 June 2023 0 9,612 0 9,612

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 100
At 30 June 2024 100
Carrying value at 30 June 2024 100
Carrying value at 30 June 2023 100

5. Debtors

2024 2023
£ £
Trade debtors 66,527 114,218
Prepayments and accrued income 64,707 77,392
VAT recoverable 971 14,162
Other debtors 0 33,421
132,205 239,193

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,548 9,790
Trade creditors 66,208 87,910
Amounts owed to directors 66,331 53,845
Accruals 3,320 3,555
Taxation and social security 1,009 14,684
Obligations under finance leases and hire purchase contracts 0 2,270
147,416 172,054

Net obligation under hire purchase contracts are secured upon the asset to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,548 20,692

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 14,670 69,750

9. Related party transactions

Other related party transactions

At the year end the directors were owed £66,331 (2023 - £53,845) by the company which is repayable on demand