REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GROUNDED PACKAGING (UK) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GROUNDED PACKAGING (UK) LIMITED |
GROUNDED PACKAGING (UK) LIMITED (REGISTERED NUMBER: 12534363) |
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 |
GROUNDED PACKAGING (UK) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
GROUNDED PACKAGING (UK) LIMITED (REGISTERED NUMBER: 12534363) |
BALANCE SHEET |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Other reserves | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
GROUNDED PACKAGING (UK) LIMITED (REGISTERED NUMBER: 12534363) |
BALANCE SHEET - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GROUNDED PACKAGING (UK) LIMITED (REGISTERED NUMBER: 12534363) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Grounded Packaging (Uk) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors of the entity's parent company, Grounded Investments Limited, have provided a commitment to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period in excess of 12 months and 1 day from the date of the approval of these financial statements. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised once production is completed for customised orders, and when goods are delivered for stock held. Both of these are when the risks and rewards are transferred to the customer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
GROUNDED PACKAGING (UK) LIMITED (REGISTERED NUMBER: 12534363) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Share based payments |
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services. |
The cost of equity-settled transactions is measured at fair value on grant date. The fair value is estimated at the date of grant using a Black-Scholes option-pricing model. This fair value is based on the fair value of the underlying share, the exercise price, the risk free rate, the expected life of the option, the expected dividend yield and the volatility. Assumptions have been used in determining the fair value of the underlying share, the risk free rate, the expected life of the option, the dividend yield and the volatility. |
The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to the income statement is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amounts recognised in the income statement for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
GROUNDED PACKAGING (UK) LIMITED (REGISTERED NUMBER: 12534363) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed to group undertakings |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £0.01 | 100 | 100 |
9. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | (83,439 | ) |
Deficit for the year | ( |
) | ( |
) |
Share option expenses | - | 4,579 | 4,579 |
At 31 March 2024 | ( |
) | (880,855 | ) |
Other reserves relates to accumulated share option charges. |
10. | ULTIMATE CONTROLLING PARTY |
The parent and ultimate parent company is Grounded Investments Limited, a company registered in New Zealand at Level 1/656 Great South Road, Ellerslie, Auckland 1051. The directors believe there is no ultimate controlling party. |