REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
GROUND SOURCE INNOVATION LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
GROUND SOURCE INNOVATION LTD |
GROUND SOURCE INNOVATION LTD (REGISTERED NUMBER: 08711756) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 6 |
GROUND SOURCE INNOVATION LTD |
COMPANY INFORMATION |
for the year ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Linden House |
Linden Close |
Tunbridge Wells |
Kent |
TN4 8HH |
GROUND SOURCE INNOVATION LTD (REGISTERED NUMBER: 08711756) |
BALANCE SHEET |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Share option reserve |
Retained earnings |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GROUND SOURCE INNOVATION LTD (REGISTERED NUMBER: 08711756) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Ground Source Innovation Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Ground Source Innovation Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
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. |
Share-based payments |
Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. |
Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvest amount it recognised immediately in the income statement. |
GROUND SOURCE INNOVATION LTD (REGISTERED NUMBER: 08711756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
7. | SECURED DEBTS |
A fixed and floating charge is secured over the assets of the company in relation to a bank loan taken out by Hex Energy Ltd (100% owned subsidiary). |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 30 September 2024 and the period ended 30 September 2023: |
30.9.24 | 30.9.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
GROUND SOURCE INNOVATION LTD (REGISTERED NUMBER: 08711756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2024 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Interest is charged on all loans exceeding £10,000 at the official rate. |
9. | SHARE-BASED PAYMENT TRANSACTIONS |
The company along with one of its subsidiary companies operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. Options in the company are granted with a fixed exercise price determined at the grant of the option. The options in tranch 1 were exercisable immediately upon grant of the options with the remaining tranches exercisable at the earlier of the 10 year anniversary of the date of grant or upon meeting an 'Exit Event'. The options lapse on the expiration of the 10 year anniversary of the date of grant, assuming they have not been exercised before then and no event occurs to cause it to lapse earlier. Employees are not entitled to dividends until the shares are exercised. |
Vesting of the options is subject to continued employment within the group and meeting agreed operating profit targets (non-market conditions). On exercise of the options by the employees, the company issues new shares. |
A reconciliation of share option movements during the year to 30 September 2024 is shown below: |
2024 | 2023 |
No. | Weighted average exercise price (£) | No. | Weighted average exercise price (£) |
Brought forward | 56 | 755 | 56 | 755 |
Granted in the period | - | 755 | - | 755 |
Forfeited in the period | - | 755 | - | 755 |
Exercised in the period | - | 755 | - | 755 |
Lapsed in the period | - | 755 | - | 755 |
Carried forward | 56 | 755 | 56 | 755 |
Exercisable at period end | - | 755 | - | 755 |
The group is unable to directly measure the fair value of employee services received, therefore the fair value of the options was calculated using the Black Scholes Model. This model is internationally recognised as being appropriate to value employee share schemes similar to this. |
The group measures its share-based payment expense on the basis of a reasonable allocation of the expense for the group. The total charge recognised for the company during the period was £nil (2023: £nil). |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GROUND SOURCE INNOVATION LTD |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ground Source Innovation Ltd for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Ground Source Innovation Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ground Source Innovation Ltd and state those matters that we have agreed to state to the Board of Directors of Ground Source Innovation Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ground Source Innovation Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Ground Source Innovation Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ground Source Innovation Ltd. You consider that Ground Source Innovation Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Ground Source Innovation Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Linden House |
Linden Close |
Tunbridge Wells |
Kent |
TN4 8HH |