Registered number
08117442
SS Groundworks Limited
Filleted Accounts
31 July 2024
SS Groundworks Limited
Registered number: 08117442
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 640,272 594,850
Current assets
Stocks 107,012 23,000
Debtors 4 9,854 144,427
Cash at bank and in hand 213,869 262,332
330,735 429,759
Creditors: amounts falling due within one year 5 (165,198) (262,729)
Net current assets 165,537 167,030
Total assets less current liabilities 805,809 761,880
Creditors: amounts falling due after more than one year 6 (218,741) (137,457)
Provisions for liabilities (159,589) (101,548)
Net assets 427,479 522,875
Capital and reserves
Called up and fully paid share capital 2 2
Profit and loss account 427,477 522,873
Shareholders' funds 427,479 522,875
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Scarlett
Director
Approved by the board and authorised for issue on 9 April 2025
SS Groundworks Limited
Notes to the Accounts
for the period from 1 July 2023 to 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 25% reducing balance
Plant and machinery 15% / 25% reducing balance
Motor vehicles 25% reducing balance
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contact basis by recording turnover and related costs as contract activity progresses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 5,591 706,331 275,698 987,620
Additions - 137,350 110,459 247,809
Disposals - (16,000) (71,757) (87,757)
At 31 July 2024 5,591 827,681 314,400 1,147,672
Depreciation
At 1 July 2023 3,219 291,888 97,663 392,770
Charge for the period 642 88,514 67,734 156,890
On disposals - (8,901) (33,359) (42,260)
At 31 July 2024 3,861 371,501 132,038 507,400
Net book value
At 31 July 2024 1,730 456,180 182,362 640,272
At 30 June 2023 2,372 414,443 178,035 594,850
4 Debtors 2024 2023
£ £
Trade debtors 4,282 137,523
Other debtors 5,572 6,904
9,854 144,427
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,682 46,924
Obligations under finance lease and hire purchase contracts 40,678 46,990
Trade creditors 57,768 91,182
Taxation and social security costs 8,844 53,980
Other creditors 26,226 23,653
165,198 262,729
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 109,434 118,139
Obligations under finance lease and hire purchase contracts 109,307 19,318
218,741 137,457
7 Secured creditors 2024 2023
£ £
Creditors include:
Secured obligations under finance leases 149,985 66,308
The hire purchase contracts are secured by fixed charges over the assets to which they relate.
8 Other information
SS Groundworks Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
49 Priory Road
Hungerford
Berkshire
RG17 0AG
9 Comparability
The accounting period was extended to 31st July 2024 from 30th June 2024 to better reflect the seasonality trends of the business. The comparatives are therefore not entirely comparable.
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