Registered number
NI069939
F G Groundworks Ltd
Filleted Accounts
31 July 2024
F G Groundworks Ltd
Registered number: NI069939
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,365,553 1,287,513
Current assets
Stocks 207,639 328,078
Debtors 4 365,726 235,651
Cash at bank and in hand 70,032 886
643,397 564,615
Creditors: amounts falling due within one year 5 (248,033) (304,425)
Net current assets 395,364 260,190
Total assets less current liabilities 1,760,917 1,547,703
Creditors: amounts falling due after more than one year 6 (224,711) (157,304)
Net assets 1,536,206 1,390,399
Capital and reserves
Called up share capital 200 200
Profit and loss account 1,536,006 1,390,199
Shareholders' funds 1,536,206 1,390,399
The director is 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 director acknowledges his 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.
Francis Gormley
Director
Approved by the board on 3 April 2025
F G Groundworks Ltd
Notes to the Accounts
for the year ended 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:
Plant and machinery 15% reducing balance
Motor vehicles 20% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 16
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 2,142,075 230,230 2,372,305
Additions 332,362 6,600 338,962
At 31 July 2024 2,474,437 236,830 2,711,267
Depreciation
At 1 August 2023 986,567 98,225 1,084,792
Charge for the year 231,281 29,641 260,922
At 31 July 2024 1,217,848 127,866 1,345,714
Net book value
At 31 July 2024 1,256,589 108,964 1,365,553
At 31 July 2023 1,155,508 132,005 1,287,513
4 Debtors 2024 2023
£ £
Trade debtors 365,726 235,651
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,268 123,855
Obligations under finance lease and hire purchase contracts 148,888 143,858
Trade creditors 27,737 38,513
Taxation and social security costs 37,795 (6,450)
Other creditors 23,345 4,649
248,033 304,425
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,640 19,908
Obligations under finance lease and hire purchase contracts 215,071 137,396
224,711 157,304
7 Other information
F G Groundworks Ltd is a private company limited by shares and incorporated in N Ireland. Its registered office is:
36 Maginn Rd
Sixmilecross
Co Tyrone
BT79 9HF
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