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Registration number: 11446945

New Ground Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

New Ground Group Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

New Ground Group Ltd

(Registration number: 11446945)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

36,465

41,555

Tangible assets

5

308,736

307,929

 

345,201

349,484

Current assets

 

Stocks

6

20,770

20,770

Debtors

7

84,302

72,096

Cash at bank and in hand

 

67,636

250,407

 

172,708

343,273

Creditors: Amounts falling due within one year

8

(105,934)

(294,588)

Net current assets

 

66,774

48,685

Total assets less current liabilities

 

411,975

398,169

Creditors: Amounts falling due after more than one year

8

(5,333)

(11,740)

Net assets

 

406,642

386,429

Capital and reserves

 

Called up share capital

9

314

313

Share premium reserve

864,346

681,098

Retained earnings

(458,018)

(294,982)

Shareholders' funds

 

406,642

386,429

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

New Ground Group Ltd

(Registration number: 11446945)
Balance Sheet as at 31 July 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 April 2025 and signed on its behalf by:
 

.........................................
Mr D H Morris
Director

   
     
 

New Ground Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom .

The address of its registered office is:
Workshop, r/o Simon House
Windmill Road
Headington
Oxford
OX3 7BU

These financial statements were authorised for issue by the Board on 29 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

New Ground Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

Straight line over the life of the lease

Plant and Machinery

10yrs straight line

Equipment

7yrs straight line

Computer Equipment

7yrs straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

10yrs straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

New Ground Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

New Ground Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 11).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2023

50,899

50,899

At 31 July 2024

50,899

50,899

Amortisation

At 1 August 2023

9,344

9,344

Amortisation charge

5,090

5,090

At 31 July 2024

14,434

14,434

Carrying amount

At 31 July 2024

36,465

36,465

At 31 July 2023

41,555

41,555

 

New Ground Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

241,182

145,911

11,995

399,088

Additions

36,925

10,423

-

47,348

At 31 July 2024

278,107

156,334

11,995

446,436

Depreciation

At 1 August 2023

37,312

50,419

3,428

91,159

Charge for the year

26,716

18,111

1,714

46,541

At 31 July 2024

64,028

68,530

5,142

137,700

Carrying amount

At 31 July 2024

214,079

87,804

6,853

308,736

At 31 July 2023

203,870

95,492

8,567

307,929

Included within the net book value of land and buildings above is £214,079 (2023 - £203,870) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Merchandise

20,270

20,270

Other inventories

500

500

20,770

20,770

 

New Ground Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

72,116

53,707

Amounts owed by group undertakings and undertakings in which the company has a participating interest

430

430

Prepayments

 

10,741

8,204

Other debtors

 

1,015

9,755

 

84,302

72,096

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

6,400

11,123

Trade creditors

 

66,836

269,716

Taxation and social security

 

19,665

8,091

Accruals and deferred income

 

2,620

2,478

Other creditors

 

10,413

3,180

 

105,934

294,588

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

5,333

11,740

 

New Ground Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £0.00 each

1,000,000

100.00

1,000,000

100.00

Ordinary B Shares of £0.00 each

1,165,883

116.59

1,151,854

115.19

Ordinary C Shares of £0.00 each

978,680

97.87

978,680

97.87

 

3,144,563

314

3,130,534

313

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,333

11,740

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,400

6,400

Hire purchase contracts

-

4,723

6,400

11,123

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £276,300). The commitments relate to the rent of the properties utilised by the company.