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Registration number: 09524127

Down to Earth Groundwork Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Down to Earth Groundwork Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Down to Earth Groundwork Limited

Company Information

Director

Mr Glynn Hurcombe

Registered office

Suite 3
Waterside Business Centre
Canal Street
Leigh
Lancashire
WN7 4DB

 

Down to Earth Groundwork Limited

(Registration number: 09524127)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

40,441

66,789

Current assets

 

Debtors

5

-

684

Creditors: Amounts falling due within one year

6

(135,636)

(115,730)

Net current liabilities

 

(135,636)

(115,046)

Total assets less current liabilities

 

(95,195)

(48,257)

Creditors: Amounts falling due after more than one year

6

(13,226)

(30,299)

Net liabilities

 

(108,421)

(78,556)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(108,521)

(78,656)

Shareholders' deficit

 

(108,421)

(78,556)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 April 2025
 

.........................................
Mr Glynn Hurcombe
Director

 

Down to Earth Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 3
Waterside Business Centre
Canal Street
Leigh
Lancashire
WN7 4DB
United Kingdom

These financial statements were authorised for issue by the director on 28 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.

Going concern

The director will continue to provide his support to the company and as such the financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants relating to the support provided for the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

 

Down to Earth Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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

Plant and Machinery

20-25% Reducing Balance

Motor Vehicles

20-25% Reducing Balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Down to Earth Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Down to Earth Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

65,000

57,367

122,367

Disposals

-

(29,000)

(29,000)

At 30 April 2024

65,000

28,367

93,367

Depreciation

At 1 May 2023

28,947

26,631

55,578

Charge for the year

7,210

2,921

10,131

Eliminated on disposal

-

(12,783)

(12,783)

At 30 April 2024

36,157

16,769

52,926

Carrying amount

At 30 April 2024

28,843

11,598

40,441

At 30 April 2023

36,053

30,736

66,789

5

Debtors

Current

2024
£

2023
£

Other debtors

-

684

 

-

684

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

32,670

28,770

Trade creditors

 

1,388

1,438

Taxation and social security

 

14,875

16,827

Accruals and deferred income

 

960

960

Other creditors

 

85,743

67,735

 

135,636

115,730

Creditors under 1 year include bank overdrafts and net obligations under hire purchase contracts of £28,782 (2023 - £25,113). Hire purchase liabilities are secured over the assets to which they relate.

 

Down to Earth Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,226

30,299

Creditors over 1 year includes net obligations under hire purchase contracts of £0 (2023 - £16,595.). Hire purchase liabilities are secured over the assets to which they relate.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

 

Down to Earth Groundwork Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

6,067

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,226

13,704

Hire purchase contracts

-

16,595

13,226

30,299

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,222

2,222

Bank overdrafts

1,696

1,435

Hire purchase contracts

28,752

25,113

32,670

28,770

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 12 May 2030. The carrying amount at year end is £15,448 (2023 - £15,926).

The loan is provided to assist with the effects of the Covid-19 pandemic, received in May 2020. It is repayable over 10 years and interest is charged at 2.5% per annum for the duration of the loan. No capital repayments are due in the first 12 months of the loan and the government is paying the first 12 months of the interest due under this loan as a Business Interruption Payment.