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Registered number: 05752157
Belowground Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2025
Accounting Help Ltd
ICAEW
344-354 Gray's Inn Road
London
WC1X 8BP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05752157
31 January 2025 31 January 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 27,636 38,979
27,636 38,979
CURRENT ASSETS
Stocks 5 20,000 25,000
Debtors 6 337,350 339,983
Cash at bank and in hand 17,731 125,820
375,081 490,803
Creditors: Amounts Falling Due Within One Year 7 (76,971 ) (136,821 )
NET CURRENT ASSETS (LIABILITIES) 298,110 353,982
TOTAL ASSETS LESS CURRENT LIABILITIES 325,746 392,961
Creditors: Amounts Falling Due After More Than One Year 8 (8,207 ) (11,476 )
NET ASSETS 317,539 381,485
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 317,537 381,483
SHAREHOLDERS' FUNDS 317,539 381,485
Page 1
Page 2
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Julian Reusing
Director
20/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Belowground Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05752157 . The registered office is Unit 5 Poltimore Barton, Moor Lane, Poltimore, Exeter, EX4 0BQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Reducing Balance
2.4. 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 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 contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2024 15,917 76,954 3,580 96,451
Disposals - (17,159 ) (482 ) (17,641 )
As at 31 January 2025 15,917 59,795 3,098 78,810
...CONTINUED
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Depreciation
As at 1 February 2024 2,844 51,984 2,644 57,472
Provided during the period 1,961 5,327 267 7,555
Disposals - (13,497 ) (356 ) (13,853 )
As at 31 January 2025 4,805 43,814 2,555 51,174
Net Book Value
As at 31 January 2025 11,112 15,981 543 27,636
As at 1 February 2024 13,073 24,970 936 38,979
5. Stocks
31 January 2025 31 January 2024
£ £
Stock 20,000 25,000
6. Debtors
31 January 2025 31 January 2024
£ £
Due within one year
Trade debtors 31,179 24,554
Prepayments and accrued income 4,175 20,471
Other debtors 4,587 4,587
Intercompany Loan 275,997 263,563
VAT 21,412 26,808
337,350 339,983
7. Creditors: Amounts Falling Due Within One Year
31 January 2025 31 January 2024
£ £
Trade creditors 58,843 94,046
Corporation tax - 17,376
Other taxes and social security 7,244 4,824
Other creditors 7,084 15,365
Accruals and deferred income 3,800 5,210
76,971 136,821
8. Creditors: Amounts Falling Due After More Than One Year
31 January 2025 31 January 2024
£ £
Other creditors 8,207 11,476
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Page 5
9. Share Capital
31 January 2025 31 January 2024
£ £
Allotted, Called up and fully paid 2 2
10. Additional Notes
The current accounting period covers a 12 month period. Comparatives from the prior year cover a 11 month period.
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