ACCOUNTS - Final Accounts preparation

Company registration number: 10150393

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee)


GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee)

COMPANY INFORMATION

Directors	P D Cherry
	J M Bowen
	A D Cherry
	H Cherry
	J P Cherry
	E Jenkins


Company secretary	P D Cherry


Registered number	10150393


Registered office	Darnalls Hall
	Weston
	Hitchin
	Hertfordshire
	SG4 7AL


Accountants	Menzies LLP
	Chartered Accountants
	Richmond House
	Walkern Road
	Stevenage
	Herts
	SG1 3QP


GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee)

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee) REGISTERED NUMBER:10150393

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	3		98,537		36,623
			98,537		36,623
Current assets
Debtors Within One Year	4	88,896		150,685
Bank and cash balances		62,319		13,858
		151,215		164,543
Creditors: amounts falling due within one year	5	(155,736)		(157,520)
Net current (liabilities)/assets			(4,521)		7,023
Total assets less current liabilities			94,016		43,646
Provisions for liabilities
Deferred tax		(21,612)		-
			(21,612)		-
Net assets			72,404		43,646

Capital and reserves
Profit and loss account	72,404	43,646
	72,404	43,646

Page 1


GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee) REGISTERED NUMBER:10150393

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

A D Cherry

Director

Date: 29 September 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2


GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 3


GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

1.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

1.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4


GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

1.5

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

1.6

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

3.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 January 2024	45,727
	Additions	77,939
	Disposals	(3,390)
	At 31 December 2024	120,276
	Depreciation
	At 1 January 2024	9,104
	Charge for the year on owned assets	13,627
	Disposals	(992)
	At 31 December 2024	21,739
	Net book value
	At 31 December 2024	98,537
	At 31 December 2023	36,623

Page 5


GROUNDSWELL AGRICULTURE LTD (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	44,336	49,896
Other debtors	-	23,700
Prepayments and accrued income	44,560	77,089
	88,896	150,685

5.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	13,070	71,242
Other taxation and social security	14,446	-
Accruals and deferred income	128,220	86,278
	155,736	157,520


6.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 6