Company Registration No. 12773217 (England and Wales)
Ionic Groundworks Ltd
Unaudited accounts
for the year ended 31 March 2022
Ionic Groundworks Ltd
Unaudited accounts
Contents
Ionic Groundworks Ltd
Company Information
for the year ended 31 March 2022
Directors
Gareth Hughes
Max Ashton
Company Number
12773217 (England and Wales)
Registered Office
Orchard House
Clyst St. Mary
Exeter
Devon
EX5 1BR
ENGLAND
Accountants
The Fresh Accountancy Company Limited
Orchard House
Clyst St Mary
Exeter
Devon
EX5 1BR
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Ionic Groundworks Ltd for the year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Ionic Groundworks Ltd for the year ended
31 March 2022 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.
The Fresh Accountancy Company Limited
Chartered Accountants
Orchard House
Clyst St Mary
Exeter
Devon
EX5 1BR
26 May 2022
Ionic Groundworks Ltd
Statement of financial position
as at 31 March 2022
Tangible assets
257,586
348,885
Cash at bank and in hand
76,155
2,241
Creditors: amounts falling due within one year
(764,224)
(323,528)
Net current assets
75,109
9,407
Total assets less current liabilities
332,695
358,292
Creditors: amounts falling due after more than one year
(183,382)
(257,554)
Provisions for liabilities
Deferred tax
(48,941)
(66,288)
Called up share capital
100
100
Profit and loss account
100,272
34,350
Shareholders' funds
100,372
34,450
For the year ending 31 March 2022 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2022 and were signed on its behalf by
Gareth Hughes
Director
Company Registration No. 12773217
Ionic Groundworks Ltd
Notes to the Accounts
for the year ended 31 March 2022
Ionic Groundworks Ltd is a private company, limited by shares, registered in England and Wales, registration number 12773217. The registered office is Orchard House, Clyst St. Mary, Exeter, Devon, EX5 1BR, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reduced Balancing method
Motor vehicles
25% Reduced Balancing method
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Ionic Groundworks Ltd
Notes to the Accounts
for the year ended 31 March 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2021
395,629
6,260
401,889
Disposals
-
(6,260)
(6,260)
At 31 March 2022
395,629
-
395,629
At 1 April 2021
52,181
823
53,004
Charge for the year
85,862
-
85,862
At 31 March 2022
138,043
-
138,043
At 31 March 2022
257,586
-
257,586
At 31 March 2021
343,448
5,437
348,885
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
257,586
343,448
5
Debtors: amounts falling due within one year
2022
2021
Amounts due from group undertakings etc.
735,671
-
Accrued income and prepayments
273
783
Other debtors
27,234
29,374
6
Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
69,997
68,622
Trade creditors
194,571
156,155
Amounts owed to group undertakings and other participating interests
393,213
70,824
Taxes and social security
103,964
26,313
Other creditors
2,479
1,614
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
183,382
257,554
Ionic Groundworks Ltd
Notes to the Accounts
for the year ended 31 March 2022
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Transactions with related parties
Timber Pak Limited
Owned by TAG Holdings Limited, who holds the majority of the share capital.
Owed to Timber Pak Limited: £327 (2021: £36,139)
During the year, an amount of £4,010 (2021: £nil) was invoiced from this company at arms length
During the year, an amount of £15,000 (2021: £2,500) was invoiced from this company in respect of management charges.
Harrington Homes (SW) Limited
Owned by TAG Holdings Limited, who holds the majority of the share capital.
Owed to Harrington Homes (SW) Limited: £167,571 (2021: £981)
During the year an amount of £2,236 (2021: £447) was invoiced to this company at arms length
During the year, an amount of £5,150 (2021: £463) was invoiced from this company in respect of recharges
Future Construction Ltd
Owned by TAG Holdings Limited, who holds the majority of the share capital.
Owing from Future Construction Ltd: £732,671 (2021: 5,040)
During the year, an amount of £1,768,317 (2021: £386,019) was invoiced to this company at arms length
During the year, an amount of £79,946 (2021: £51,649) was invoiced from this company in respect of recharges.
TAG Holdings Ltd
Owns Ionic Groundworks Ltd
Owing to TAG Holdings Ltd £225,315 (2021: £38,743)
TAG Holdings Ltd registered in England.
11
Average number of employees
During the year the average number of employees was 7 (2021: 7).
