Company Registration No. 12773217 (England and Wales)
Ionic Groundworks Ltd
Unaudited accounts
for the period from 28 July 2020 to 31 March 2021
Ionic Groundworks Ltd
Unaudited accounts
Contents
Ionic Groundworks Ltd
Company Information
for the period from 28 July 2020 to 31 March 2021
Directors
Thomas Baker
Gareth Hughes
Samuel Woods
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 period from 28 July 2020 to 31 March 2021
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 period from
28 July 2020 to
31 March 2021 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
13 December 2021
Ionic Groundworks Ltd
Statement of financial position
as at 31 March 2021
Cash at bank and in hand
2,241
Creditors: amounts falling due within one year
(323,528)
Total assets less current liabilities
358,292
Creditors: amounts falling due after more than one year
(257,554)
Provisions for liabilities
Called up share capital
100
Profit and loss account
34,350
Shareholders' funds
34,450
For the period ending 31 March 2021 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 22 December 2021 and were signed on its behalf by
Thomas Baker
Director
Company Registration No. 12773217
Ionic Groundworks Ltd
Notes to the Accounts
for the period from 28 July 2020 to 31 March 2021
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 period, 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.
Ionic Groundworks Ltd
Notes to the Accounts
for the period from 28 July 2020 to 31 March 2021
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
Additions
395,629
6,260
401,889
At 31 March 2021
395,629
6,260
401,889
Charge for the period
52,181
823
53,004
At 31 March 2021
52,181
823
53,004
At 31 March 2021
343,448
5,437
348,885
Carrying values included above held under finance leases and hire purchase contracts:
£
- Plant & machinery
343,448
5
Debtors: amounts falling due within one year
2021
Accrued income and prepayments
783
6
Creditors: amounts falling due within one year
2021
Obligations under finance leases and hire purchase contracts
68,622
Amounts owed to group undertakings and other participating interests
70,824
Taxes and social security
26,313
7
Creditors: amounts falling due after more than one year
2021
Obligations under finance leases and hire purchase contracts
257,554
Ionic Groundworks Ltd
Notes to the Accounts
for the period from 28 July 2020 to 31 March 2021
Accelerated capital allowances
66,288
Charged to the profit and loss account
66,288
Provision at end of period
66,288
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
10
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: £36,140
During the year, an amount of £3,119 was invoiced from this company in respect of management charges and recharges.£743 was outstanding at the year end
Harrington Homes (SW) Limited
Owned by TAG Holdings Limited, who holds the majority of the share capital.
Owed to Harrington Homes (SW) Limited: £981
During the year, an amount of £447 was invoiced to this company at arms length
During the year, an amount of £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: £5,040
During the year, an amount of £686,019 was invoiced to this company at arms length
During the year, an amount of £51,649 was invoiced from this company in respect of recharges. £12,753 was oustanding at the year end.
TAG Holdings Ltd registered in England.
12
Average number of employees
During the period the average number of employees was 7.
