Company Registration No. 12773217 (England and Wales)
Ionic Groundworks Ltd
Unaudited accounts
for the period from 1 April 2022 to 31 December 2022
Ionic Groundworks Ltd
Unaudited accounts
Contents
Ionic Groundworks Ltd
Company Information
for the period from 1 April 2022 to 31 December 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 period from 1 April 2022 to 31 December 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 period from
1 April 2022 to
31 December 2022 as set out on pages
5 -
9 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
30 April 2023
Ionic Groundworks Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
303,573
257,586
Cash at bank and in hand
172
76,155
Creditors: amounts falling due within one year
(2,300,070)
(764,224)
Net current assets
115,114
75,109
Total assets less current liabilities
418,687
332,695
Creditors: amounts falling due after more than one year
(201,517)
(183,382)
Provisions for liabilities
Deferred tax
(57,427)
(48,941)
Net assets
159,743
100,372
Called up share capital
100
100
Profit and loss account
159,643
100,272
Shareholders' funds
159,743
100,372
For the period ending 31 December 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 10 October 2023 and were signed on its behalf by
Gareth Hughes
Director
Company Registration No. 12773217
Ionic Groundworks Ltd
Notes to the Accounts
for the period from 1 April 2022 to 31 December 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 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
Computer equipment
25% Straight line 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 period from 1 April 2022 to 31 December 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The accounts have been prepared on a going concern basis. The going concern of the company and the group is dependent of the continued support of its directors and lenders.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
395,629
-
395,629
Additions
121,420
1,353
122,773
Disposals
(25,100)
-
(25,100)
At 31 December 2022
491,949
1,353
493,302
At 1 April 2022
138,043
-
138,043
Charge for the period
60,409
28
60,437
On disposals
(8,751)
-
(8,751)
At 31 December 2022
189,701
28
189,729
At 31 December 2022
302,248
1,325
303,573
At 31 March 2022
257,586
-
257,586
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
302,248
257,586
5
Debtors
31/12/2022
31/03/2022
Amounts falling due within one year
Amounts due from group undertakings etc.
2,254,648
735,671
Accrued income and prepayments
2,743
273
Ionic Groundworks Ltd
Notes to the Accounts
for the period from 1 April 2022 to 31 December 2022
6
Creditors: amounts falling due within one year
31/12/2022
31/03/2022
Obligations under finance leases and hire purchase contracts
85,767
69,997
Trade creditors
154,294
194,571
Amounts owed to group undertakings and other participating interests
2,022,763
393,213
Taxes and social security
34,412
103,964
Other creditors
1,639
2,479
7
Creditors: amounts falling due after more than one year
31/12/2022
31/03/2022
Obligations under finance leases and hire purchase contracts
201,517
183,382
8
Deferred taxation
31/12/2022
31/03/2022
Accelerated capital allowances
57,427
48,941
Provision at start of period
48,941
66,288
Charged/(credited) to the profit and loss account
8,486
(17,347)
Provision at end of period
57,427
48,941
9
Share capital
31/12/2022
31/03/2022
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
31/12/2022
31/03/2022
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
10,356
-
Later than one year and not later than five years
2,584
-
Ionic Groundworks Ltd
Notes to the Accounts
for the period from 1 April 2022 to 31 December 2022
11
Transactions with related parties
During the period the company transacted with various related parties, related by virtue of the directors have an interest in the management or ownership.
Amounts due from related parties at the balance sheet date £3,000 (31.3.22 £3,000)
Amounts due to related parties at the balance sheet date £249,826 (31.3.22 £225,641)
Amounts borrowed from related parties during the period £24,000
Amounts lent/repaid to related parties during the period £nil
The amounts are interest free with no fixed repayment terms.
All other transactions were on an arms length basis, or with wholly owned group companies.
The company is controlled by Harrington Homes (SW) Limited, registered in England and Wales under number 11166928. Registered office; Orchard House, Clyst St Mary, EX5 1BR.
13
Average number of employees
During the period the average number of employees was 15 (31/03/2022: 7).
