Ground 2 Construction Limited - Accounts

Ground 2 Construction Limited - Accounts

GROUND 2 CONSTRUCTION LIMITED - Company Information

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Registered Number: 07518242
England and Wales

 

 

 

GROUND 2 CONSTRUCTION LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2022

End date: 31 July 2023

Ground 2 Construction Limited
Contents Page
For the year ended 31 July 2023
Directors C DRURY
N DRURY
Registered Number 07518242
Registered Office 115 Castledon Road
Wickford
Essex
SS12 0EG
Accountants Booksure Accounting Limited
77 High Street
Hadleigh
Essex
SS7 2PA
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 July 2023.
Principal activities
Principal activity of the company during the financial year was of Construction
Directors
The directors who served the company throughout the year were as follows:
C DRURY
N DRURY
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
N DRURY
Director

Date approved: 30 April 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 July 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Booksure Accounting Limited
31 July 2023



....................................................
Booksure Accounting Limited
77 High Street
Hadleigh
Essex
SS7 2PA
30 April 2024
3
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Tangible fixed assets 3 524,661    468,012 
524,661    468,012 
Current assets      
Debtors 4 876,088    104,153 
Cash at bank and in hand 390,570    890,369 
1,266,658    994,522 
Creditors: amount falling due within one year 5 (251,374)   (265,766)
Net current assets 1,015,284    728,756 
 
Total assets less current liabilities 1,539,945    1,196,768 
Creditors: amount falling due after more than one year 6 (66,832)   (13,114)
Provisions for liabilities 7 (18,021)   (18,021)
Net assets 1,455,092    1,165,633 
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account 1,454,992    1,165,533 
Shareholder's funds 1,455,092    1,165,633 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 30 April 2024 and were signed on its behalf by:


-------------------------------
N DRURY
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 August 2021 100  719,265  719,365 
Profit for the year 516,268  516,268 
Total comprehensive income for the year -  516,268  516,268 
Dividends (70,000) (70,000)
Total investments by and distributions to owners -  (70,000) (70,000)
At 31 July 2022 100  1,165,533  1,165,633 
At 01 August 2022 100  1,165,533  1,165,633 
Profit for the year 359,459  359,459 
Total comprehensive income for the year -  359,459  359,459 
Dividends (70,000) (70,000)
Total investments by and distributions to owners -  (70,000) (70,000)
At 31 July 2023 100  1,454,992  1,455,092 
5
General Information
Ground 2 Construction Limited is a private company, limited by shares, registered in England and Wales, registration number 07518242, registration address 115 Castledon Road, Wickford, Essex, SS12 0EG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 August 2022 715,804    715,804 
Additions 187,814    187,814 
Disposals -    - 
At 31 July 2023 903,618    903,618 
Depreciation
At 01 August 2022 247,792    247,792 
Charge for year 131,165    131,165 
On disposals -    - 
At 31 July 2023 378,957    378,957 
Net book values
Closing balance as at 31 July 2023 524,661    524,661 
Opening balance as at 01 August 2022 468,012    468,012 


4.

Debtors: amounts falling due within one year

2023
£		   2022
£
Trade Debtors 121,913    65,855 
Other Debtors 735,700    2,200 
VAT 18,475    36,098 
876,088    104,153 

5.

Creditors: amount falling due within one year

2023
£		   2022
£
Trade Creditors 42,061    107,148 
Bank Loans & Overdrafts 54,984    13,890 
Corporation Tax 74,199    67,987 
PAYE & Social Security 2,530    2,174 
Accrued Expenses 43,724    816 
Other Creditors 32,475    863 
Obligations under HP/Financial Leases 1,401    31,108 
Directors' Current Accounts 0    41,780 
251,374    265,766 

6.

Creditors: amount falling due after more than one year

2023
£		   2022
£
Obligations Under HP/Financial Leases 66,832    13,114 
66,832    13,114 

7.

Provisions for liabilities

2023
£		   2022
£
Deferred Tax 18,021    18,021 
18,021    18,021 

6