Ground 2 Construction Limited - Period Ending 2014-07-31

Registration number: 07518242

Ground 2 Construction Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2014
 

AIMS ACCOUNTANTS FOR BUSINESS
The Water Tower
335 Benfleet Road
Benfleet
Essex
SS7 1PW

Ground 2 Construction Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ground 2 Construction Limited
for the Year Ended 31 July 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ground 2 Construction Limited for the year ended 31 July 2014 set out on pages 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.

This report is made solely to the Board of Directors of Ground 2 Construction Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ground 2 Construction Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ground 2 Construction Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ground 2 Construction Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ground 2 Construction Limited. You consider that Ground 2 Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ground 2 Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

AIMS ACCOUNTANTS FOR BUSINESS
The Water Tower
335 Benfleet Road
Benfleet
Essex
SS7 1PW

15 September 2014

Page 1

Ground 2 Construction Limited
(Registration number: 07518242)
Abbreviated Balance Sheet at 31 July 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					20,150			8,500
Current assets
Debtors					-			36,283
Cash at bank and in hand					47,668			6,078
					47,668			42,361
Creditors: Amounts falling due within one year					(44,448)			(42,928)
Net current assets/(liabilities)					3,220			(567)
Total assets less current liabilities					23,370			7,933
Provisions for liabilities					(4,030)			-
Net assets					19,340			7,933
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					19,240			7,833
Shareholders' funds					19,340			7,933

For the year ending 31 July 2014 the company was entitled to exemption 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 15 September 2014

.........................................
Mr Nick Drury
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Ground 2 Construction Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% straight line
Plant and machinery	20% straight line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Ground 2 Construction Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2013		12,500			12,500
Additions		18,588			18,588
Disposals		(1,800)			(1,800)
At 31 July 2014		29,288			29,288
Depreciation
At 1 August 2013		4,000			4,000
Charge for the year		5,858			5,858
Eliminated on disposals		(720)			(720)
At 31 July 2014		9,138			9,138
Net book value
At 31 July 2014		20,150			20,150
At 31 July 2013		8,500			8,500

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4

Ground 2 Construction Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

4	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr Nick Drury
Interest free loans made to the company b/fwd	21,811	-	29,811	-
Dividends declared in the period	25,000	-	27,000	-
Dividends paid in the period	(25,000)	-	(27,000)	-
Repayments made to the Director in the period	(11,015)	-	(8,000)	-
	10,796	-	21,811	-

Page 5