Ground Level Up Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08429029 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

GROUND LEVEL UP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C J Wysocki

REGISTERED OFFICE:

Gordon Wood Scott & Partners Limited

Dean House

94 Whiteladies Road

Bristol

Avon

BS8 2QX

REGISTERED NUMBER:

08429029 (England and Wales)

ACCOUNTANTS:

Gordon Wood Scott & Partners Limited

Chartered Accountants

Dean House

94 Whiteladies Road

Clifton

Bristol

BS8 2QX

FIXED ASSETS

Tangible assets

4

175,254

160,338

CURRENT ASSETS

Stocks

5

265,052

255,211

Debtors

6

138

1,804

Cash in hand

22,018

16,556

287,208

273,571

CREDITORS

Amounts falling due within one year

7

(398,886

)

(384,076

)

NET CURRENT LIABILITIES

(111,678

)

(110,505

)

TOTAL ASSETS LESS CURRENT LIABILITIES

63,576

49,833

PROVISIONS FOR LIABILITIES

8

(7,942

)

(6,575

)

NET ASSETS

55,634

43,258

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

10

55,633

43,257

SHAREHOLDERS' FUNDS

55,634

43,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 15 January 2018 and were signed by:

C J Wysocki - Director

1.	STATUTORY INFORMATION

Ground Level Up Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the

directors believe that the policy of not providing depreciation on Investment Property and Property under

Construction is necessary in order for the accounts to give a true and fair view, since the current value of these

items, and changes to that current value, are of prime importance rather than a calculation of systematic annual

depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which

might otherwise have been shown cannot be separately identified or quantified.

Investment Property

Investment properties are shown at the most recent valuation. Any aggregate surplus or deficit arising from

changes in market value is transferred to a revaluation reserve.

Stocks

Work in progress is stated at the lower of cost and net realizable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Investment

Computer

property

equipment

Totals

£

£

£

COST OR VALUATION

At 1 April 2016

160,000

800

160,800

Revaluations

15,000

-

15,000

At 31 March 2017

175,000

800

175,800

DEPRECIATION

At 1 April 2016

-

462

462

Charge for year

-

84

84

At 31 March 2017

-

546

546

NET BOOK VALUE

At 31 March 2017

175,000

254

175,254

At 31 March 2016

160,000

338

160,338

The Investment Property has been valued by the director at the year end based on an open market basis on

information afforded by recent professional valuations of similar properties and on advice provided by external

valuers.

The values shown above are analysed as follows:

Investment property

£

Revaluation surplus

54,347

Cost

120,653

Total

160,000

5.

STOCKS

31.3.17

31.3.16

£

£

Work-in-progress

265,052

255,211

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Tax

-

992

Prepayments and accrued income

138

812

138

1,804

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Tax

678

-

Other creditors

3,388

-

Directors' current accounts

393,380

382,636

Accruals and deferred income

1,440

1,440

398,886

384,076

8.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

Tax losses carried forward

(210

)

(420

)

Other timing differences

8,152

6,995

7,942

6,575

Deferred

tax

£

Balance at 1 April 2016

6,575

Provided during year

1,367

Balance at 31 March 2017

7,942

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

1

Ordinary

£1

1

1

10.

RESERVES

Retained earnings include both realised and unrealised profits. The company had distributable profits at the year

end amounting to £9,438 (2016 - £10,905).

11.	RELATED PARTY DISCLOSURES

The director has loaned £393,380 to the company. The loan is repayable on demand. No loan interest was

charged during the year.

12.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1a Small Entities which has resulted in adjustments to the

comparative prior year amounts.

There are changes in equity at 1 April 2015 (the date of transition to FRS 102 Section 1a) and at 31 March 2016

being the end of the last annual financial statements determined in accordance with the previous financial

reporting framework. A reconciliation and explanation of these changes is set out in the pages which follow.

There are also changes in the profit as determined under FRS 102 Section 1a and these changes are set out in a

separate report included in the pages which follow.