Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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826,100 | 861,270 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 7 |
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- due after more than one year | 7 |
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Cash at bank and in hand |
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2,037,620 | 2,297,231 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets/(liabilities) | 84,109 | (88,765) | ||
Total assets less current liabilities | 910,209 | 772,505 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Provision for liabilities | 10 | (
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account | (
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Total shareholders' funds/(deficit) |
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Directors' responsibilities:
The financial statements of Groupia Ltd (registered number:
S J Roddy
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Groupia Limited is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor 30-32, Westgate Buildings, Bath, BA1 1EF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Groupia Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
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 financial statements. 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.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Development costs |
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Land and buildings |
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Vehicles |
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Fixtures and fittings |
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Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
In the Balance Sheet, the Creditors falling due within one year and the Profit and loss account were materially misstated.
Trade Creditors
The accounts have been restated to reflect an increase of £68,644 in the Trade Creditors at year end.
Profit and Loss Account
The accounts have been restated to reflect an decrease of £68,644 in the Profit and loss account at year end.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Development costs | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2022 |
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Additions |
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At 31 December 2022 |
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Accumulated amortisation | |||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||
At 31 December 2022 |
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At 31 December 2021 |
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Land and buildings | Vehicles | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2022 |
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Additions |
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Disposals |
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At 31 December 2022 |
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Accumulated depreciation | |||||||
At 01 January 2022 |
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Charge for the financial year |
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Disposals |
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At 31 December 2022 |
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Net book value | |||||||
At 31 December 2022 |
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At 31 December 2021 |
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Other investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 January 2022 |
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At 31 December 2022 |
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Provisions for impairment | |||
At 01 January 2022 |
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At 31 December 2022 |
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Carrying value at 31 December 2022 |
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Carrying value at 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Prepayments |
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Other taxation and social security |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Prepayments |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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Included within bank loans and overdrafts is an amount of £34,420 (2021: £34,420) that is secured on the fixed and floating charges over the assets of the company.
2022 | 2021 | ||
£ | £ | ||
Bank loans (secured £
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Deferred income |
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780,856 | 955,342 |
Included within bank loans and overdrafts is an amount of £427,654 (2021: £579,333) that is secured on the fixed and floating charges over the assets of the company.
2022 | 2021 | ||
£ | £ | ||
Deferred tax |
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Other provisions |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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50,000 | 50,000 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2022 | 2021 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2022 | 2021 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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At the year directors owed £nil (2021: £10,043) to the Company. There are no repayment terms on these loans and no interest is charged.
Directors charged the company £6,000 (2021: £21,050) for the provision of accommodation that is re-let as a furnished holiday unit.
At the year end date the company was owed £161,024 (2021: £161,024) by a company under common control. This loan is unsecured, interest free and repayable on demand. The company was charged £100,891 (2021: £73,009) for consultancy services provided by the company under common control.
The company was charged £20,838 (2021: £Nil) for consultancy services provided by a shareholder.