Company Registration No. SC190822 (Scotland)
GROW WILD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
GROW WILD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
GROW WILD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,778
13,870
Current assets
Stocks
3,300
786
Debtors
5
14,126
29,794
Cash at bank and in hand
13,978
9,989
31,404
40,569
Creditors: amounts falling due within one year
6
(40,195)
(36,494)
Net current (liabilities)/assets
(8,791)
4,075
Total assets less current liabilities
9,987
17,945
Creditors: amounts falling due after more than one year
7
-
(9,244)
Net assets
9,987
8,701
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
9,887
8,601
Total equity
9,987
8,701
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GROW WILD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 August 2019
Ms L Cadell Girvan
Director
Company Registration No. SC190822
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Grow Wild Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Campbell Dallas, 15 Gladstone Place, Stirling, FK8 2NN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, was amortised evenly over its estimated useful life of ten years. It is now fully written off.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are
valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2018 - 8).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
38,000
Amortisation and impairment
At 1 April 2018 and 31 March 2019
38,000
Carrying amount
At 31 March 2019
-
At 31 March 2018
-
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2018
10,237
14,185
2,979
16,750
44,151
Additions
205
2,425
-
11,250
13,880
Disposals
-
-
-
(10,750)
(10,750)
At 31 March 2019
10,442
16,610
2,979
17,250
47,281
Depreciation and impairment
At 1 April 2018
8,162
7,474
2,508
12,136
30,280
Depreciation charged in the year
570
2,284
118
3,287
6,259
Eliminated in respect of disposals
-
-
-
(8,036)
(8,036)
At 31 March 2019
8,732
9,758
2,626
7,387
28,503
Carrying amount
At 31 March 2019
1,710
6,852
353
9,863
18,778
At 31 March 2018
2,075
6,711
470
4,614
13,870
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
7,757
942
Other debtors
4,253
27,283
Prepayments and accrued income
2,116
1,569
14,126
29,794
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
9,203
2,650
Trade creditors
19,919
27,009
Corporation tax
5,989
3,760
Other taxation and social security
634
(304)
Other creditors
604
723
Accruals and deferred income
3,846
2,656
40,195
36,494
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
-
9,244
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
9
Related party transactions
Ms L Cadell Girvan
During the year the company provided a loan to Ms L Cadell Girvan, the director. At the balance sheet date Ms L Cadell Girvan owed the company £976 (2018: £21,391).
Interest is paid on the loan at 2.5%. Interest paid in the year totalled £355 (2018: £592). The loan is unsecured and repayable on demand.