Company Registration No. SC190822 (Scotland)
GROW WILD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
GROW WILD LIMITED
COMPANY INFORMATION
Director
Ms L Cadell Girvan
Secretary
Mr B H Cadell
Company number
SC190822
Registered office
15 Gladstone Place
Stirling
FK8 2NN
Accountants
Campbell Dallas Limited (Stirling)
15 Gladstone Place
Stirling
FK8 2NN
Business address
Bonnytoun Farm
Linlithgow
West Lothian
EH49 7LP
Bankers
Natwest
8 George Street
Edinburgh
EH2 2SB
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 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
633
Tangible assets
4
13,870
16,864
Current assets
Stocks
786
802
Debtors
5
29,794
27,723
Cash at bank and in hand
9,989
8,355
40,569
36,880
Creditors: amounts falling due within one year
6
(36,494)
(24,463)
Net current assets
4,075
12,417
Total assets less current liabilities
17,945
29,914
Creditors: amounts falling due after more than one year
7
(9,244)
(11,950)
Net assets
8,701
17,964
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
8,601
17,864
Total equity
8,701
17,964
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 2018 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 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 December 2018
Ms L Cadell Girvan
Director
Company Registration No. SC190822
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Grow Wild Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
.
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, is being amortised evenly over its estimated useful life of ten years.
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
The tax expense represents the sum of the tax currently payable and deferred tax.
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
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 8 (2017 - 8).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
38,000
Amortisation and impairment
At 1 April 2017
37,367
Amortisation charged for the year
633
At 31 March 2018
38,000
Carrying amount
At 31 March 2018
-
At 31 March 2017
633
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2017
9,438
13,355
2,979
16,750
42,522
Additions
799
830
-
-
1,629
At 31 March 2018
10,237
14,185
2,979
16,750
44,151
Depreciation and impairment
At 1 April 2017
7,470
5,237
2,352
10,598
25,657
Depreciation charged in the year
692
2,237
157
1,538
4,624
At 31 March 2018
8,162
7,474
2,509
12,136
30,281
Carrying amount
At 31 March 2018
2,075
6,711
470
4,614
13,870
At 31 March 2017
1,968
8,117
627
6,152
16,864
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
942
3,203
Other debtors
27,283
22,819
Prepayments and accrued income
1,569
1,701
29,794
27,723
6
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
2,650
2,595
Trade creditors
27,009
4,190
Corporation tax
3,760
10,389
Other taxation and social security
(304)
986
Other creditors
723
1,580
Accruals and deferred income
2,656
4,723
36,494
24,463
7
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans and overdrafts
9,244
11,950
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
9
Related party transactions
Ms L Cadell Girvan
During the year the company provided a loan to Ms L Caddell Girvan, the director. At the balance sheet date Ms L Caddell Girvan owed the company £21,391 (2017: £20,936).
Interest is paid on the loan at 2.5%. Interest paid in the year total £592. The loan is unsecured and repayable on demand.