Company Registration No. SC190822 (Scotland)
GROW WILD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
GROW WILD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GROW WILD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
15,442
15,046
Current assets
Stocks
4,039
3,960
Debtors
6
5,518
4,324
Cash at bank and in hand
108,101
69,454
117,658
77,738
Creditors: amounts falling due within one year
7
(41,886)
(34,872)
Net current assets
75,772
42,866
Net assets
91,214
57,912
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
91,114
57,812
Total equity
91,214
57,912
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 2021 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.
The financial statements were approved and signed by the director and authorised for issue on 16 December 2021
Ms L Cadell Girvan
Director
Company Registration No. SC190822
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Grow Wild Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
15 Gladstone Place, Stirling, Stirlingshire, United Kingdom, 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
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.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
8
8
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2020 and 31 March 2021
38,000
Amortisation and impairment
At 1 April 2020 and 31 March 2021
38,000
Carrying amount
At 31 March 2021
At 31 March 2020
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2020
11,725
16,610
2,979
17,250
48,564
Additions
3,951
1,592
5,543
At 31 March 2021
15,676
16,610
4,571
17,250
54,107
Depreciation and impairment
At 1 April 2020
9,480
11,471
2,714
9,853
33,518
Depreciation charged in the year
1,549
1,285
464
1,849
5,147
At 31 March 2021
11,029
12,756
3,178
11,702
38,665
Carrying amount
At 31 March 2021
4,647
3,854
1,393
5,548
15,442
At 31 March 2020
2,245
5,139
265
7,397
15,046
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
2,246
1,608
Prepayments and accrued income
3,272
2,716
5,518
4,324
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
27,570
16,835
Corporation tax
7,159
13,281
Other taxation and social security
815
(381)
Other creditors
3,341
2,538
Accruals and deferred income
3,001
2,599
41,886
34,872
8
Related party transactions
Ms L Cadell Girvan
Throughout the year Ms L Cadell Girvan, the director, provided a loan to the company of £2,751. The loan was unsecured and repayable on demand. (2020: £2,751).