Company registration number SC190822 (Scotland)
GROW WILD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GROW WILD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GROW WILD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
14,306
Tangible assets
5
52,486
37,357
66,792
37,357
Current assets
Stocks
7,421
3,708
Debtors
6
9,456
6,203
Cash at bank and in hand
74,732
123,283
91,609
133,194
Creditors: amounts falling due within one year
7
(32,117)
(37,759)
Net current assets
59,492
95,435
Total assets less current liabilities
126,284
132,792
Creditors: amounts falling due after more than one year
8
(43,958)
(24,128)
Net assets
82,326
108,664
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
82,226
108,564
Total equity
82,326
108,664
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 2023 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.
The 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 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 November 2023
Ms L Cadell Girvan
Director
Company Registration No. SC190822
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Grow Wild Limited is a private company limited by shares incorporated in Scotland. The registered office is Bonnytoun Farm, Linlithgow, West Lothian, United Kingdom, EH49 7LP.
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 amounts 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 represents the value of goods sold excluding value added tax.
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
Intangible fixed assets other than goodwill
Intangible assets comprise website development costs which are expected to generate additional sales for the company by way of providing an additional sales outlet. Such assets are defined as having finiite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 6 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
Amortisation 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:
Development costs
6 years straight line
1.5
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.
1.6
Stocks
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Stocks are valued at the lower of cost and net realisable value, after making due allowance for out of date goods.
1.7
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
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:
2023
2022
Number
Number
Total
9
8
4
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 April 2022
38,000
38,000
Additions
15,448
15,448
At 31 March 2023
38,000
15,448
53,448
Amortisation and impairment
At 1 April 2022
38,000
38,000
Amortisation charged for the year
1,142
1,142
At 31 March 2023
38,000
1,142
39,142
Carrying amount
At 31 March 2023
14,306
14,306
At 31 March 2022
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
17,256
17,301
2,425
48,713
85,695
Additions
483
189
33,713
34,385
Disposals
(5,500)
(5,500)
At 31 March 2023
17,739
17,301
2,614
76,926
114,580
Depreciation and impairment
At 1 April 2022
12,586
13,892
905
20,955
48,338
Depreciation charged in the year
1,288
852
442
14,933
17,515
Eliminated in respect of disposals
(3,759)
(3,759)
At 31 March 2023
13,874
14,744
1,347
32,129
62,094
Carrying amount
At 31 March 2023
3,865
2,557
1,267
44,797
52,486
At 31 March 2022
4,670
3,409
1,520
27,758
37,357
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,142
Other debtors
5,461
617
Prepayments and accrued income
3,995
4,444
9,456
6,203
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
10,320
4,992
Trade creditors
12,895
16,764
Other creditors
5,062
12,688
Accruals and deferred income
3,840
3,315
32,117
37,759
GROW WILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
43,958
24,128
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,552
-
9
Related party transactions
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Key management personnel
4,658
12,688
Other information
The balance due to the director is unsecured, no interest is charged on the outstanding amounts and there are no fixed terms for repayment.