GrowUp Urban Farms Limited - Accounts to registrar (filleted) - small 18.2
GrowUp Urban Farms Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2018 |
| for |
| GrowUp Urban Farms Limited |
| GrowUp Urban Farms Limited (Registered number: 08544592) |
| Contents of the Financial Statements |
| for the Year Ended 31 AUGUST 2018 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| GrowUp Urban Farms Limited (Registered number: 08544592) |
| Balance Sheet |
| 31 AUGUST 2018 |
| 31.8.18 | 31.8.17 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium | 11 |
| Retained earnings | 11 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| GrowUp Urban Farms Limited (Registered number: 08544592) |
| Balance Sheet - continued |
| 31 AUGUST 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Profit & loss account has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| GrowUp Urban Farms Limited (Registered number: 08544592) |
| Notes to the Financial Statements |
| for the Year Ended 31 AUGUST 2018 |
| 1. | STATUTORY INFORMATION |
| GrowUp Urban Farms Limited is a private company, limited by shares, registered in England and |
| Wales, registration number 08544592. The registered office is Trojan House, 34 Arcadia Avenue, |
| London N3 2 JU. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the value of services provided under contracts to the extent that there is a right to |
| consideration and is recorded at the value of the consideration due. |
| Where a contract has only been partially completed at the balance sheet date, turnover represents the |
| value of the service provided to date based on a proportion of the total expected consideration at |
| completion. |
| Where payments are received from customers in advance of services provided, the amounts are |
| recorded as deferred income and included as part of Creditors due within one year. |
| Intangible assets |
| Intangible fixed asset being exclusive rights to Trade Marks is being amortised a straight-line basis |
| over 5 years. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Stocks |
| Stock have been valued at the lower of cost and estimated selling price less costs to sell. |
| Financial instruments |
| The company has entered into basic financial instruments and transactions that result in the |
| recognition of financial assets and liabilities like other debtors, creditors and loans to related parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each |
| reporting period for objective evidence of impairment. If objective evidence of impairment is fund, an |
| impairment loss is recognised in the profit and loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & loss |
| account, except to the extent that it relates to items recognised in other comprehensive income or |
| directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
| enacted or substantively enacted by the balance sheet date. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| GrowUp Urban Farms Limited (Registered number: 08544592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 AUGUST 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
| the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
| exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
| the operating result. |
| Operating leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
| over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the |
| company's pension scheme are charged to profit or loss in the period to which they relate. |
| Grants |
| Grants are recognised in full in the Statement of Financial Activities in the year, in which they are |
| received. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 September 2017 |
| and 31 August 2018 |
| AMORTISATION |
| At 1 September 2017 |
| Charge for year |
| At 31 August 2018 |
| NET BOOK VALUE |
| At 31 August 2018 |
| At 31 August 2017 |
| GrowUp Urban Farms Limited (Registered number: 08544592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 AUGUST 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2017 |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2018 |
| DEPRECIATION |
| At 1 September 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2018 |
| NET BOOK VALUE |
| At 31 August 2018 |
| At 31 August 2017 |
| Depreciation on capital assets purchased as part of the InnovateUK grant was originally calculated |
| based on a worst-case scenario as we were still negotiating lease agreements for the site for the farm. |
| This depreciation is mirrored in the business plan that was shared with investors, again on a |
| worst-case scenario. As we look to expand our business and build more farms on underutilised urban |
| land, our depreciation policy will continue to reflect the variations in tenure we are offered on spaces. |
| Our technical partners I+S Associates and Sterner AquaTech conducted a value analysis exercise |
| with us to help understand the residual value of the farming equipment. In line with industry standards, |
| hydroponic growing equipment and aquaculture equipment has little value outside of the context for |
| which it has been originally designed and would typically only be resold as part of a "fire-sale". |
| The farming facility built in part using the grant from InnovateUK has been custom designed as a |
| "minimal viable product" to prove commercial viability of aquaponic urban farming as part of a research |
| study, and as such all capital items are wholly necessary for a successful project.The useful purpose |
| of this project for the business was to develop larger scale farms across the UK having developed the |
| necessary operational know-how, expertise and reputation through the InnovateUK study. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Trade debtors |
| Other debtors |
| GrowUp Urban Farms Limited (Registered number: 08544592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 AUGUST 2018 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Accrued Expense includes £72,582 (2017 - £57,582) of unpaid directors remuneration. |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Other creditors |
| The convertible loan from Ignite Social Enterprise LP of an aggregate total amount of £1,000,000 |
| (2017: £1,000,000), is repayable over a period of more than 5 years. |
| The loan bears an annual interest of 7 %. Interest is calculated and due every 6 months after the |
| second anniversary of the draw- down date. |
| In the accounts an amount of £92,668 (2017: £85,668) of interest has been accrued . |
| The loan has an option to convert into shares just before repayment date. This will represent 36% of |
| the share capital. |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Between one and five years |
| 10. | CALLED UP SHARE CAPITAL |
| Alloted, issued and fully paid: |
| 31.08.18 | 31.08.17 |
| Number: | Class: | Nominal value | £ | £ |
| 4767 | Ordinary shares | 0.01 | 48 | 46 |
| 2 | Deferred Shares | 2 | 2 | 2 |
| 50 | 48 |
| In the current period a total of 193 ordinary shares with a nominal value of £0.01were issued, alloted |
| and fully paid. |
| GrowUp Urban Farms Limited (Registered number: 08544592) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 AUGUST 2018 |
| 11. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 September 2017 | ( |
) | (1,022,972 | ) |
| Deficit for the year | ( |
) | ( |
) |
| Cash share issue | - | 80,021 | 80,021 |
| At 31 August 2018 | ( |
) | (1,193,315 | ) |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the year ended 31 August 2018 and |
| the period ended 31 August 2017: |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by K Hofman and T C Webster by virtue of their shareholdings. |
| 14. | GOING CONCERN |
| The Financial Statements have been prepared on a Going Concern basis because of the continued |
| support of the Directors of the company. |