Supergrow Limited - Period Ending 2020-03-31

Supergrow Limited

(Registration number: 07646793)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Current assets
Debtors	4	10,790	10,790
Cash at bank and in hand		33	56
		10,823	10,846
Creditors: Amounts falling due within one year	5	(17,369)	(14,831)
Net liabilities		(6,546)	(3,985)
Capital and reserves
Called up share capital	6	1	1
Profit and loss account		(6,547)	(3,986)
Shareholders' deficit		(6,546)	(3,985)

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 December 2020
 

 

Mr K Welch
Director

Supergrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Ivy Cottage
Old Roman Road
Langstone
Newport
NP18 2JU

These financial statements were authorised for issue by the director on 21 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

During the year, the company made a loss of £2,561 (2019: £3,854) and has net liabilities of £6,546 (2019: £3,985).

The shareholder believes the company will continue to operate as a going concern for the next 12 month with the ongoing support of the shareholders.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Supergrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial Instruments

Classification

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

Impairment

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Supergrow Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

4

Debtors

	2020 £	2019 £
Other debtors	10,790	10,790
	10,790	10,790

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Accruals and deferred income	1,020	150
Other creditors	16,349	14,681
	17,369	14,831

6	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £0.01 each	100	1.00	100	1.00

7	Non adjusting events after the financial period

During the year, the UK economy was severely impacted by the national lockdown imposed as a result of the Covid-19 virus outbreak. This had a significant impact on the ability if business to trade freely including Supergrow Limited. The company retains the support of its director, and as a result can continue to meet its liabilities as and when they fall due. Consequently, it is considered appropriate to prepare the financial statements on a going concern basis.