Great Stuff Organic Limited Filleted accounts for Companies House (small and micro)

GREAT STUFF ORGANIC LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10663016

Great Stuff Organic Limited

Filleted Unaudited Financial Statements

For the period ended

31 March 2021

Great Stuff Organic Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		38,906		40,421

Current assets

Stocks		65,977	9,165
Debtors	6	68,241	27,356
Cash at bank and in hand		8,226	6,927
		----------	--------
		142,444	43,448

Creditors: amounts falling due within one year	7	294,610		174,485
		----------		----------
Net current liabilities			152,166		131,037
			----------		----------
Total assets less current liabilities			( 113,260)		( 90,616)

Creditors: amounts falling due after more than one year	8		1,912		4,640

Provisions	7,443	8,670
	----------	----------
Net liabilities	( 122,615)	( 103,926)
	----------	----------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 122,617)	( 103,928)
	----------	----------
Shareholders funds	( 122,615)	( 103,926)
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2021 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Great Stuff Organic Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 29 March 2022 , and are signed on behalf of the board by:

Mrs T Scheithauer
Director

Company registration number: 10663016

Great Stuff Organic Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4 Flanshaw Court, Flanshaw Way, Silkwood Park, Wakefield, WF2 9LP, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The company is in a net liabilities position of £122,617 at the balance sheet date, including loans from the directors, which amounted to £177,461 at 31 March 2021. The directors have confirmed their support will continue for the foreseeable future and will, where necessary, be increased in order to enable the company to continue normal trading operations. The accounts are therefore prepared on a going concern basis. In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. Despite all of this, the director intends to continue with the pre-existing business plan and is confident that the company will successfully achieve its objectives in due course. In the meantime, the director confirms that they will continue to provide the necessary funding to the company.

Lease payments are recognised as an expense over the lease term on a straight-line basis. The lease payments for premises are paid quarterly in arrears.

(d) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(e) Current tax

The taxation expense represents the aggregate amount of current recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	12.5% Straight line
Fixtures and fittings	-	12.5% Straight line

(h) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(i) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

(j) Financial instruments

Financial instruments are classified as accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(k) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2020: 3 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2020	51,357	2,606	53,963
Additions	5,978	–	5,978
	--------	-------	--------
At 31 March 2021	57,335	2,606	59,941
	--------	-------	--------
Depreciation
At 1 April 2020	13,023	519	13,542
Charge for the year	7,167	326	7,493
	--------	-------	--------
At 31 March 2021	20,190	845	21,035
	--------	-------	--------
Carrying amount
At 31 March 2021	37,145	1,761	38,906
	--------	-------	--------
At 31 March 2020	38,334	2,087	40,421
	--------	-------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	66,132	25,313
Other debtors	2,109	2,043
	--------	--------
	68,241	27,356
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loan	2,722	2,558
Trade creditors	39,279	1,820
Social security and other taxes	2,968	809
Other creditors	249,641	169,298
	----------	----------
	294,610	174,485
	----------	----------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loan	1,912	4,640
	-------	-------

9. Related party transactions

During the year the director made available loans to the company. These loans are interest free and repayable on demand . As at 31 March 2021 the balance owed to the director amounted to £ 177,461 (2020: £167,560).