One Stop Grow Shop Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06126764 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

One Stop Grow Shop Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Copeland

S Copeland

SECRETARY:

J Copeland

REGISTERED OFFICE:

Unit C1 Fenton Trade Park

Dewsbury Road

Fenton Industrial Estate

Stoke on Trent

Staffordshire

ST4 2TE

REGISTERED NUMBER:

06126764 (England and Wales)

FIXED ASSETS

Intangible assets

5

71,506

25,043

Tangible assets

6

848,190

842,783

919,696

867,826

CURRENT ASSETS

Stocks

738,147

803,673

Debtors

7

7,940

46,107

Cash at bank and in hand

441,549

225,059

1,187,636

1,074,839

CREDITORS

Amounts falling due within one year

8

859,088

870,434

NET CURRENT ASSETS

328,548

204,405

TOTAL ASSETS LESS CURRENT LIABILITIES

1,248,244

1,072,231

CREDITORS

Amounts falling due after more than one year

9

(400,513

)

(423,973

)

PROVISIONS FOR LIABILITIES

(48,100

)

(35,200

)

NET ASSETS

799,631

613,058

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

799,531

612,958

799,631

613,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2021 and were signed on its behalf by:

J Copeland - Director

1.	STATUTORY INFORMATION

One Stop Grow Shop Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements cover the company as an individual entity, have been prepared under the historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate having regard to the company's current and expected performance.

Particular consideration has been given to the impact of the Coronavirus on the company's ability to operate for the foreseeable future. In arriving at this assessment of the going concern status of the company the directors have made key judgements about the ongoing availability of the Government's Job Retention Scheme, the ability of the company to agree deferred payment terms on HMRC debts and the returning level of demand for the services provided by the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when all the following conditions are satisfied:

-

the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the company; and

-

the costs incurred or to be incurred in respect of the transition can be measured reliably.

Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has been transferred.

Goodwill

Goodwill has not been amortised as in previous years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Office Equipment

-

25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2020 - 36 ) .

5.	INTANGIBLE FIXED ASSETS

Website

Goodwill

development

Totals

£

£

£

COST

At 1 April 2020

17,600

14,033

31,633

Additions

-

76,700

76,700

At 31 March 2021

17,600

90,733

108,333

AMORTISATION

At 1 April 2020

-

6,590

6,590

Amortisation for year

-

30,237

30,237

At 31 March 2021

-

36,827

36,827

NET BOOK VALUE

At 31 March 2021

17,600

53,906

71,506

At 31 March 2020

17,600

7,443

25,043

6.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2020

526,691

184,492

392,100

Additions

-

2,076

-

At 31 March 2021

526,691

186,568

392,100

DEPRECIATION

At 1 April 2020

-

-

281,052

Charge for year

-

-

16,657

At 31 March 2021

-

-

297,709

NET BOOK VALUE

At 31 March 2021

526,691

186,568

94,391

At 31 March 2020

526,691

184,492

111,048

Fixtures

and

Motor

Office

fittings

vehicles

Equipment

Totals

£

£

£

£

COST

At 1 April 2020

13,759

15,919

19,386

1,152,347

Additions

8,064

-

25,437

35,577

At 31 March 2021

21,823

15,919

44,823

1,187,924

DEPRECIATION

At 1 April 2020

5,597

14,934

7,981

309,564

Charge for year

4,056

246

9,211

30,170

At 31 March 2021

9,653

15,180

17,192

339,734

NET BOOK VALUE

At 31 March 2021

12,170

739

27,631

848,190

At 31 March 2020

8,162

985

11,405

842,783

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2020

and 31 March 2021

8,250

DEPRECIATION

At 1 April 2020

2,292

Charge for year

894

At 31 March 2021

3,186

NET BOOK VALUE

At 31 March 2021

5,064

At 31 March 2020

5,958

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

7,940

46,107

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

86,866

59,726

Hire purchase contracts (see note 10)

1,741

2,771

Trade creditors

308,944

442,036

Taxation and social security

188,433

67,456

Other creditors

273,104

298,445

859,088

870,434

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

400,513

422,232

Hire purchase contracts (see note 10)

-

1,741

400,513

423,973

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

1,741

2,771

Between one and five years

-

1,741

1,741

4,512

Non-cancellable

operating leases

2021

2020

£

£

Within one year

38,815

35,043

Between one and five years

37,385

58,700

76,200

93,743

Total lease payments recognised as an expense during the year/period amounted to £34,053 (2020 - £34,626) respectively.

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

487,379

481,958

Hire purchase contracts

1,741

4,512

489,120

486,470

The debentures are secured by way of a fixed charge on all properties present and future, goodwill and uncalled capital and equipment and all other property and assets of the Company.

12.	POST BALANCE SHEET EVENTS

In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the spread of the virus the Government has imposed restrictions on the movement of people and the ability of businesses to continue to trade. The Government has now announced its roadmap out of lockdown and reduced restrictions. The company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31 March 2021 have not been adjusted. Further information relating to events since the year end is given in the notes to the financial statements.

The Coronavirus has resulted in a severe contraction of the UK economy and the imposition of social distancing rules. Due to the demand for the companies products, sales have increased whilst the restrictions were in place.

The director is not able to make a reliable estimate of the financial impact of the Coronavirus outbreak in the reporting period to 31 March 2022, although there are no concerns about the future viability of the company, for the reasons stated in the directors report.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Nassau Holding Ltd.

The ultimate controlling party is J Copeland.

14.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £2,902 (2020 - £4,632) were payable to the fund at the balance sheet date and are included in creditors.