Gro Coffee (Holdings) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC622981

GRO COFFEE (HOLDINGS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 31 MAY 2023

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

661,436

245,095

Investments

5

200

200

661,636

245,295

CURRENT ASSETS

Debtors

6

858,729

455,455

CREDITORS

Amounts falling due within one year

7

193,321

248,708

NET CURRENT ASSETS

665,408

206,747

TOTAL ASSETS LESS CURRENT LIABILITIES

1,327,044

452,042

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,326,944

451,942

1,327,044

452,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 March 2024 and were signed by:

G D Rennie - Director

1.	STATUTORY INFORMATION

Gro Coffee (Holdings) Limited is a private company, limited by shares, registered in Scotland. The address of the registered office is 57 Bank Street, Irvine, Ayrshire, United Kingdom, KA12 0LL

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from the standard. The financial statements have been prepared under the historical cost convention.

Reporting period

These financial statements cover a 14 month period from 1 April 2022 to 31 May 2023 therefore the comparatives are not entirely comparable. The reporting period was extended to match the year end of the subsidiary companies.

Preparation of consolidated financial statements

The financial statements contain information about Gro Coffee (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

Nil rate depreciation

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like property, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of the value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Investments in subsidiaries

Investments representing shareholdings in unquoted subsidiary undertakings are stated at cost less impairment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other accounts receivable and payable and loans to and from related parties.

Debt instruments like accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers it to be more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates which would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2022

245,095

Additions

416,341

At 31 May 2023

661,436

NET BOOK VALUE

At 31 May 2023

661,436

At 31 March 2022

245,095

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 April 2022

and 31 May 2023

200

NET BOOK VALUE

At 31 May 2023

200

At 31 March 2022

200

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

858,729

455,455

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other creditors

193,321

248,708

8.	RELATED PARTY DISCLOSURES

At the balance sheet date, there was an amount due to the director of £192,228 (2022 - £246,525). This loan is interest free, unsecured and no repayment terms have been established.