Gro Coffee Bars Limited Company Accounts

GRO COFFEE BARS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC500755

Gro Coffee Bars Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2017

Gro Coffee Bars Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Gro Coffee Bars Limited

Officers and Professional Advisers

The board of directors	Mrs D M Rennie
	Mr J Rennie

Registered office	57 Bank Street
	Irvine
	Ayrshire
	Scotland
	KA12 0LL

Accountants	Stranville John
	Chartered Certified Accountants
	First Floor
	80 High Street
	Johnstone
	Renfrewshire
	PA5 8SP

Bankers	The Royal Bank of Scotland
	1304 Duke Street
	Glasgow
	G31 5PZ

Gro Coffee Bars Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Current assets

Debtors	4	20,273		8,021

Creditors: amounts falling due within one year	5	13,406		4,708
		--------		-------
Net current assets			6,867	3,313
			-------	-------
Total assets less current liabilities			6,867	3,313
			-------	-------
Net assets			6,867	3,313
			-------	-------

Capital and reserves

Called up share capital	6	100	100
Profit and loss account		6,767	3,213
		-------	-------
Shareholders funds		6,867	3,313
		-------	-------

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 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 statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 14 December 2017 , and are signed on behalf of the board by:

Mrs D M Rennie

Director

Company registration number: SC500755

Gro Coffee Bars Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 57 Bank Street, Irvine, Ayrshire, KA12 0LL, Scotland.

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

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 18 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax 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, which is recognised on taxable profit for the current and past periods, 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. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured, on an undiscounted basis, using the tax rates and laws that have been enacted or substantively enacted by the reporting date which are expected to apply to the reversal of the timing difference.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets 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. All equity instruments, regardless of significance, and other financial assets that are individually significant, 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 which exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2017	2016
	£	£

Trade debtors	20,000	8,000
Other debtors	273	21
	--------	-------
	20,273	8,021
	--------	-------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£

Trade creditors	654	–
Corporation tax	1,014	803
Other creditors	11,738	3,905
	--------	-------
	13,406	4,708
	--------	-------

6. Called up share capital

Issued, called up and fully paid

2017		2016
No.	£	No.	£

Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

7. Directors' advances, credits and guarantees

As at 31 March 2017, the directors, Mr J Rennie and Mrs D M Rennie had advanced the total sum of £11,058 (2016 - £3,212) to the company. No interest was charged on this unsecured loan which is repayable on demand.

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 18 March 2015.

No transitional adjustments were required in equity or profit or loss for the period.