Gro Coffee Bars Limited Filleted accounts for Companies House (small and micro)

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 2018

Gro Coffee Bars Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Balance sheet	1

Notes to the financial statements	2

Gro Coffee Bars Limited

Balance Sheet

31 March 2018

	2018		2017
Note	£	£	£

Current assets

Debtors	3	4,105	20,273
Cash at bank and in hand		28,075	–
		--------	--------
		32,180	20,273

Creditors: amounts falling due within one year	4	16,226		13,406
		--------		--------
Net current assets			15,954	6,867
			--------	-------
Total assets less current liabilities			15,954	6,867
			--------	-------
Net assets			15,954	6,867
			--------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	15,854	6,767
	--------	-------
Shareholders funds	15,954	6,867
	--------	-------

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 profit and loss account has not been delivered.

For the year ending 31 March 2018 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 7 December 2018 , 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 2018

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. Accounting policies

Basis of preparation

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

Turnover

Turnover represents the invoice value of services rendered in the year, exclusive of value added tax. The company's policy is to recognise income when substantively all risks and rewards in connection with the services have been passed to the buyer.

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 directors consider 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.

Financial instruments

The company only has financial assets and liabilities of a kind which qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3. Debtors

	2018	2017
	£	£

Trade debtors	4,000	20,000
Other debtors	105	273
	-------	--------
	4,105	20,273
	-------	--------

4. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	–	654
Corporation tax	2,033	1,014
Other creditors	14,193	11,738
	--------	--------
	16,226	13,406
	--------	--------

5. Directors' advances, credits and guarantees

Included in creditors is an amount due to the directors of £13,508 (2017 - £11,058). These loans are interest free, unsecured and no repayment terms have been established.

6. Related party transactions

Property owned by the directors is provided for use by the company on a rent free basis .