REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
21 JANUARY 2022 TO 31 MARCH 2023 |
FOR |
GROWLERY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
21 JANUARY 2022 TO 31 MARCH 2023 |
FOR |
GROWLERY LIMITED |
GROWLERY LIMITED (REGISTERED NUMBER: 13863779) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 21 January 2022 to 31 March 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
GROWLERY LIMITED |
COMPANY INFORMATION |
for the Period 21 January 2022 to 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Langley House |
Park Road |
East Finchley |
London |
N2 8EY |
GROWLERY LIMITED (REGISTERED NUMBER: 13863779) |
STATEMENT OF FINANCIAL POSITION |
31 March 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
GROWLERY LIMITED (REGISTERED NUMBER: 13863779) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 21 January 2022 to 31 March 2023 |
1. | STATUTORY INFORMATION |
Growlery Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of the directors, property is held primarily for their investment potential and so fair value is of more significance as a measure of consumption. They therefore have applied a true and fair override with respect to investment properties. |
The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. |
Taxation |
Taxation for the period 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 period 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. |
GROWLERY LIMITED (REGISTERED NUMBER: 13863779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 21 January 2022 to 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors, creditors, provision for liabilities |
Debtors: Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors: Short term creditors are measured at the transactions price. Other financial liabilities, including bank loans are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method. |
Provision for liabilities: Provisions are made where an event has taken place that gives the Company a legal obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provision are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure to settle the obligation, taking into account relevant risks and uncertainties. |
Impairment of tangible and intangible assets |
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an assets may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior period may no longer exist or may have decreased. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Taxation and social security |
Other creditors |
Included within other creditors is accrued expenses of £1,500 and deferred income of £37,500. |
GROWLERY LIMITED (REGISTERED NUMBER: 13863779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 21 January 2022 to 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other creditors |
Included within other creditor is a loan of £3,413,932 funded by F Alikhan, a participator, by way of personal borrowing from Bank of Singapore. The loan has been used to fund the acquisition of investment property. During the period under review, the company paid an interest of £54,795 on this loan before any tax deduction. |
8. | GOING CONCERN |
The financial statements have been prepared on the going concern basis. The director is of the opinion that the shareholders will continue to support the business and provide adequate funding when necessary to enable it to meet its obligations for the foreseeable future, being for a period of at least twelve months from the date of approval of the financial statements. |