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REGISTERED NUMBER: 06076059 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

GROWING INDEPENDENT FREE TRADE LIMITED

GROWING INDEPENDENT FREE TRADE LIMITED (REGISTERED NUMBER: 06076059)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GROWING INDEPENDENT FREE TRADE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr J F O'Loughlin
Mr. D P Morgan
Mr J W Glenny





SECRETARY: Mr J W Glenny





REGISTERED OFFICE: 1st Floor, Commerce House
1 Raven Road
South Woodford
London
E18 1HB





REGISTERED NUMBER: 06076059 (England and Wales)

GROWING INDEPENDENT FREE TRADE LIMITED (REGISTERED NUMBER: 06076059)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 496 662

CURRENT ASSETS
Debtors 5 28,160 53,466
Cash at bank 62,945 30,209
91,105 83,675
CREDITORS
Amounts falling due within one year 6 51,833 28,130
NET CURRENT ASSETS 39,272 55,545
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,768

56,207

CREDITORS
Amounts falling due after more than one
year

7

(33,746

)

(39,815

)

PROVISIONS FOR LIABILITIES - (8 )
NET ASSETS 6,022 16,384

CAPITAL AND RESERVES
Called up share capital 110 110
Retained earnings 5,912 16,274
SHAREHOLDERS' FUNDS 6,022 16,384

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

GROWING INDEPENDENT FREE TRADE LIMITED (REGISTERED NUMBER: 06076059)

BALANCE SHEET - continued
31 MARCH 2023


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 13 October 2023 and were signed on its behalf by:





Mr J W Glenny - Director


GROWING INDEPENDENT FREE TRADE LIMITED (REGISTERED NUMBER: 06076059)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Growing Independent Free Trade Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06076059 and the registered office address is 1st Floor, Commerce House, 1 Raven Road, South Woodford, London, E18 1HB.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents commissions received except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which includes trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

GROWING INDEPENDENT FREE TRADE LIMITED (REGISTERED NUMBER: 06076059)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and preference shares classed as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

Equity Instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

GROWING INDEPENDENT FREE TRADE LIMITED (REGISTERED NUMBER: 06076059)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 April 2022
and 31 March 2023 6,274
DEPRECIATION
At 1 April 2022 5,612
Charge for year 166
At 31 March 2023 5,778
NET BOOK VALUE
At 31 March 2023 496
At 31 March 2022 662

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts recoverable on contract 28,157 39,413
Other debtors 3 14,053
28,160 53,466

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 6,624 5,556
Trade creditors 9,034 359
Taxation and social security 30,589 16,695
Other creditors 5,586 5,520
51,833 28,130

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 33,746 39,815

GROWING INDEPENDENT FREE TRADE LIMITED (REGISTERED NUMBER: 06076059)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. RELATED PARTY DISCLOSURES

MacMorgan Limited
D Morgan is a director and shareholder in the company.

During the year the company invoiced Growing Independent Free Trade Limited £47,818 (2022: £43,046) for consultancy work. There is no amount due to the related party at the year end.