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Registered number: 05214896
Fragrant Earth Organics Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Arcadia Accountancy Limited
C/O Arcadia Accountancy Ltd
1 Manship Green
Shepton Mallet
Somerset
BA4 5RL
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05214896
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 401 907
401 907
CURRENT ASSETS
Stocks 5 118,718 30,803
Debtors 6 23,635 15,465
Cash at bank and in hand 20,024 101,764
162,377 148,032
Creditors: Amounts Falling Due Within One Year 7 (88,359 ) (76,257 )
NET CURRENT ASSETS (LIABILITIES) 74,018 71,775
TOTAL ASSETS LESS CURRENT LIABILITIES 74,419 72,682
Creditors: Amounts Falling Due After More Than One Year 8 (18,963 ) (17,342 )
NET ASSETS 55,456 55,340
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 55,446 55,330
SHAREHOLDERS' FUNDS 55,456 55,340
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Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Shirley Routley
Director
30/06/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Fragrant Earth Organics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05214896 . The registered office is Unit 21 The Beckery, Glastonbury, Somerset, BA6 9NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Straight line over 3 years
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 4)
5 4
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 October 2022 2,480
Additions 480
As at 30 September 2023 2,960
Depreciation
As at 1 October 2022 1,573
Provided during the period 986
As at 30 September 2023 2,559
Net Book Value
As at 30 September 2023 401
As at 1 October 2022 907
5. Stocks
2023 2022
£ £
Stock 118,718 30,803
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 22,135 13,965
Other debtors 1,500 1,500
23,635 15,465
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 14,099 13,006
Bank loans and overdrafts 17,544 8,732
Corporation tax 32 -
VAT 9,215 22,565
Other creditors 775 260
Directors' loan accounts 46,694 31,694
88,359 76,257
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 18,963 17,342
18,963 17,342
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1 each 10 10
10. Related Party Transactions
S Routley
Director/Shareholder
S Routley maintaned a directors loan to the company during the year. The loan was interest free with no fixed repayment period. The balance as at the year end was £46,694 (2022: £31,694).
11. Ultimate Controlling Party
The company's ultimate controlling party is Ms S Routley by virtue of her ownership of all of the issued share capital in the company.
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