Registered number
12253096
GROWING REVOLUTION LIMITED
Unaudited Filleted Accounts
31 October 2023
GROWING REVOLUTION LIMITED
Registered number: 12253096
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 114,655 117,120
Current assets
Stocks 61,858 18,009
Debtors 4 166,443 165,888
Cash at bank and in hand 99,093 79,045
327,394 262,942
Creditors: amounts falling due within one year 5 (248,965) (132,582)
Net current assets 78,429 130,360
Total assets less current liabilities 193,084 247,480
Creditors: amounts falling due after more than one year 6 (18,000) (45,000)
Net assets 175,084 202,480
Capital and reserves
Called up share capital 100 100
Profit and loss account 174,984 202,380
Shareholders' funds 175,084 202,480
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R A Sabin
Director
Approved by the board on 30 July 2024
GROWING REVOLUTION LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 - 138,030 138,030
Additions 4,775 12,854 17,629
At 31 October 2023 4,775 150,884 155,659
Depreciation
At 1 November 2022 - 20,910 20,910
Charge for the year 1,194 18,900 20,094
At 31 October 2023 1,194 39,810 41,004
Net book value
At 31 October 2023 3,581 111,074 114,655
At 31 October 2022 - 117,120 117,120
4 Debtors 2023 2022
£ £
Trade debtors 45,945 85,483
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 27,989
Other debtors 120,498 52,416
166,443 165,888
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 27,000 27,000
Trade creditors 94,356 69,074
Amounts owed to group undertakings and undertakings in which the company has a participating interest 72,011 -
Taxation and social security costs 4,811 16,210
Other creditors 50,787 20,298
248,965 132,582
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,000 45,000
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 23,750 37,500
8 Controlling party
The parent undertaking is Green the Grey Limited, a company incorporated in England and Wales, the ultimate controlling party is R A Sabin.
9 Other information
GROWING REVOLUTION LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 15
Donnington Business Park
Birdham Road
Chichester
PO20 7DU
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