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Registered Number: 04165654
England and Wales

 

 

 

INDIGROW (UK) LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Directors C R Crome
E A Hayman
Registered Number 04165654
Registered Office Merlin House Brunel Road
Theale
Reading
Berkshire
RG7 4AB
Accountants Kirkpatrick and Hopes Limited
Merlin House
Brunel Road
Theale, Reading
Berkshire
RG7 4AB
Secretary E A Hayman
1
 
 
Notes
 
2023
£
  2022
£
Current assets      
Stocks 3 59,024    69,018 
Debtors 4 477,131    590,367 
Cash at bank and in hand 5,243    1,900 
541,398    661,285 
Creditors: amount falling due within one year 5 (301,200)   (413,247)
Net current assets 240,198    248,038 
 
Total assets less current liabilities 240,198    248,038 
Creditors: amount falling due after more than one year 6 (15,661)   (25,781)
Net assets 224,537    222,257 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 224,437    222,157 
Shareholders' funds 224,537    222,257 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 July 2024 and were signed on its behalf by:


-------------------------------
C R Crome
Director
2
General Information
Indigrow (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 04165654, registration address Merlin House Brunel Road, Theale, Reading, Berkshire, RG7 4AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Income is recognised at the point of invoicing when title passes.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 taxation
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 year and 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.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 8 (2022 : 7).
3.

Stocks

2023
£
  2022
£
Stocks 59,024    69,018 
59,024    69,018 

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 176,046    199,287 
Amount Owed by Group Undertakings 300,954    384,456 
Other Debtors 131    6,624 
477,131    590,367 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 133,536    169,362 
Bank Loans & Overdrafts 10,119    9,869 
Corporation Tax 482    31,910 
PAYE & Social Security 25,912    10,908 
Factoring advances 64,022    112,366 
VAT 67,129    78,832 
301,200    413,247 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 15,661    25,781 
15,661    25,781 

7.

Secured debts

The following secured debts are included within creditors:

Particulars   31.12.2023
£
  31.12.2022
£
Factoring advances 64,022  112,366 

The factoring advances are secured by a fixed and floating charge over the assets of the company.
8.

Related party disclosures

At the balance sheet date  £300,954 (2022 - £384,456) was due from 2020 Holdings Limited.
9.

Ultimate controlling party

The ultimate controlling party is 2020 Holdings Limited.
3