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Registered Number: 03062763
England and Wales

 

 

 

INDIGROW LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Directors C Crome
E Hayman
J Smart
Registered Number 03062763
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 Hayman
1
 
 
Notes
 
2023
£
  2022
£
Current assets      
Stocks 3 579,960    901,477 
Debtors 4 559,625    410,995 
Cash at bank and in hand 3,977    7,029 
1,143,562    1,319,501 
Creditors: amount falling due within one year 5 (507,290)   (622,884)
Net current assets 636,272    696,617 
 
Total assets less current liabilities 636,272    696,617 
Creditors: amount falling due after more than one year 6 (145,000)   (205,000)
Net assets 491,272    491,617 
 

Capital and reserves
     
Called up share capital 60,000    60,000 
Share premium account 7 1,110    1,110 
Profit and loss account 430,162    430,507 
Shareholders' funds 491,272    491,617 
 


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 Crome
Director
2
General Information
Indigrow Ltd is a private company, limited by shares, registered in England and Wales, registration number 03062763, 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(1A) 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.

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.
Going concern justification
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.
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.
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 4 (2022 : 4).
3.

Stocks

2023
£
  2022
£
Stocks 579,960    901,477 
579,960    901,477 

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 15,563    150,422 
Amount Owed by Group Undertakings 484,401    165,958 
VAT 59,661    94,615 
559,625    410,995 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 435,620    534,979 
Bank Loans & Overdrafts 60,000    60,000 
Corporation Tax 621    22,357 
PAYE & Social Security 11,049    5,548 
507,290    622,884 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 145,000    205,000 
145,000    205,000 

7.

Share premium account

2023
£
  2022
£
Equity Share Premium b/fwd 1,110    1,110 
1,110    1,110 

8.

Ultimate controlling party

The ultimate controlling party is 2020 Holdings Limited.
3