6 false false false false false false false false false false true false false false false false true No description of principal activity 2023-05-03 Sage Accounts Production Advanced 2023 - FRS102_2023 25,000 25,000 2,500 2,500 22,500 xbrli:pure xbrli:shares iso4217:GBP SC768136 2023-05-03 2024-06-30 SC768136 2024-06-30 SC768136 2023-05-02 SC768136 core:NetGoodwill 2023-05-03 2024-06-30 SC768136 core:PlantMachinery 2023-05-03 2024-06-30 SC768136 core:MotorVehicles 2023-05-03 2024-06-30 SC768136 bus:Director1 2023-05-03 2024-06-30 SC768136 core:NetGoodwill 2024-06-30 SC768136 core:PlantMachinery 2024-06-30 SC768136 core:MotorVehicles 2024-06-30 SC768136 core:WithinOneYear 2024-06-30 SC768136 core:ShareCapital 2024-06-30 SC768136 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC768136 bus:SmallEntities 2023-05-03 2024-06-30 SC768136 bus:AuditExemptWithAccountantsReport 2023-05-03 2024-06-30 SC768136 bus:SmallCompaniesRegimeForAccounts 2023-05-03 2024-06-30 SC768136 bus:PrivateLimitedCompanyLtd 2023-05-03 2024-06-30 SC768136 bus:FullAccounts 2023-05-03 2024-06-30 SC768136 core:FurnitureFittingsToolsEquipment 2023-05-03 2024-06-30 SC768136 core:FurnitureFittingsToolsEquipment 2024-06-30 SC768136 core:AllAssociates 2023-05-03 2024-06-30
COMPANY REGISTRATION NUMBER: SC768136
Organic World Ltd
Filleted Unaudited Financial Statements
30 June 2024
Organic World Ltd
Statement of Financial Position
30 June 2024
30 Jun 24
Note
£
£
Fixed assets
Intangible assets
5
22,500
Tangible assets
6
27,366
--------
49,866
Current assets
Stocks
9,390
Debtors
7
125,867
Cash at bank and in hand
51,689
---------
186,946
Creditors: amounts falling due within one year
8
178,500
---------
Net current assets
8,446
--------
Total assets less current liabilities
58,312
Provisions
6,842
--------
Net assets
51,470
--------
Capital and reserves
Called up share capital
1
Profit and loss account
51,469
--------
Shareholder funds
51,470
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Organic World Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Mr O. Beecroft
Director
Company registration number: SC768136
Organic World Ltd
Notes to the Financial Statements
Period from 3 May 2023 to 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 9 Standhill Industrial Park, Bathgate, West Lothian, EH48 2XJ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director considers that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 6 .
5. Intangible assets
Goodwill
£
Cost
Additions
Acquisitions through business combinations
25,000
--------
At 30 June 2024
25,000
--------
Amortisation
Charge for the period
2,500
--------
At 30 June 2024
2,500
--------
Carrying amount
At 30 June 2024
22,500
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 3 May 2023
Additions
5,900
30,000
661
36,561
-------
--------
----
--------
At 30 June 2024
5,900
30,000
661
36,561
-------
--------
----
--------
Depreciation
At 3 May 2023
Charge for the period
1,475
7,500
220
9,195
-------
--------
----
--------
At 30 June 2024
1,475
7,500
220
9,195
-------
--------
----
--------
Carrying amount
At 30 June 2024
4,425
22,500
441
27,366
-------
--------
----
--------
7. Debtors
30 Jun 24
£
Trade debtors
117,079
Other debtors
8,788
---------
125,867
---------
8. Creditors: amounts falling due within one year
30 Jun 24
£
Trade creditors
86,919
Corporation tax
12,122
Social security and other taxes
691
Loan from Organic Wholesale Limited
34,461
Loan from Mr R Beecroft
26,500
Other creditors
17,807
---------
178,500
---------
9. Transactions with director
The company was under the control of Mr O Beecroft throughout the period. At the period end, the company owed £14,328 to Mr O Beecroft. This loan is interest free and repayable on demand.
10. Related party transactions
On 1 July 2023 the company acquired the trade and assets of Organic Wholesale Limited, a company controlled by Mr R Beecroft, for £61,000. This transaction was conducted on a market value basis. At the period end, the company owed £34,461 to Organic Wholesale Limited. This loan is interest free and repayable on demand.