Registered number
08023772
Gusto Organic Ltd
Filleted Accounts
30 April 2024
Gusto Organic Ltd
Registered number: 08023772
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 23,793 11,677
Tangible assets 976 1,852
24,769 13,529
Current assets
Stocks 113,894 96,358
Debtors 3 76,953 159,976
Cash at bank and in hand 3,562 11,657
194,409 267,991
Creditors: amounts falling due within one year 4 (260,458) (56,556)
Net current (liabilities)/assets (66,049) 211,435
Total assets less current liabilities (41,280) 224,964
Creditors: amounts falling due after more than one year 5 (635,833) (645,833)
Net liabilities (677,113) (420,869)
Capital and reserves
Called up share capital 145,368 145,368
Share premium 622,827 622,827
Profit and loss account (1,445,308) (1,189,064)
Shareholders' funds (677,113) (420,869)
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.
C L Sams
Director
Approved by the board on 30 October 2024
Gusto Organic Ltd
Notes to the Accounts
for the year ended 30 April 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Office equipment 20% straight line
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.
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. The Company has received tax credits after making claims for Research & Development tax relief.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Debtors 2024 2023
£ £
Trade debtors 71,760 88,723
Other debtors 5,193 71,253
76,953 159,976
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 40,683 27,247
Other taxes and social security costs 21,391 1,190
Other creditors 188,384 18,119
260,458 56,556
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,833 20,833
Convertible Loan Notes 625,000 625,000
635,833 645,833
6 Convertible Loan Notes
In 2021 the Company issued 5% fixed rate unsecured Loan Notes. Interest accrues until the Notes are repaid or coverted into shares in the Company. Redemption will occur on 31st March 2026 or on a change of control of the Company. In 2022 the Company issued warranted 10% fixed rate Convertible Loan Notes raising £375,000. Interest is payable quarterly and redemption will occur on 31st August 2025.
7 Related party transactions
Associated company
The company owes £13,295 (2022 - £13,295) to Ceres Bakery Ltd., a company owned by shareholder and director C L Sams.
8 Controlling party
No individual holds more than 50% of the voting share capital. Craig Sams (either directly or via family interests) controls 34.5% of the voting share capital.
9 Other information
Gusto Organic Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Midways
Freezeland Lane
Bexhill on Sea
East Sussex
TN39 5JD
Gusto Organic Ltd 08023772 false 2023-05-01 2024-04-30 2024-04-30 VT Final Accounts July 2024 C L Sams No description of principal activity 08023772 2022-05-01 2023-04-30 08023772 core:WithinOneYear 2023-04-30 08023772 core:AfterOneYear 2023-04-30 08023772 core:ShareCapital 2023-04-30 08023772 core:SharePremium 2023-04-30 08023772 core:RetainedEarningsAccumulatedLosses 2023-04-30 08023772 2023-05-01 2024-04-30 08023772 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08023772 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 08023772 bus:Director40 2023-05-01 2024-04-30 08023772 1 2023-05-01 2024-04-30 08023772 countries:England 2023-05-01 2024-04-30 08023772 bus:FRS102 2023-05-01 2024-04-30 08023772 bus:FilletedAccounts 2023-05-01 2024-04-30 08023772 2024-04-30 08023772 core:WithinOneYear 2024-04-30 08023772 core:AfterOneYear 2024-04-30 08023772 core:ShareCapital 2024-04-30 08023772 core:SharePremium 2024-04-30 08023772 core:RetainedEarningsAccumulatedLosses 2024-04-30 08023772 2023-04-30 iso4217:GBP xbrli:pure