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 |