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COMPANY REGISTRATION NUMBER: 10663016
Great Stuff Organic Limited
Filleted Unaudited Financial Statements
For the period ended
31 March 2024
Great Stuff Organic Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
41,529
47,341
Current assets
Stocks
33,445
29,618
Debtors
6
49,653
68,563
Cash at bank and in hand
11,229
13,347
--------
----------
94,327
111,528
Creditors: amounts falling due within one year
7
258,720
299,263
----------
----------
Net current liabilities
164,393
187,735
----------
----------
Total assets less current liabilities
( 122,864)
( 140,394)
Creditors: amounts falling due after more than one year
8
3,191
5,007
Provisions
10,382
11,835
----------
----------
Net liabilities
( 136,437)
( 157,236)
----------
----------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 136,439)
( 157,238)
----------
----------
Shareholders funds
( 136,437)
( 157,236)
----------
----------
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 income statement has not been delivered.
For the year ending 31 March 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Great Stuff Organic Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mrs T Scheithauer
Director
Company registration number: 10663016
Great Stuff Organic Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4 Flanshaw Court, Flanshaw Way, Silkwood Park, Wakefield, WF2 9LP, England.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The company is in a net liabilities position of £188,254 at the balance sheet date, including loans from the directors, which amounted to £176,053 at 31 March 2024. The directors have confirmed their support will continue for the foreseeable future and will, where necessary, be increased in order to enable the company to continue normal trading operations. The accounts are therefore prepared on a going concern basis. The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The lease payments for premises are paid quarterly in arrears.
(d) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
(e) Current tax
The taxation expense represents the aggregate amount of current 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.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) 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
-
12.5% Straight line
Fixtures and fittings
-
12.5% Straight line
(h) 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.
(i) Financial instruments
Financial instruments are classified as accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(j) 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 year amounted to 17 (2023: 16 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
79,823
8,362
88,185
Additions
5,956
5,956
--------
-------
--------
At 31 March 2024
85,779
8,362
94,141
--------
-------
--------
Depreciation
At 1 April 2023
38,414
2,430
40,844
Charge for the year
10,723
1,045
11,768
--------
-------
--------
At 31 March 2024
49,137
3,475
52,612
--------
-------
--------
Carrying amount
At 31 March 2024
36,642
4,887
41,529
--------
-------
--------
At 31 March 2023
41,409
5,932
47,341
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
49,653
68,563
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
2,160
2,160
Trade creditors
27,387
39,591
Social security and other taxes
14,309
11,535
Other creditors
10,883
8,781
Other creditors
203,981
237,196
----------
----------
258,720
299,263
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
3,191
5,007
-------
-------
9. Related party transactions
During the year the director made available loans to the company . These loans are interest free and repayable on demand. As at 31 March 2024 the balance owed to the director amounted to £ 178,893 (2023: £201,437).