General Information
Indigrow (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 04165654, 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.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
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.
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.
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.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
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 11 (2023 : 8).
|
| 3. |
Stocks
|
2024
£ |
|
2023
£ |
| Stocks |
47,107 |
|
59,024 |
|
47,107 |
|
59,024 |
|
| 4. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Debtors |
228,898 |
|
176,046 |
| Amount Owed by Group Undertakings |
329,835 |
|
300,954 |
| Other Debtors |
131 |
|
131 |
| Corporation Tax |
533 |
|
0 |
|
559,397 |
|
477,131 |
|
| 5. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
214,801 |
|
133,536 |
| Bank Loans & Overdrafts |
10,375 |
|
10,119 |
| Corporation Tax |
0 |
|
482 |
| PAYE & Social Security |
11,123 |
|
25,912 |
| Factoring advances |
83,805 |
|
64,022 |
| VAT |
68,548 |
|
67,129 |
|
388,652 |
|
301,200 |
|
| 6. |
Creditors: amount falling due after more than one year
|
2024
£ |
|
2023
£ |
| Bank Loans & Overdrafts |
5,286 |
|
15,661 |
|
5,286 |
|
15,661 |
|
| 7. |
Secured debts
The following secured debts are included within creditors:
| Particulars |
|
31.12.2024
£ |
|
31.12.2023
£ |
| Factoring advances |
|
83,805 |
|
64,022 |
The factoring advances are secured by a fixed and floating charge over the assets of the company.
|
| 8. |
Related party disclosures
At the balance sheet date £329,835 (2023 - £300,954) was due from 2020 Holdings Limited.
|
| 9. |
Ultimate controlling party
The ultimate controlling party is 2020 Holdings Limited.
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2
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