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Registration number: 10528988

Growthlabs Consultants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Growthlabs Consultants Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Growthlabs Consultants Limited

Company Information

Director

Mr G R Burt

Registered office

The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Limited
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Growthlabs Consultants Limited

(Registration number: 10528988)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

63,067

59,955

Tangible assets

5

9,771

12,405

 

72,838

72,360

Current assets

 

Debtors

6

48,894

96,601

Cash at bank and in hand

 

9,596

1,172

 

58,490

97,773

Creditors: Amounts falling due within one year

7

(83,583)

(111,464)

Net current liabilities

 

(25,093)

(13,691)

Total assets less current liabilities

 

47,745

58,669

Creditors: Amounts falling due after more than one year

7

(40,000)

(38,502)

Net assets

 

7,745

20,167

Capital and reserves

 

Called up share capital

140,000

140,000

Retained earnings

(132,255)

(119,833)

Shareholders' funds

 

7,745

20,167

For the financial year ending 31 December 2022 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 September 2023
 

.........................................
Mr G R Burt
Director

 

Growthlabs Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Mill Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

These financial statements were authorised for issue by the director on 28 September 2023.

The company registration number is 10528988

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis as the Director has agreed to support the company for a period of 12 months post the date of signing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Growthlabs Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

10% straight line

Office equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Growthlabs Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2021 - 8).

 

Growthlabs Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2022

59,955

59,955

Additions internally developed

10,119

10,119

At 31 December 2022

70,074

70,074

Amortisation

Amortisation charge

7,007

7,007

At 31 December 2022

7,007

7,007

Carrying amount

At 31 December 2022

63,067

63,067

At 31 December 2021

59,955

59,955

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

2,079

23,377

25,456

Additions

-

431

431

At 31 December 2022

2,079

23,808

25,887

Depreciation

At 1 January 2022

1,067

11,984

13,051

Charge for the year

208

2,857

3,065

At 31 December 2022

1,275

14,841

16,116

Carrying amount

At 31 December 2022

804

8,967

9,771

At 31 December 2021

1,012

11,393

12,405

 

Growthlabs Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Debtors

Current

2022
£

2021
£

Trade debtors

26,212

40,932

Prepayments

-

1,834

Other debtors

22,682

53,835

 

48,894

96,601

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

5,714

28,118

Trade creditors

 

27,009

17,356

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

2,112

2,112

Taxation and social security

 

13,403

38,116

Accruals and deferred income

 

825

825

Other creditors

 

34,520

24,937

 

83,583

111,464

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

40,000

38,502

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A shares of £1 each

139,866

139,866

139,866

139,866

Ordinary B shares of £1 each

134

134

134

134

 

140,000

140,000

140,000

140,000

 

Growthlabs Consultants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

40,000

38,502

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,714

11,498

Bank overdrafts

-

16,620

5,714

28,118

10

Related party transactions

Summary of transactions with parent

Growthlabs Consultants Limited owed the parent company, GFF Holdings Limited, £2,112 at the balance sheet date. There were no transactions in the year.