Company Registration No. SC576674 (Scotland)
Grow and Thrive Limited
Unaudited accounts
for the year ended 31 March 2023
Grow and Thrive Limited
Unaudited accounts
Contents
Grow and Thrive Limited
Company Information
for the year ended 31 March 2023
Directors
Judith Philip
Katy Laing
Lois Frances Cameron
James Dearie
Company Number
SC576674 (Scotland)
Registered Office
Room 18, Haypark Business Centre
Marchmonth Avenue
Polmont
Falkirk
FK2 0NZ
Accountants
Armet Accounting Ltd
Room 31
Haypark Business Centre
Polmont
FK2 0NZ
Grow and Thrive Limited
Statement of financial position
as at 31 March 2023
Tangible assets
5,562
8,370
Cash at bank and in hand
17,282
12,634
Creditors: amounts falling due within one year
(39,437)
(27,655)
Net current liabilities
(3,553)
(1,364)
Total assets less current liabilities
2,009
7,918
Creditors: amounts falling due after more than one year
-
(4,980)
Provisions for liabilities
Profit and loss account
1,325
1,826
Members' funds
1,325
1,826
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by
Katy Laing
Director
Company Registration No. SC576674
Grow and Thrive Limited
Notes to the Accounts
for the year ended 31 March 2023
Grow and Thrive Limited is a private company, limited by guarantee, registered in Scotland, registration number SC576674. The registered office is Room 18, Haypark Business Centre, Marchmonth Avenue, Polmont, Falkirk, FK2 0NZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Goodwill being the amount paid in acquisition of a business in 2017, is being amortised over its useful life of 10 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3 Years Straight Line
Fixtures & fittings
4 Years Straight Line
Computer equipment
4 Years Straight Line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Grow and Thrive Limited
Notes to the Accounts
for the year ended 31 March 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
2,286
6,420
10,067
18,773
At 31 March 2023
2,286
6,420
11,499
20,205
At 1 April 2022
1,834
4,157
4,412
10,403
Charge for the year
452
856
2,932
4,240
At 31 March 2023
2,286
5,013
7,344
14,643
At 31 March 2023
-
1,407
4,155
5,562
At 31 March 2022
452
2,263
5,655
8,370
Amounts falling due within one year
Trade debtors
18,602
13,382
Accrued income and prepayments
-
275
Grow and Thrive Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
2,291
(1,441)
Loans from directors
19,230
11,934
Deferred income
13,034
10,913
Directors loans to the company of £18,967 (prior period £11,934) are included in creditors due within one year. The loans are unsecured and provided on an interest free basis.
8
Creditors: amounts falling due after more than one year
2023
2022
Creditors falling due after more than one year in prior year represented an unsecured loan balance, which is no longer payable.
9
Deferred taxation
2023
2022
Accelerated capital allowances
684
1,112
Provision at start of year
1,112
1,382
Credited to the profit and loss account
(428)
(270)
Provision at end of year
684
1,112
10
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
11
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
11,587
12,678
12
Average number of employees
During the year the average number of employees was 3 (2022: 3).