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Registered number: 10528988
Growthlabs Consultants Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10528988
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 56,059 63,067
Tangible Assets 5 24,099 9,771
80,158 72,838
CURRENT ASSETS
Debtors 6 56,564 48,894
Cash at bank and in hand 34,871 9,596
91,435 58,490
Creditors: Amounts Falling Due Within One Year 7 (111,494 ) (83,583 )
NET CURRENT ASSETS (LIABILITIES) (20,059 ) (25,093 )
TOTAL ASSETS LESS CURRENT LIABILITIES 60,099 47,745
Creditors: Amounts Falling Due After More Than One Year 8 (37,143 ) (40,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,591 ) -
NET ASSETS 15,365 7,745
CAPITAL AND RESERVES
Called up share capital 9 140,000 140,000
Profit and Loss Account (124,635 ) (132,255 )
SHAREHOLDERS' FUNDS 15,365 7,745
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 16 September 2024 and were signed on its behalf by:
Mr G R Burt
Director
16 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Growthlabs Consultants Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10528988 . The registered office is The Mill Pury Hill Business Park, Alderton Road, Towcester, NN12 7LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a 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.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are for website development which is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, which is 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% straight line
Office Equipment 25% reducing balance
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
4. Intangible Assets
Website Development Costs
£
Cost
As at 1 January 2023 70,074
As at 31 December 2023 70,074
Amortisation
As at 1 January 2023 7,007
Provided during the period 7,008
As at 31 December 2023 14,015
Net Book Value
As at 31 December 2023 56,059
As at 1 January 2023 63,067
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Office Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 - - 2,079 23,808 25,887
Additions 972 15,950 - 710 17,632
As at 31 December 2023 972 15,950 2,079 24,518 43,519
Depreciation
As at 1 January 2023 - - 1,275 14,841 16,116
Provided during the period 36 665 208 2,395 3,304
As at 31 December 2023 36 665 1,483 17,236 19,420
Net Book Value
As at 31 December 2023 936 15,285 596 7,282 24,099
As at 1 January 2023 - - 804 8,967 9,771
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 45,098 26,212
Other debtors 11,466 22,682
56,564 48,894
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,988 27,012
Bank loans and overdrafts 5,714 5,714
Amounts owed to participating interests 2,112 2,112
Other creditors 54,570 35,343
Taxation and social security 29,110 13,402
111,494 83,583
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 37,143 40,000
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
139,866 Ordinary A shares of £ 1.00 each 139,866 139,866
134 Ordinary B shares of £ 1.00 each 134 134
140,000 140,000
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10. Related Party Transactions
Growthlabs Consultants Limited owed the parent company, GFF Holdings Limited, £2,112 at the balance sheet
date. There were no transactions in the year.
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