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Registration number: 10621967

Growth= mc2 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Growth= mc2 Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Growth= mc2 Limited

Company Information

Directors

R C Broome

M Luce

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Growth= mc2 Limited

(Registration number: 10621967)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

42,788

20,699

Current assets

 

Debtors

6

2,030,850

1,280,603

Cash at bank and in hand

 

1,159,177

616,869

 

3,190,027

1,897,472

Creditors: Amounts falling due within one year

7

(498,606)

(472,225)

Net current assets

 

2,691,421

1,425,247

Net assets

 

2,734,209

1,445,946

Capital and reserves

 

Called up share capital

8

875

875

Capital redemption reserve

55

55

Other reserves

107,571

72,738

Retained earnings

2,625,708

1,372,278

Shareholders' funds

 

2,734,209

1,445,946

 

Growth= mc2 Limited

(Registration number: 10621967)
Balance Sheet as at 31 December 2023

For the financial 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.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
R C Broome
Director

 

Growth= mc2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
England

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.

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.

 

Growth= mc2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Office Equipment

Straight line @ 25%

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

Intangible assets

Straight line over 3 years

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Borrowings

 

Growth= mc2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 16 (2022 - 12).

 

Growth= mc2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

31,555

31,555

At 31 December 2023

31,555

31,555

Amortisation

At 1 January 2023

31,555

31,555

At 31 December 2023

31,555

31,555

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

37,193

37,193

Additions

33,199

33,199

At 31 December 2023

70,392

70,392

Depreciation

At 1 January 2023

16,494

16,494

Charge for the year

11,110

11,110

At 31 December 2023

27,604

27,604

Carrying amount

At 31 December 2023

42,788

42,788

At 31 December 2022

20,699

20,699

 

Growth= mc2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,921,689

841,461

Prepayments

20,273

32,582

Other debtors

88,888

406,560

 

2,030,850

1,280,603

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

50,000

Trade creditors

 

256,683

117,112

Taxation and social security

 

65,387

88,549

Accruals and deferred income

 

155,000

187,100

Other creditors

 

21,536

29,464

 

498,606

472,225

 

Growth= mc2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £0 (2022 - £1) each

-

-

750

750

Ordinary B of £1 each

125

125

125

125

Ordinary A1 of £1 (2022 - £0) each

375

375

-

-

Ordinary A2 of £1 (2022 - £0) each

375

375

-

-

875

875

875

875

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

50,000

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £364.00 (2022 - £718.00) per each Ordinary A

273,329

538,388

Interim dividend of £640.00 (2022 - £1,655.00) per each Ordinary B

80,000

206,925

Interim dividend of £107.00 (2022 - £Nil) per each Ordinary A1

39,999

-

393,328

745,313

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

Provision of a working capital loan from one of the shareholders with no interest or fixed date of repayment.
 

Income and receivables from related parties

 

Growth= mc2 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023

Key management
£

Amounts receivable from related party

859

2022

Key management
£

Amounts receivable from related party

693

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

500

2022

Key management
£

Amounts payable to related party

500