Company registration number 07270115 (England and Wales)
GROWING OPPORTUNITIES LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2024
Pages For Filing With Registrar
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Growing Opportunities Limited For The Year Ended 31 March 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Growing Opportunities Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Growing Opportunities Limited, as a body, in accordance with the terms of our engagement letter dated 23 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Growing Opportunities Limited and state those matters that we have agreed to state to the board of directors of Growing Opportunities Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Growing Opportunities Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Growing Opportunities Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Growing Opportunities Limited. You consider that Growing Opportunities Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Growing Opportunities Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
2 December 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Balance Sheet
As At 31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
433,032
388,171
Current assets
Debtors
6
90,870
31,723
Cash at bank and in hand
25,214
78,073
116,084
109,796
Creditors: amounts falling due within one year
7
(125,012)
(102,023)
Net current (liabilities)/assets
(8,928)
7,773
Total assets less current liabilities
424,104
395,944
Creditors: amounts falling due after more than one year
8
(196,351)
(197,231)
Provisions for liabilities
(10,709)
(2,185)
Net assets
217,044
196,528
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
216,944
196,428
Total equity
217,044
196,528
The notes on pages 4 to 8 form part of these financial statements.
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Balance Sheet (Continued)
As At 31 March 2024
- 3 -
For the financial year ended 31 March 2024 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
J J Vincent
Director
Company registration number 07270115 (England and Wales)
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Notes To The Financial Statements
For The Year Ended 31 March 2024
- 4 -
1
Accounting policies
Company information
Growing Opportunities Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Grange, Temple Grange, Navenby, Lincolnshire, England, LN5 0AU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
20% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
25% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
5,261
7,977
Adjustments in respect of prior periods
(21)
(1,726)
Total current tax
5,240
6,251
Deferred tax
Origination and reversal of timing differences
8,524
(646)
Total tax charge
13,764
5,605
4
Intangible fixed assets
Development costs
£
Cost
At 1 April 2023
26,804
Disposals
(26,804)
At 31 March 2024
Amortisation and impairment
At 1 April 2023
26,804
Disposals
(26,804)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 7 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
376,671
16,533
12,574
85,204
490,982
Additions
6,483
65,000
71,483
Disposals
(23,318)
(23,318)
At 31 March 2024
376,671
23,016
12,574
126,886
539,147
Depreciation and impairment
At 1 April 2023
11,183
12,252
79,376
102,811
Depreciation charged in the year
4,221
322
16,250
20,793
Eliminated in respect of disposals
(17,489)
(17,489)
At 31 March 2024
15,404
12,574
78,137
106,115
Carrying amount
At 31 March 2024
376,671
7,612
48,749
433,032
At 31 March 2023
376,671
5,350
322
5,828
388,171
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
75,411
20,975
Prepayments and accrued income
15,459
10,748
90,870
31,723
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,060
14,272
Obligations under finance leases
13,333
Trade creditors
63,383
58,218
Corporation tax
5,261
7,977
Other taxation and social security
4,130
5,767
Other creditors
27,470
12,470
Accruals and deferred income
3,375
3,319
125,012
102,023
Growing Opportunities Limited
GROWING OPPORTUNITIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
196,351
197,231
The bank loans are secured by way of a fixed and floating charge against the company's assets as well as a fixed charge over the freehold land of the company.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
156,711
126,771
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
10,709
2,185
2024
Movements in the year:
£
Liability at 1 April 2023
2,185
Charge to profit or loss
8,524
Liability at 31 March 2024
10,709