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Registered number: 10528988
Growthlabs Consultants Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10528988
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 55,744 56,059
Tangible Assets 5 20,400 24,099
76,144 80,158
CURRENT ASSETS
Debtors 6 63,868 56,564
Cash at bank and in hand 6,468 34,871
70,336 91,435
Creditors: Amounts Falling Due Within One Year 7 (76,666 ) (111,494 )
NET CURRENT ASSETS (LIABILITIES) (6,330 ) (20,059 )
TOTAL ASSETS LESS CURRENT LIABILITIES 69,814 60,099
Creditors: Amounts Falling Due After More Than One Year 8 (32,833 ) (37,143 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,450 ) (7,591 )
NET ASSETS 25,531 15,365
CAPITAL AND RESERVES
Called up share capital 9 140,000 140,000
Profit and Loss Account (114,469 ) (124,635 )
SHAREHOLDERS' FUNDS 25,531 15,365
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For the year ending 31 December 2024 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.
On behalf of the board
Mr Gavin Burt
Director
22 September 2025
The notes on pages 3 to 5 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 Henge Barn, Pury Hill Business Park, Alderton Road, Towcester, Northamptonshire, 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. 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.
2.3. 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 to nil on a straight line basis over their expected useful economic lives of 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.
2.4. 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
2.5. 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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2.6. 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 (2023: 6)
6 6
4. Intangible Assets
Website Development Costs
£
Cost
As at 1 January 2024 70,074
Additions 7,436
As at 31 December 2024 77,510
Amortisation
As at 1 January 2024 14,015
Provided during the period 7,751
As at 31 December 2024 21,766
Net Book Value
As at 31 December 2024 55,744
As at 1 January 2024 56,059
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Office Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 972 15,950 2,079 24,518 43,519
Additions - - - 3,179 3,179
As at 31 December 2024 972 15,950 2,079 27,697 46,698
Depreciation
As at 1 January 2024 36 665 1,483 17,236 19,420
Provided during the period 234 3,821 208 2,615 6,878
As at 31 December 2024 270 4,486 1,691 19,851 26,298
Net Book Value
As at 31 December 2024 702 11,464 388 7,846 20,400
As at 1 January 2024 936 15,285 596 7,282 24,099
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 39,120 45,098
Other debtors 24,748 11,466
63,868 56,564
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,335 19,988
Bank loans and overdrafts 24,028 5,714
Amounts owed to participating interests 1,070 2,112
Other creditors 13,838 54,570
Taxation and social security 35,395 29,110
76,666 111,494
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 32,833 37,143
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 140,000 140,000
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