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Growth Technology Ltd
For the year ended 30 June 2014
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 02766792
2
Contents Page
Growth Technology Ltd
For the year ended 30 June 2014
1
Accountants' Report
2
Balance Sheet
3 to 6
Notes to the Abbreviated Financial Statements
3
Growth Technology Ltd
Accountants' Report
For the year ended 30 June 2014
As described on the balance sheet you are responsible for the preparation of the financial statements for the year
ended 30 June 2014 and you consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you
to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.
Vernon Barrow Ltd
Wessex House
66 High Street
Honiton
Devon
EX14 1PD
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4
Abbreviated Balance Sheet
Growth Technology Ltd
As at 30 June 2014
02766792
Registered Number :
£
£
2014
Notes
2013
Fixed assets
Intangible assets
2
1
1
Tangible assets
3
415,444
379,467
Investments
260
5,979
4
421,424
379,728
Current assets
Stocks
1,558,295
1,547,843
Debtors
920,176
1,262,231
Cash at bank and in hand
84,286
116,537
2,894,360
2,595,008
Creditors: amounts falling due within one year
(1,707,648)
(1,854,840)
887,360
1,039,520
Net current assets
Total assets less current liabilities
1,460,944
1,267,088
Creditors: amounts falling due after more than one year
(30,329)
(25,341)
(55,846)
(37,392)
Provisions for liabilities
1,379,757
Net assets
1,199,367
Capital and reserves
Called up share capital
1,000
5
1,000
Profit and loss account
1,378,757
1,198,367
1,379,757
1,199,367
Shareholders funds
For the year ended 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) 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 in accordance with the provisions applicable to companies subject to the small companies regime.
Date approved by the board: 16 January 2015
GW Gunstone Director
Signed on behalf of the board of directors
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5
Notes to the Abbreviated Financial Statements
Growth Technology Ltd
For the year ended 30 June 2014
1 Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Group accounts
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise
a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies
Act 2006 not to prepare group accounts.
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
Research and development expenditure
Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
Pension Costs
The company operates a defined contribution pension scheme for the benefit of its directors/and employees.
Contributions payable are charged to the profit and loss account in the period in which they are payable.
Foreign currency
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange
ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the
transaction. All foreign exchange differences are included to the profit and loss account.
Deferred taxation
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
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6
Notes to the Abbreviated Financial Statements
Growth Technology Ltd
For the year ended 30 June 2014
Dividends
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
by the shareholders prior to the balance sheet date.
Licences and patents
Licences and patents are stated at cost less amortisation. Amortisation of licences is calculated on a straight line
basis over the life of the licence. Amortisation of patents is calculated on a straight line basis over the estimated
expected useful economic life of the patents of 0 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold Property
Life of lease Straight line
Plant and Machinery
15% Reducing balance
Computer Equipment
33% on cost and 10% reducing balance
Motor Vehicles
25% Reducing balance
Fixtures and Fittings
10% Reducing balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and
rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets
and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
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7
Notes to the Abbreviated Financial Statements
Growth Technology Ltd
For the year ended 30 June 2014
2 Intangible fixed assets
Cost or valuation
Intangible
fixed assets
£
At 01 July 2013
2,520
2,520
At 30 June 2014
Amortisation
2,519
At 01 July 2013
2,519
At 30 June 2014
1
Net Book Values
At 30 June 2014
1
At 30 June 2013
3 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
849,167
At 01 July 2013
125,458
Additions
At 30 June 2014
974,625
Depreciation
469,700
At 01 July 2013
89,481
Charge for year
559,181
At 30 June 2014
Net book values
At 30 June 2014
415,444
379,467
At 30 June 2013
4 Fixed asset investments
260
At 01 July 2013
Total
Cost
£
5,719
Additions
At 30 June 2014
5,979
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8
Notes to the Abbreviated Financial Statements
Growth Technology Ltd
For the year ended 30 June 2014
5 Share capital
Allotted called up and fully paid
2014
2013
£
£
1,000 Ordinary shares of £1.00 each
1,000
1,000
1,000
1,000
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