For the year ended 30 June 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 02766792
Growth Technology Ltd
For the year ended 30 June 2015
1
Accountants' Report
2
Balance Sheet
3 to 6
Notes to the Abbreviated Financial Statements
Accountants' Report
For the year ended 30 June 2015
Growth Technology Ltd
As described on the balance sheet you are responsible for the preparation of the financial statements for the year |
ended 30 June 2015 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
1 of 6
Notes to the Abbreviated Financial Statements |
For the year ended 30 June 2015
Growth Technology Ltd
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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 represents net invoiced sales of goods, excluding value added tax.
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.
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. |
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 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. |
3 of 6
Notes to the Abbreviated Financial Statements |
For the year ended 30 June 2015
Growth Technology Ltd
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 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, 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
Computer Equipment
33% on cost and 10% reducing balance |
Motor Vehicles
Fixtures and Fittings
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 are stated at cost less provision for any permanent diminution in value.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. |
4 of 6
Notes to the Abbreviated Financial Statements |
For the year ended 30 June 2015
Growth Technology Ltd
2 Intangible fixed assets |
2,520
2,520
2,519
2,519
1
1
974,625
71,527
(65)
1,046,087
559,181
(6)
89,364
Charge for year
648,539
397,548
415,444
5 of 6
Notes to the Abbreviated Financial Statements |
For the year ended 30 June 2015
Growth Technology Ltd
4 Fixed asset investments |
5,979
5,979
5,979
5,979
Allotted called up and fully paid |
2015
2014
1,000 Ordinary shares of £1.00 each |
1,000
1,000
1,000
1,000
6 of 6