Growth Asset Management Limited - Period Ending 2023-03-31
Growth Asset Management Limited - Period Ending 2023-03-31
Registration number:
Growth Asset Management Limited
for the Year Ended 31 March 2023
Growth Asset Management Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Growth Asset Management Limited
(Registration number: 07463909)
Balance Sheet as at 31 March 2023
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2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Growth Asset Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital incorporated and domiciled in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The director has not adopted a going concern accounting policy as the intentions of management are to wind up the company within 12 months of the financial statements sign off date.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- 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.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Growth Asset Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS 102 Section 1A.
Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
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.
Debtors
Trade debtors are amounts due from customers for 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
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.
Growth Asset Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
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Other debtors |
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Creditors |
Due within one year |
Note |
2023 |
2022 |
Amount due to related parties |
- |
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Accruals |
- |
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Corporation tax liability |
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86 |
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- |
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Related party transactions |
Expenditure with and payables to related parties
2022 |
Related party |
Amounts payable to related party |
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Loans to related parties
2023 |
Related parties |
Key management |
Total |
At start of period |
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- |
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Advanced |
- |
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Repaid |
( |
- |
( |
At end of period |
- |
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Growth Asset Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
2022 |
Related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Terms of loans
Loans from related parties
2023 |
Related parties |
Key management |
Total |
At start of period |
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Repaid |
( |
( |
( |
At end of period |
- |
- |
- |
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2022 |
Related parties |
Key management |
Total |
At start of period |
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At end of period |
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Terms of loans