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Registered number: 08155332
Growth Capital Ventures Limited
Unaudited Financial Statements
For The Year Ended 30 November 2019
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Balance Sheet
Registered number: 08155332
2019 2018
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 37,486 49,991
Tangible Assets 4 184,077 13,122
221,563 63,113
CURRENT ASSETS
Stocks 5 29,280 6,869
Debtors 6 263,955 352,731
Investments 7 230,251 89,520
Cash at bank and in hand 37,215 291,072
560,701 740,192
Creditors: Amounts Falling Due Within One Year 8 22,032 (374 )
NET CURRENT ASSETS (LIABILITIES) 582,733 739,818
TOTAL ASSETS LESS CURRENT LIABILITIES 804,296 802,931
NET ASSETS 804,296 802,931
CAPITAL AND RESERVES
Called up share capital 9 3,577 3,577
Share premium account 2,031,549 2,004,082
Other reserves 89,520 89,520
Profit and Loss Account (1,320,350 ) (1,294,248 )
SHAREHOLDERS' FUNDS 804,296 802,931
Page 1
For the year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • 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 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 Norman Peterson
Director
12th June 2020

The notes on pages 3 to 6 form part of these financial statements.
Page 2
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. 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.
1.3. Research and Development
Expenditure on research and development is written off in the year it is incurred.
1.4. 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:
Fixtures & Fittings 25% on Reducing Balance
Computer Equipment 25% on Reducing Balance
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
1.6. 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 year 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 asset reflects 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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 8 (2018: )
8 -
3. Intangible Assets
Development Costs
£
Cost
As at 1 December 2018 64,825
As at 30 November 2019 64,825
Amortisation
As at 1 December 2018 14,834
Provided during the period 12,505
As at 30 November 2019 27,339
Net Book Value
As at 30 November 2019 37,486
As at 1 December 2018 49,991
Page 4
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2018 25,220 - 25,220
Additions - 178,647 178,647
As at 30 November 2019 25,220 178,647 203,867
Depreciation
As at 1 December 2018 12,098 - 12,098
Provided during the period 7,692 - 7,692
As at 30 November 2019 19,790 - 19,790
Net Book Value
As at 30 November 2019 5,430 178,647 184,077
As at 1 December 2018 13,122 - 13,122
5. Stocks
2019 2018
£ £
Stock - work in progress 29,280 6,869
29,280 6,869
6. Debtors
2019 2018
£ £
Due within one year
Trade debtors 179,328 136,721
Prepayments and accrued income 83,794 215,810
GCV Nominees AB Ltd 213 -
VAT 526 -
Directors' loan accounts 117 -
Amounts owed by other participating interests (23) 200
263,955 352,731
Page 5
7. Current Asset Investments
2019 2018
£ £
Unlisted investments 230,251 89,520
230,251 89,520
8. Creditors: Amounts Falling Due Within One Year
2019 2018
£ £
Trade creditors 58,916 69,082
Corporation tax (103,087 ) (98,868 )
Other taxes and social security 19,542 20,270
VAT - 4,910
Pensions Payable 2,597 780
Amounts owed to related parties - 4,200
(22,032 ) 374
9. Share Capital
2019 2018
Allotted, Called up and fully paid 3,577 3,577
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
The above loan is unsecured, interest free and repayable on demand.
11. General Information
Growth Capital Ventures Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08155332. The registered office is Carlton House, 15 Parsons Court, Co Durham, DL5 6ZE.
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