Company Registration No. 09801754 (England and Wales)
GROWTHDECK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
GROWTHDECK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GROWTHDECK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
787
1,259
Investments
4
1
1
788
1,260
Current assets
Debtors
5
957,798
382,785
Cash at bank and in hand
14,963
28,455
972,761
411,240
Creditors: amounts falling due within one year
6
(404,631)
(257,508)
Net current assets
568,130
153,732
Total assets less current liabilities
568,918
154,992
Capital and reserves
Called up share capital
7
601,837
512,532
Share premium account
1,178,510
470,262
Profit and loss reserves
(1,211,429)
(827,802)
Total equity
568,918
154,992

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

For the financial Year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 27 September 2018 and are signed on its behalf by:
Mr S P Emary
Director
Company Registration No. 09801754
GROWTHDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information

Growthdeck Limited is a private company limited by shares incorporated in England and Wales. The registered office is Seebeck House, 1 Seebeck Place, Knowlhill, Milton Keynes, MK5 8FR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group .

1.2
Going concern

The management are under current negotiations to secure further funds and are confident of a successful outcome. However, there can be no guarantee that the funds will be forthcoming in the necessary timescale. These conditions indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern. The financial statements do not include the adjustment that would result if the company was unable to continue as a going concern as the directors are confident that they will be able to raise sufficient funds for the company’s needs.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed .

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GROWTHDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company . Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities .

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GROWTHDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

GROWTHDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Year was 11 (2016 - 7).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017 and 31 December 2017
1,416
Depreciation and impairment
At 1 January 2017
157
Depreciation charged in the Year
472
At 31 December 2017
629
Carrying amount
At 31 December 2017
787
At 31 December 2016
1,259
4
Fixed asset investments
2017
2016
£
£
Investments
1
1

On 8 th July 2016 the Company acquired the entire share capital of Radius Equity Limited (“REL”) for a nominal consideration of £1, satisfied by the issue of shares in the Company. Following the acquisition, elements of the REL business were combined with those of the Company.

 

GROWTHDECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2017 & 31 December 2017
1
Carrying amount
At 31 December 2017
1
At 31 December 2016
1
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
9,044
-
Other debtors
948,754
382,785
957,798
382,785

Included within other debtors are amounts totalling £753,534 (£353,657 - 2016) owing from Radius Equity Limited, a company of which Growthdeck Limited is the 100% shareholder. The loan is only recoverable in the event of further finance being raised by the directors of Radius Equity Limited. Failure to secure additional finance would result in an additional balance sheet loss of £753,534.

6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
134,677
54,140
Other taxation and social security
72,421
24,979
Other creditors
197,533
178,389
404,631
257,508
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
299,992 Ordinary of 1p each
2,999
2,493
598,838 Ordinary A of £1 each
598,838
510,039
601,837
512,532
2017-12-31 2017-01-01 false CCH Software CCH Accounts Production 2018.220 No description of principal activity 27 September 2018 Mr S P Emary Mr D C Harding Mr G J Robins Mr J R Wrighton Mr Y Sun Mr G M Brown Mr S L Robinson Mr H Haozhou Mr L Bartram Mr I L Zant-Boer EMW Secretaries Limited 09801754 2017-01-01 2017-12-31 09801754 2017-12-31 09801754 2016-12-31 09801754 core:OtherPropertyPlantEquipment 2017-12-31 09801754 core:OtherPropertyPlantEquipment 2016-12-31 09801754 core:CurrentFinancialInstruments 2017-12-31 09801754 core:CurrentFinancialInstruments 2016-12-31 09801754 core:ShareCapital 2017-12-31 09801754 core:ShareCapital 2016-12-31 09801754 core:SharePremium 2017-12-31 09801754 core:SharePremium 2016-12-31 09801754 core:RetainedEarningsAccumulatedLosses 2017-12-31 09801754 core:RetainedEarningsAccumulatedLosses 2016-12-31 09801754 core:ShareCapitalOrdinaryShares 2017-12-31 09801754 core:ShareCapitalOrdinaryShares 2016-12-31 09801754 bus:Director1 2017-01-01 2017-12-31 09801754 core:ComputerEquipment 2017-01-01 2017-12-31 09801754 core:OtherPropertyPlantEquipment 2016-12-31 09801754 core:OtherPropertyPlantEquipment 2017-01-01 2017-12-31 09801754 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 09801754 bus:FRS102 2017-01-01 2017-12-31 09801754 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 09801754 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 09801754 bus:Director2 2017-01-01 2017-12-31 09801754 bus:Director3 2017-01-01 2017-12-31 09801754 bus:Director4 2017-01-01 2017-12-31 09801754 bus:Director5 2017-01-01 2017-12-31 09801754 bus:Director6 2017-01-01 2017-12-31 09801754 bus:Director7 2017-01-01 2017-12-31 09801754 bus:Director8 2017-01-01 2017-12-31 09801754 bus:Director9 2017-01-01 2017-12-31 09801754 bus:Director10 2017-01-01 2017-12-31 09801754 bus:CompanySecretary1 2017-01-01 2017-12-31 09801754 bus:FullAccounts 2017-01-01 2017-12-31 xbrli:pure xbrli:shares iso4217:GBP