Greynoise Design Limited
Registered number: 06475583
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,576 1,635
Current assets
Debtors 5 13,660 24,412
Cash at bank and in hand 28,190 12,692
41,850 37,104
Creditors: amounts falling due within one year 6 (28,854) (20,223)
Net current assets 12,996 16,881
Total assets less current liabilities 14,572 18,516
Creditors: amounts falling due after more than one year 7 (12,484) (16,886)
Provisions for liabilities (299) -
Net assets 1,789 1,630
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,787 1,628
Shareholders' funds 1,789 1,630
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Paul Douglas Stevens
Director
Approved by the board on 16 October 2023
Greynoise Design Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment 50% Reducing Balance
Computer Equipment 50% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 5,450
At 31 January 2023 5,450
Amortisation
At 1 February 2022 5,450
At 31 January 2023 5,450
Net book value
At 31 January 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Office Equipment Computer Equipment Total
£ £ £
Cost
At 1 February 2022 2,366 20,147 22,513
Additions 513 1,004 1,517
At 31 January 2023 2,879 21,151 24,030
Depreciation
At 1 February 2022 2,100 18,778 20,878
Charge for the year 369 1,207 1,576
At 31 January 2023 2,469 19,985 22,454
Net book value
At 31 January 2023 410 1,166 1,576
At 31 January 2022 266 1,369 1,635
5 Debtors 2023 2022
£ £
Trade debtors 13,660 24,412
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,000 5,016
Trade creditors 1,538 -
Directors Loan Input 444 152
Corporation tax 7,938 3,875
Other taxes and social security costs 6,778 9,937
Other creditors 7,156 1,243
28,854 20,223
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,484 16,886
8 Other information
Greynoise Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
Office 6C Dollymans Farm
Doublegate Lane
Rawreth
Wickford, Essex
SS11 8UD
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