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Registration number: 08770593

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2022

for
 

African Grey Ltd.

 

African Grey Ltd.

Contents of the Financial Statements
for the Year Ended 30 November 2022

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

African Grey Ltd.

Company Information
for the Year Ended 30 November 2022

Director:

Mr Emil Brune

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

08770593

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

African Grey Ltd.

(Registration number: 08770593)
Balance Sheet as at 30 November 2022

Note

30.11.22

(As restated)

30.11.21

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

2,222

 

-

CURRENT ASSETS

   

 

Debtors

5

76,964

 

58,192

 

Cash at bank and in hand

 

8,000

 

4,216

 

 

84,964

 

62,408

 

CREDITORS

   

 

Creditors within 1yr

6

65,189

 

65,687

 

Net current assets/(liabilities)

   

19,775

 

(3,279)

Net assets/(liabilities)

   

21,997

 

(3,279)

CAPITAL AND RESERVES

   

 

Called up share capital

 

100

 

100

Profit and loss account

 

21,897

 

(3,379)

Shareholders' funds/(deficit)

   

21,997

 

(3,279)

For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 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 director on 23 November 2023
 

.........................................
Mr Emil Brune
Director

 

African Grey Ltd.

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2022

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 23 November 2023.

2.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentational currency is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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;
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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

African Grey Ltd.

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2022 (continued)

2

Accounting policies (continued)

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

3 years on cost

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

African Grey Ltd.

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2022 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3.

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 0).

 

African Grey Ltd.

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2022 (continued)

4.

Tangible assets

Plant and machinery etc
£

Total
£

Cost or valuation

At 1 December 2021

4,023

4,023

Additions

3,333

3,333

At 30 November 2022

7,356

7,356

Depreciation

At 1 December 2021

4,023

4,023

Charge for the year

1,111

1,111

At 30 November 2022

5,134

5,134

Carrying amount

At 30 November 2022

2,222

2,222

5.

Debtors

Current

30.11.22
£

(As restated)

30.11.21
£

Trade debtors

53,462

-

Other debtors

23,502

58,192

 

76,964

58,192

 

African Grey Ltd.

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2022 (continued)

6.

Creditors

Creditors: amounts falling due within one year

Note

30.11.22
£

30.11.21
£

Due within one year

 

Loans and borrowings

7

38,603

55,365

Taxation and social security

 

13,541

2,909

Accruals and deferred income

 

2,400

2,250

Other creditors

 

10,645

5,163

 

65,189

65,687

7.

Loans and borrowings

30.11.22
£

30.11.21
£

Current loans and borrowings

Other borrowings

38,603

55,365