Grad DNA Ltd 09799423 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the development of a mobile application for graduate recruitment and recruitment consultancy Digita Accounts Production Advanced 6.30.9574.0 true false true 09799423 2022-04-01 2023-03-31 09799423 2023-03-31 09799423 core:CurrentFinancialInstruments 2023-03-31 09799423 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09799423 core:Non-currentFinancialInstruments 2023-03-31 09799423 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09799423 core:FurnitureFittingsToolsEquipment 2023-03-31 09799423 bus:SmallEntities 2022-04-01 2023-03-31 09799423 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09799423 bus:FilletedAccounts 2022-04-01 2023-03-31 09799423 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09799423 bus:RegisteredOffice 2022-04-01 2023-03-31 09799423 bus:Director1 2022-04-01 2023-03-31 09799423 bus:Director2 2022-04-01 2023-03-31 09799423 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09799423 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 09799423 countries:EnglandWales 2022-04-01 2023-03-31 09799423 2022-03-31 09799423 core:CostValuation 2022-03-31 09799423 core:FurnitureFittingsToolsEquipment 2022-03-31 09799423 2021-04-01 2022-03-31 09799423 2022-03-31 09799423 core:CurrentFinancialInstruments 2022-03-31 09799423 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09799423 core:Non-currentFinancialInstruments 2022-03-31 09799423 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 09799423 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09799423

Grad DNA Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Grad DNA Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Grad DNA Ltd

Company Information

Directors

S M Reilly

N Reilly

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Grad DNA Ltd

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

5

204

204

Current assets

 

Debtors

6

1,019

865

Cash at bank and in hand

 

492

9,055

 

1,511

9,920

Creditors: Amounts falling due within one year

7

(50,665)

(50,472)

Net current liabilities

 

(49,154)

(40,552)

Total assets less current liabilities

 

(48,950)

(40,348)

Creditors: Amounts falling due after more than one year

7

(19,273)

(23,816)

Net liabilities

 

(68,223)

(64,164)

Capital and reserves

 

Called up share capital

488

488

Share premium reserve

967,782

967,782

Retained earnings

(1,036,493)

(1,032,434)

Shareholders' deficit

 

(68,223)

(64,164)

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.

Directors' 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 directors acknowledge their 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 and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:

...................................

S M Reilly

Director

Company registration number: 09799423

 

Grad DNA Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is the development of a mobile application for graduate recruitment and recruitment consultancy.

2

Accounting policies

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 any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis. The company has made a loss in the year and has net liabilities of £68,223.

The current economic conditions have impacted the business and as such the company was unable to generate any income in the year and the directors continue to seek future trading opportunities for the company’s IP. The company is dependent upon the continuing support of its directors via loans from the directors to service the company’s liabilities and cover the minimal overheads that are required to maintain the company’s IP. The current year has not improved and hence the directors have valued all assets at their recoverable amounts and ensured that all known liabilities at the balance sheet date have been recognised.

On the basis of the above and the continuing support from its directors, the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Grad DNA Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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, and is recognised in the period in which the services were provided.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture, fittings and equipment

3 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Grad DNA Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Trade 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.

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.

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 income statement 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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

 

Grad DNA Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022 and 31 March 2023

3,425

3,425

Depreciation

At 1 April 2022 and 31 March 2023

3,425

3,425

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

-

-

5

Investments

2023
£

2022
£

Investments in subsidiaries

204

204

Subsidiaries

£

Cost or valuation

At 1 April 2022 and 31 March 2023

204

Carrying amount

At 31 March 2023

204

At 31 March 2022

204

6

Debtors

2023
£

2022
£

Other debtors

1,019

865

1,019

865

 

Grad DNA Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans and overdrafts

9,315

9,120

Accruals and deferred income

4,500

4,000

Other creditors

36,850

37,352

50,665

50,472

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

19,273

23,816

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,315

9,120

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,273

23,816