Company Registration No. 12186124 (England and Wales)
Deep Grey Research Ltd
Unaudited accounts
for the year ended 30 September 2024
Deep Grey Research Ltd
Unaudited accounts
Contents
Deep Grey Research Ltd
Company Information
for the year ended 30 September 2024
Company Number
12186124 (England and Wales)
Registered Office
20-22 Wenlock Road
London
N1 7GU
England
Accountants
The Accountancy Cloud
1 Fore Street Avenue
London
EC2Y 9DT
Deep Grey Research Ltd
Statement of financial position
as at 30 September 2024
Called up share capital not paid
1
-
Tangible assets
15,517
24,995
Cash at bank and in hand
99,926
11,298
Creditors: amounts falling due within one year
(224,533)
(292,729)
Net current liabilities
(82,785)
(266,143)
Net liabilities
(67,267)
(241,148)
Called up share capital
40
1
Share premium
1,707,429
1,511,300
Profit and loss account
(1,774,736)
(1,752,449)
Shareholders' funds
(67,267)
(241,148)
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 January 2025 and were signed on its behalf by
Enrico Ottavian
Director
Company Registration No. 12186124
Deep Grey Research Ltd
Notes to the Accounts
for the year ended 30 September 2024
Deep Grey Research Ltd is a private company, limited by shares, registered in England and Wales, registration number 12186124. The registered office is 20-22 Wenlock Road, London, N1 7GU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight line
Computer equipment
20% Straight line
Research and Development Tax Credit
During the financial year, Deep Grey Research Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Expenditure on research and development is written off in the year in which it is incurred.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deep Grey Research Ltd
Notes to the Accounts
for the year ended 30 September 2024
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
During the year, it was noted that tangible assets were incorrectly allocated to intangible assets, requiring the following adjustments:
- Profit and loss decreased by £10,317 to a loss of £258,983.
- Intangible assets decreased by £29,976 to £nil.
- Tangible assets increased by £19,659 to £24,995.
- Retained loss increased by £10,317 to £1,752,450.
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 October 2023
1,620
53,453
55,073
At 30 September 2024
1,620
64,755
66,375
At 1 October 2023
918
29,160
30,078
Charge for the year
324
20,456
20,780
At 30 September 2024
1,242
49,616
50,858
At 30 September 2024
378
15,139
15,517
At 30 September 2023
702
24,293
24,995
Amounts falling due within one year
Accrued income and prepayments
463
-
Amounts falling due after more than one year
Accrued income and prepayments
-
397
Deep Grey Research Ltd
Notes to the Accounts
for the year ended 30 September 2024
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
200,936
113,625
Taxes and social security
2,983
8,193
Other creditors
14,447
12,911
Loans from directors
-
158,000
Allotted, called up and fully paid:
404,161 Ordinary shares of £0.0001 each
40.41
1.18
Shares issued during the period:
392,330 Ordinary shares of £0.0001 each
39.23
8
Average number of employees
During the year the average number of employees was 2 (2023: 2).