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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
Page
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Deep Grey Research Ltd Company Information for the year ended 30 September 2024
Director
Enrico Ottavian
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
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Deep Grey Research Ltd Statement of financial position as at 30 September 2024
2024 
2023 
Notes
£ 
£ 
Called up share capital not paid
1 
- 
Fixed assets
Tangible assets
15,517 
24,995 
Current assets
Debtors
41,822 
15,288 
Cash at bank and in hand
99,926 
11,298 
141,748 
26,586 
Creditors: amounts falling due within one year
(224,533)
(292,729)
Net current liabilities
(82,785)
(266,143)
Net liabilities
(67,267)
(241,148)
Capital and reserves
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
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Deep Grey Research Ltd Notes to the Accounts for the year ended 30 September 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
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
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Financial instruments
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.
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Deep Grey Research Ltd Notes to the Accounts for the year ended 30 September 2024
Foreign exchange
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.
Pension costs
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.
Prior period restatement
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 
Additions
- 
11,302 
11,302 
At 30 September 2024
1,620 
64,755 
66,375 
Depreciation
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 
Net book value
At 30 September 2024
378 
15,139 
15,517 
At 30 September 2023
702 
24,293 
24,995 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
4,615 
5,456 
Trade debtors
30,744 
- 
Accrued income and prepayments
463 
- 
Other debtors
6,000 
9,435 
41,822 
14,891 
Amounts falling due after more than one year
Accrued income and prepayments
- 
397 
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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 
Accruals
6,167 
- 
224,533 
292,729 
7
Share capital
2024 
2023 
£ 
£ 
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).
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