Registration number: 11488503

Greyfly Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Greyfly Ltd

Company Information

Director

Mr Lloyd Jeffrey Skinner

Registered office

4 Oxford Avenue Bournemouth BH6 5HS

Accountants

Stone & Co Chartered Accountants 2 Charnwood House Marsh Road Ashton Bristol BS3 2NA

Greyfly Ltd

(Registration number: 11488503)
Balance Sheet as at 5 April 2025

	Note	2025 £		2024 £
Fixed assets
Intangible assets	4		155,663	174,969
Tangible assets	5		4,019	5,505
			159,682	180,474
Current assets
Debtors	6	12,400		845
Cash at bank and in hand		2,947		1,548
		15,347		2,393
Creditors: Amounts falling due within one year	7	(245,444)		(186,432)
Net current liabilities			(230,097)	(184,039)
Total assets less current liabilities			(70,415)	(3,565)
Creditors: Amounts falling due after more than one year	7		(94,937)	(96,167)
Net liabilities			(165,352)	(99,732)
Capital and reserves
Called up share capital		103		103
Share premium reserve		34,997		34,997
Revaluation reserve		19,500		19,500
Retained earnings		(219,952)		(154,332)
Shareholders' deficit			(165,352)	(99,732)

Greyfly Ltd

(Registration number: 11488503)
Balance Sheet as at 5 April 2025

For the financial year ending 5 April 2025 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.

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 16 December 2025
 

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

Mr Lloyd Jeffrey Skinner
Director

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.

Greyfly Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

1	General information

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

The address of its registered office is:
4 Oxford Avenue
Bournemouth
BH6 5HS

These financial statements were authorised for issue by the director on 16 December 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises 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.

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.

Greyfly Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

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
Fixtures and Fittings	25% Straight Line
Equipment	25% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Development costs

The company has chosen to capitalise development costs, which have been deemed by the owners to meet the criteria set out under FRS102 Section 18.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% Straight Line
Development costs	10% Straight Line

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.

Greyfly Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

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.

Greyfly Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 2).

Greyfly Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

4	Intangible assets

	Goodwill  £	Internally generated software development costs  £	Total £
Cost or valuation
At 6 April 2024	12,480	180,585	193,065
At 5 April 2025	12,480	180,585	193,065
Amortisation
At 6 April 2024	6,240	11,856	18,096
Amortisation charge	1,248	18,058	19,306
At 5 April 2025	7,488	29,914	37,402
Carrying amount
At 5 April 2025	4,992	150,671	155,663
At 5 April 2024	6,240	168,729	174,969

5	Tangible assets

	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 6 April 2024	3,080	22,700	25,780
At 5 April 2025	3,080	22,700	25,780
Depreciation
At 6 April 2024	2,934	17,341	20,275
Charge for the year	146	1,340	1,486
At 5 April 2025	3,080	18,681	21,761
Carrying amount
At 5 April 2025	-	4,019	4,019
At 5 April 2024	146	5,359	5,505

Greyfly Ltd

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

6

Debtors

Current	2025 £	2024 £
Trade debtors	12,400	845
	12,400	845

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings		32,867	14,447
Taxation and social security		138,047	121,616
Accruals and deferred income		2,990	2,100
Other creditors		71,540	48,269
		245,444	186,432

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings		94,937	96,167

8	Related party transactions

At the period end the company owed the director £128,347 (2024 - £115,367) £35,868 ( 2024 - £22,887) of this loan is interest free and repayable on demand. £92,480 (2024 - £92,480) of this loan is interest free and due payable after 5 years.