REGISTERED NUMBER:
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GREY ECLIPSE LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 28 February 2022 |
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REGISTERED NUMBER:
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GREY ECLIPSE LIMITED |
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Unaudited Financial Statements |
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for the Year Ended 28 February 2022 |
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GREY ECLIPSE LIMITED (REGISTERED NUMBER: 10406071) |
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Contents of the Financial Statements |
for the year ended 28 February 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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GREY ECLIPSE LIMITED |
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Company Information |
for the year ended 28 February 2022 |
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Directors: |
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Registered office: |
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Business address: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
GREY ECLIPSE LIMITED (REGISTERED NUMBER: 10406071) |
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Balance Sheet |
28 February 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Investments | 5 |
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Current assets |
Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Net assets/(liabilities) |
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Capital and reserves |
Called up share capital |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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GREY ECLIPSE LIMITED (REGISTERED NUMBER: 10406071) |
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Notes to the Financial Statements |
for the year ended 28 February 2022 |
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1. | Statutory information |
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Grey Eclipse Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
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The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for subscription fees and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
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Computers | 33% straight line |
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Cash at bank and in hand |
Cash at bank and in hand are basic financial assets and include cash in hand. |
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Fixed asset investments |
Fixed asset investments are stated at cost less provision for any permanent diminution in value. Any investment movements are recorded on a first in first out basis. |
GREY ECLIPSE LIMITED (REGISTERED NUMBER: 10406071) |
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Notes to the Financial Statements - continued |
for the year ended 28 February 2022 |
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2. | Accounting policies - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Hence, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. This assessment has been made for a period of twelve months from the date of approving these financial statements. |
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3. | Employees and directors |
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The average number of employees during the year was
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GREY ECLIPSE LIMITED (REGISTERED NUMBER: 10406071) |
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Notes to the Financial Statements - continued |
for the year ended 28 February 2022 |
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4. | Tangible fixed assets |
Computer |
equipment |
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Cost |
At 1 March 2021 |
and 28 February 2022 |
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Depreciation |
At 1 March 2021 |
and 28 February 2022 |
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Net book value |
At 28 February 2022 |
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At 28 February 2021 |
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5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
Additions |
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At 28 February 2022 |
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Net book value |
At 28 February 2022 |
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6. | Debtors |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Amounts owed to group undertakings |
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VAT | 15,622 | 7,345 |
Accrued expenses |
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GREY ECLIPSE LIMITED (REGISTERED NUMBER: 10406071) |
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Notes to the Financial Statements - continued |
for the year ended 28 February 2022 |
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8. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans - 2-5 years |
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9. | Related party transactions |
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Included within administrative expenses is an amount of £220,738 (2021 - £158,555) management charge from a fellow subsidiary company. |
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Included in turnover is an amount of £85,500 (2021 - £53,000) received for professional services from a connected company. |
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10. | Parent company |
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The immediate parent company is Grey Eclipse Holdings Limited, whose registered office is Suite 4, 123 Stratford Road, Shirley, Solihull, B90 3ND. |