Company Registration No. 10406071 (England and Wales)
GREY ECLIPSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
GREY ECLIPSE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GREY ECLIPSE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
6
52,955
4,475
Cash at bank and in hand
106,118
18,483
159,073
22,958
Creditors: amounts falling due within one year
7
(192,361)
(235,701)
Net current liabilities
(33,288)
(212,743)
Creditors: amounts falling due after more than one year
8
(43,333)
-
Net liabilities
(76,621)
(212,743)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(76,721)
(212,843)
Total equity
(76,621)
(212,743)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 February 2022 and are signed on its behalf by:
I M Fitzpatrick
Director
Company Registration No. 10406071
GREY ECLIPSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2019
100
(15,457)
(15,357)
Year ended 29 February 2020:
Loss and total comprehensive income for the year
-
(197,386)
(197,386)
Balance at 29 February 2020
100
(212,843)
(212,743)
Year ended 28 February 2021:
Profit and total comprehensive income for the year
-
136,122
136,122
Balance at 28 February 2021
100
(76,721)
(76,621)
GREY ECLIPSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 3 -
1
Accounting policies
Company information
Grey Eclipse Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office
and business address
is
Suite 4, 123 Stratford Road, Shirley, Solihull, B90 3ND.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
false
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
, the group creditor will not call on the amount owed unless there are sufficient funds to repay and the directors are confident that necessary funds can be made available or secured if required.
This view has given due consideration to the impact of COVID-19 on the business, and is to the best knowledge of the directors based on the current circumstances.
Hence,
t
he 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
subscription fees and s
ervices provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
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.
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:
Computers
33% straight line
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
.
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
GREY ECLIPSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 4 -
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.
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.
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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
4
Taxation
The company has tax losses t
o carry forward and a p
otential deferred tax asset w
hich
has not
been
recognised in the accounts.
GREY ECLIPSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2020 and 28 February 2021
2,237
Depreciation and impairment
At 1 March 2020 and 28 February 2021
2,237
Carrying amount
At 28 February 2021
-
At 29 February 2020
-
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
40,343
900
Amounts owed by group undertakings
12,612
112
52,955
1,012
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
-
3,463
Total debtors
52,955
4,475
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
6,667
-
Trade creditors
-
1,990
Amounts owed to group undertakings
173,971
228,945
Taxation and social security
7,345
390
Other creditors
4,378
4,376
192,361
235,701
GREY ECLIPSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 6 -
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
43,333
-
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
-
10,582
10
Related party transactions
Included
within administrative expenses is an amount of £158,555 (2020 - £543,500) management charge from a fellow subsidary company.
11
Parent company
The immediate parent company is
Grey Eclipse Holdings Limited
, whose registered office is
Suite 4, 123 Stratford Road, Shirley, Solihull, B90 3ND