Grain_Labs_Limited - Accounts

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 31 August 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.

The members have 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.

Grain Labs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Ashby Space, Ashby Mews, London, SE4 1TB.

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 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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The directors intend to apply to have the company removed from the Companies House register. As a result these financial statements are prepared on a basis other than going concern.true

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The average monthly number of persons (including directors) employed by the company during the year was:

At the year end the company was owed £200 (2020: £200) from O Von Einsiedel, a director of the company.

At the year end the company owed P Vernon, a director of the company, £199,900 (2020: £199,900).

Grain Labs Limited has taken the exemption to disclose related party transactions under the same 100% control in accordance with FRS102- Section 33 "Related Party Disclosures".

During the year the company incurred costs of £1,260 (2020: £350) from Grain Media Limited, a related party by virtue of common directorship. At the year end the company owed £1,260 (2020: £nil) to Grain Media Limited in relation to these costs.

At the year end the company owed Grain Media Limited £100,000 (2020: £100,000) in relation to amounts loaned to Grain Labs Limited.

At the year end the company was due £nil (2020: £21,195) from Hippocampus Films Limited, a related party by virtue of common directorship.

The company is controlled by director O von Einsiedel by virtue of his majority shareholding.