Grey Matter Personnel Ltd Accounts

GREY MATTER PERSONNEL LTD. - Company Information






Grey Matter Personnel Ltd

	Company No. 08930805
		Information for Filing with The Registrar
		31 July 2021

at	31 July 2021
Company No.		08930805	Notes	2021	2020
				£	£
Fixed assets

	Tangible assets		4	33,886	34,763


				33,886	34,763
Current assets

	Debtors		5	7,892	1,557

	Cash at bank and in hand			10,656	23,481
				18,548	25,038
Creditors: Amount falling due within one year			6	(8,769)	(25,668)
Net current assets/(liabilities)				9,779	(630)
Total assets less current liabilities				43,665	34,133




Net assets				43,665	34,133

Capital and reserves
	Called up share capital			2	2



	Profit and loss account		7	43,663	34,131

Total equity				43,665	34,133



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 July 2021 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 09 September 2022
And signed on its behalf by:
A.J. Maggs
Director
09 September 2022

for the year ended 31 July 2021

General information

Its registered number is: 08930805

Its registered office is:

12 Withington Lane

Aspull

Wigan

WN2 1JD

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of services is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of the services provided;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the services sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of services is recognised when service is provided.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

33.3% Straight line

Furniture, fittings and equipment

33.3% Straight line

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	3	3

4	Tangible fixed assets
			Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 August 2020	28,584	5,353	5,831	39,768
		Additions	-	1,428	2,841	4,269



		At 31 July 2021	28,584	6,781	8,672	44,037
		Depreciation
		At 1 August 2020	-	2,950	2,055	5,005
		Charge for the year	-	2,258	2,888	5,146



		At 31 July 2021	-	5,208	4,943	10,151
		Net book values
		At 31 July 2021	28,584	1,573	3,729	33,886
		At 31 July 2020	28,584	2,403	3,776	34,763

5	Debtors
			2021	2020
			£	£
		Trade debtors	6,297	-






		Prepayments and accrued income	1,595	1,557
			7,892	1,557

6	Creditors:
		amounts falling due within one year
			2021	2020
			£	£







		Other taxes and social security	6,042	16,282
		Loans from directors	269	8,435

		Accruals and deferred income	2,458	951
			8,769	25,668

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.