Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
77,874 | 96,168 | |||
Current assets | ||||
Stocks | 5 |
|
|
|
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
631,912 | 260,630 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 84,862 | 8,478 | ||
Total assets less current liabilities | 162,736 | 104,646 | ||
Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Profit and loss account |
|
(
|
||
Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of Grunfeld Fluid Dynamics Ltd. (registered number:
Glen Buckley
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Grunfeld Fluid Dynamics Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Waterside, Collett Way, Newton Abbot, TQ12 4PH, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Development costs |
|
Plant and machinery |
|
Vehicles |
|
Fixtures and fittings |
|
Office equipment |
|
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Development costs | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2022 |
|
|
|
At 30 September 2023 |
|
|
|
Accumulated amortisation | |||
At 01 October 2022 |
|
|
|
Charge for the financial year |
|
|
|
At 30 September 2023 |
|
|
|
Net book value | |||
At 30 September 2023 |
|
|
|
At 30 September 2022 |
|
|
Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 October 2022 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
At 30 September 2023 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 October 2022 |
|
|
|
|
|
||||
Charge for the financial year |
|
|
|
|
|
||||
At 30 September 2023 |
|
|
|
|
|
||||
Net book value | |||||||||
At 30 September 2023 |
|
|
|
|
|
||||
At 30 September 2022 |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Stocks |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Prepayments and accrued income |
|
|
|
VAT recoverable |
|
|
|
Corporation tax |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
|
|
|
Trade creditors |
|
|
|
Amounts owed to director |
|
|
|
Accruals and deferred income |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
100,100 | 100,100 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
within one year |
|
|
|
between one and five years |
|
|
|
|
|
Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2023 | 2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
|
|
Transactions with the entity's director
2023 | 2022 | ||
£ | £ | ||
Directors loan account (creditor) | 171,605 | 217,605 |
No interest is charged and there are no fixed repayment terms.