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Company No: 10761282 (England and Wales)

GRUNFELD FLUID DYNAMICS LTD.

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

GRUNFELD FLUID DYNAMICS LTD.

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

GRUNFELD FLUID DYNAMICS LTD.

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
GRUNFELD FLUID DYNAMICS LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 9,604 11,525
Tangible assets 4 68,270 84,643
77,874 96,168
Current assets
Stocks 5 230,298 143,084
Debtors 6 300,211 41,719
Cash at bank and in hand 101,403 75,827
631,912 260,630
Creditors: amounts falling due within one year 7 ( 547,050) ( 252,152)
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 ( 25,039) ( 40,069)
Net assets 137,697 64,577
Capital and reserves
Called-up share capital 9 100,100 100,100
Profit and loss account 37,597 ( 35,523 )
Total shareholder's funds 137,697 64,577

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Grunfeld Fluid Dynamics Ltd. (registered number: 10761282) were approved and authorised for issue by the Director on 02 February 2024. They were signed on its behalf by:

Glen Buckley
Director
GRUNFELD FLUID DYNAMICS LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
GRUNFELD FLUID DYNAMICS LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Development costs Total
£ £
Cost
At 01 October 2022 19,209 19,209
At 30 September 2023 19,209 19,209
Accumulated amortisation
At 01 October 2022 7,684 7,684
Charge for the financial year 1,921 1,921
At 30 September 2023 9,605 9,605
Net book value
At 30 September 2023 9,604 9,604
At 30 September 2022 11,525 11,525

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 October 2022 79,993 29,700 13,027 17,758 140,478
Additions 5,995 0 84 3,665 9,744
At 30 September 2023 85,988 29,700 13,111 21,423 150,222
Accumulated depreciation
At 01 October 2022 32,199 3,960 6,488 13,188 55,835
Charge for the financial year 15,881 5,940 2,445 1,851 26,117
At 30 September 2023 48,080 9,900 8,933 15,039 81,952
Net book value
At 30 September 2023 37,908 19,800 4,178 6,384 68,270
At 30 September 2022 47,794 25,740 6,539 4,570 84,643

5. Stocks

2023 2022
£ £
Stocks 230,298 143,084

6. Debtors

2023 2022
£ £
Trade debtors 94,258 30,138
Prepayments and accrued income 197,476 352
VAT recoverable 8,477 3,623
Corporation tax 0 7,606
300,211 41,719

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 10,000 10,000
Trade creditors 43,697 6,548
Amounts owed to director 171,605 217,605
Accruals and deferred income 308,787 4,281
Other taxation and social security 6,913 4,849
Obligations under finance leases and hire purchase contracts 5,030 8,352
Other creditors 1,018 517
547,050 252,152

The bank loans are secured on the cash deposits held by the company up to a maximum amount of £24,500 (excluding interest and administrative fees). The loan carries interest charged at 3% above the Bank of England base rate.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 18,333 28,333
Obligations under finance leases and hire purchase contracts 6,706 11,736
25,039 40,069

The bank loans are secured on the cash deposits held by the company up to a maximum amount of £24,500 (excluding interest and administrative fees). The loan carries interest charged at 3% above the Bank of England base rate.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100,000 Preference redeemable shares of £ 1.00 each 100,000 100,000
100,100 100,100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 17,120 430
between one and five years 31,827 0
48,947 430

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) 1,017 517

11. Related party transactions

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.