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Registration number: 09903703

UK Grinding and Machine Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

UK Grinding and Machine Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

UK Grinding and Machine Services Limited

Company Information

Directors

Mr Stephen James Bowley

Mrs Claire Louise Bowley

Registered office

St James's House
Austenwood Common
Gerrards Cross
Buckinghamshire
SL9 8SG

Accountants

Oury Nicholsons & Co LLP
St James's House
Austenwood Lane
Gerrards Cross
Buckinghamshire
SL9 8SG

 

UK Grinding and Machine Services Limited

(Registration number: 09903703)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,746

9,193

Current assets

 

Stocks

5

16,002

-

Debtors

6

27,820

23,410

Cash at bank and in hand

 

32,854

50,149

 

76,676

73,559

Creditors: Amounts falling due within one year

7

(12,760)

(21,473)

Net current assets

 

63,916

52,086

Net assets

 

69,662

61,279

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

69,562

61,179

Shareholders' funds

 

69,662

61,279

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr Stephen James Bowley
Director

 

UK Grinding and Machine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The address of its registered office is:
St James's House
Austenwood Common
Gerrards Cross
Buckinghamshire
SL9 8SG

These financial statements were authorised for issue by the Board on 2 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

UK Grinding and Machine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

UK Grinding and Machine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

UK Grinding and Machine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

14,515

14,981

29,496

At 31 December 2023

14,515

14,981

29,496

Depreciation

At 1 January 2023

11,642

8,661

20,303

Charge for the year

1,866

1,581

3,447

At 31 December 2023

13,508

10,242

23,750

Carrying amount

At 31 December 2023

1,007

4,739

5,746

At 31 December 2022

2,873

6,320

9,193

5

Stocks

2023
£

2022
£

Work in progress

16,002

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

10,248

19,703

Other debtors

17,572

3,707

 

27,820

23,410

7

Creditors

Creditors: amounts falling due within one year

 

UK Grinding and Machine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Due within one year

Taxation and social security

7,479

7,919

Accruals and deferred income

1,500

9,700

Other creditors

3,781

3,854

12,760

21,473

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £Nil (2022 - £40.00) per each Ordinary Shares

-

4,000

 

 

10

Related party transactions

 

UK Grinding and Machine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mrs Claire Louise Bowley

Loan amount

-

10,000

10,000

Mr Stephen James Bowley

Loan to director

3,607

1,830

5,437

 

UK Grinding and Machine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

58,799

59,650

Loans to related parties

2023

Key management
£

Total
£

At start of period

3,607

3,607

Advanced

11,830

11,830

At end of period

15,437

15,437

2022

Key management
£

Total
£

Advanced

3,607

3,607

At end of period

3,607

3,607

Loans from related parties

2022

Key management
£

Total
£

At start of period

29,525

29,525

Repaid

(29,525)

(29,525)

At end of period

-

-