Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr D J Abraham 01/09/2022 Mrs S J Abraham 01/09/2023 Mr N Wilshaw 03/12/2002 Mrs F Wilshaw 03/12/2002 23 August 2024 The principal activity of the Company during the financial year was the technical testing and analysis of minerals and the sale of grinding media. 04607181 2024-03-31 04607181 bus:Director1 2024-03-31 04607181 bus:Director2 2024-03-31 04607181 bus:Director3 2024-03-31 04607181 bus:Director4 2024-03-31 04607181 2023-03-31 04607181 core:CurrentFinancialInstruments 2024-03-31 04607181 core:CurrentFinancialInstruments 2023-03-31 04607181 core:Non-currentFinancialInstruments 2024-03-31 04607181 core:Non-currentFinancialInstruments 2023-03-31 04607181 core:ShareCapital 2024-03-31 04607181 core:ShareCapital 2023-03-31 04607181 core:RetainedEarningsAccumulatedLosses 2024-03-31 04607181 core:RetainedEarningsAccumulatedLosses 2023-03-31 04607181 core:OtherResidualIntangibleAssets 2023-03-31 04607181 core:OtherResidualIntangibleAssets 2024-03-31 04607181 core:LandBuildings 2023-03-31 04607181 core:FurnitureFittings 2023-03-31 04607181 core:LandBuildings 2024-03-31 04607181 core:FurnitureFittings 2024-03-31 04607181 2023-04-01 2024-03-31 04607181 bus:FilletedAccounts 2023-04-01 2024-03-31 04607181 bus:SmallEntities 2023-04-01 2024-03-31 04607181 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04607181 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04607181 bus:Director1 2023-04-01 2024-03-31 04607181 bus:Director2 2023-04-01 2024-03-31 04607181 bus:Director3 2023-04-01 2024-03-31 04607181 bus:Director4 2023-04-01 2024-03-31 04607181 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 04607181 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 04607181 core:FurnitureFittings 2023-04-01 2024-03-31 04607181 2022-04-01 2023-03-31 04607181 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 04607181 core:LandBuildings 2023-04-01 2024-03-31 04607181 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 04607181 (England and Wales)

GRINDING SOLUTIONS LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GRINDING SOLUTIONS LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GRINDING SOLUTIONS LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
GRINDING SOLUTIONS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr D J Abraham
Mrs S J Abraham (Appointed 01 September 2023)
Mr N Wilshaw
Mrs F Wilshaw
SECRETARY Mrs F Wilshaw
REGISTERED OFFICE 14 Tresillian Business Park
Tresillian
Truro
Cornwall
TR2 4HF
United Kingdom
COMPANY NUMBER 04607181 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
BANKERS Santander
Customer Services Centre
Bootle
Merseyside
L30 4GB
GRINDING SOLUTIONS LTD

BALANCE SHEET

As at 31 March 2024
GRINDING SOLUTIONS LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 34,807 0
Tangible assets 4 672,366 720,338
707,173 720,338
Current assets
Debtors 5 816,482 801,360
Cash at bank and in hand 193,874 97,750
1,010,356 899,110
Creditors: amounts falling due within one year 6 ( 607,845) ( 387,062)
Net current assets 402,511 512,048
Total assets less current liabilities 1,109,684 1,232,386
Creditors: amounts falling due after more than one year 7 ( 124,675) ( 235,945)
Provision for liabilities ( 143,861) ( 139,986)
Net assets 841,148 856,455
Capital and reserves
Called-up share capital 2 2
Profit and loss account 841,146 856,453
Total shareholders' funds 841,148 856,455

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Grinding Solutions Ltd (registered number: 04607181) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

Mr N Wilshaw
Director
GRINDING SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GRINDING SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Grinding Solutions 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 14 Tresillian Business Park, Tresillian, , Truro, Cornwall, TR2 4HF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current tax
Current corporation 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.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and he results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 high amount that is more likely than not 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:

Other intangible assets 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Fixtures and fittings 10 - 15 % 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 18

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 0 0
Additions 42,840 42,840
At 31 March 2024 42,840 42,840
Accumulated amortisation
At 01 April 2023 0 0
Charge for the financial year 8,033 8,033
At 31 March 2024 8,033 8,033
Net book value
At 31 March 2024 34,807 34,807
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 299,024 869,716 1,168,740
Additions 0 47,429 47,429
At 31 March 2024 299,024 917,145 1,216,169
Accumulated depreciation
At 01 April 2023 160,103 288,299 448,402
Charge for the financial year 30,268 65,133 95,401
At 31 March 2024 190,371 353,432 543,803
Net book value
At 31 March 2024 108,653 563,713 672,366
At 31 March 2023 138,921 581,417 720,338

5. Debtors

2024 2023
£ £
Trade debtors 617,354 626,321
Other debtors 199,128 175,039
816,482 801,360

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 45,455 45,455
Trade creditors 57,718 117,276
Amounts owed to directors 0 1,421
Other loans 41,272 41,272
Accruals and deferred income 249,858 21,595
Taxation and social security 190,832 68,978
Obligations under finance leases and hire purchase contracts 16,636 16,637
Other creditors 6,074 74,428
607,845 387,062

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

2024 2023
£ £
Bank loans 56,818 102,273
Obligations under finance leases and hire purchase contracts 37,432 54,068
Other creditors 30,425 79,604
124,675 235,945

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Other financial commitments

Amounts not provided in the balance sheet.
The total amount of financial commitments not included in the balance sheet is £19,428 (2023 - £133,316). Financial commitments relate to leases on the company's trading premises.

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
S J Abraham 9,000 0
N Wilshaw 29,580 (710)
F Wilshaw 29,580 (710)

At the balance sheet date the company was owed amounts from the directors as set out above (2023 - amounts owed to directors). These balances represent the maximum balances advanced during the year. No interest has been charged on these loans.

Other related party transactions

Transactions with a company under common control

Fumi Minerals Limited is a company ultimately controlled by Mr & Mrs Wilshaw.

As at 31 March 2024 the balance due from an interest-free loan to the related party is £nil (2023 - £82,593). During the year the balance on the loan of £82,593 brought forward was written off.