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COMPANY REGISTRATION NUMBER: 00376189
Fine Grinding Limited
Filleted Unaudited Financial Statements
31 December 2023
Fine Grinding Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Fine Grinding Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Fine Grinding Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fine Grinding Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Fine Grinding Limited, as a body, in accordance with the terms of our engagement letter dated 1 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Fine Grinding Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fine Grinding Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Fine Grinding Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fine Grinding Limited. You consider that Fine Grinding Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Fine Grinding Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
11 September 2024
Fine Grinding Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
806,807
812,781
Investments
6
9,358
9,358
---------
---------
816,165
822,139
Current assets
Stocks
546,000
402,000
Debtors
7
508,223
474,865
Cash at bank and in hand
251,059
395,345
------------
------------
1,305,282
1,272,210
Creditors: amounts falling due within one year
8
252,594
257,255
------------
------------
Net current assets
1,052,688
1,014,955
------------
------------
Total assets less current liabilities
1,868,853
1,837,094
Provisions
Taxation including deferred tax
92,194
84,659
------------
------------
Net assets
1,776,659
1,752,435
------------
------------
Fine Grinding Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
1,925
1,925
Capital redemption reserve
4,110
4,110
Profit and loss account
1,770,624
1,746,400
------------
------------
Shareholders funds
1,776,659
1,752,435
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
Mr J Gosling
Director
Company registration number: 00376189
Fine Grinding Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Black Hole Mine, Foolow Road, Eyam, Derbyshire, S32 5QS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors, there are no judgements or key sources of estimation uncertainty that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax. Revenue is recognised on despatch of the goods.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
20% reducing balance
Computer equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 20 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
395,050
1,825,874
43,275
392,143
19,346
2,675,688
Additions
110,000
2,188
112,188
Disposals
( 105,973)
( 105,973)
---------
------------
--------
---------
--------
------------
At 31 Dec 2023
395,050
1,825,874
43,275
396,170
21,534
2,681,903
---------
------------
--------
---------
--------
------------
Depreciation
At 1 Jan 2023
109,380
1,447,083
37,731
249,997
18,716
1,862,907
Charge for the year
7,901
56,819
555
28,429
472
94,176
Disposals
( 81,987)
( 81,987)
---------
------------
--------
---------
--------
------------
At 31 Dec 2023
117,281
1,503,902
38,286
196,439
19,188
1,875,096
---------
------------
--------
---------
--------
------------
Carrying amount
At 31 Dec 2023
277,769
321,972
4,989
199,731
2,346
806,807
---------
------------
--------
---------
--------
------------
At 31 Dec 2022
285,670
378,791
5,544
142,146
630
812,781
---------
------------
--------
---------
--------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
144,000
---------
Impairment
At 1 January 2023 and 31 December 2023
134,642
---------
Carrying amount
At 31 December 2023
9,358
---------
At 31 December 2022
9,358
---------
The company owns 100% of the issued share capital of William Smith (Fluor Spar) Limited
Aggregate capital and reserves
William Smith (Fluor Spar) Limited 2023: £9,358 2022: £9,358
Profit and (loss) for the year
William Smith (Fluor Spar) Limited 2023: £Nil 2022:£Nil
7. Debtors
2023
2022
£
£
Trade debtors
415,498
361,480
Other debtors
92,725
113,385
---------
---------
508,223
474,865
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
183,853
187,334
Amounts owed to group undertakings and undertakings in which the company has a participating interest
8,319
8,319
Social security and other taxes
18,917
20,318
Other creditors
41,505
41,284
---------
---------
252,594
257,255
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
21,496
16,754
Later than 1 year and not later than 5 years
25,851
17,366
--------
--------
47,347
34,120
--------
--------
10. Related party transactions
Fine Grinding Limited has an inter company loan arrangement with its' subsidiary, William Smith (Fluor Spar) Limited, and at 31 December 2023 Fine Grinding Limited owed £8,319 (2022: £8,319) in this regard. The loan has no fixed repayment term and no interest is being charged. Fine Grinding Limited provides an unlimited cross guarantee to Lloyds Bank plc as security for any amounts owed to the bank by William Smith (Fluor Spar) Limited. At 31 December 2023 there were no such borrowings.
11. Controlling party
The company is controlled by Mr T W R G Smith, a director and majority shareholder.