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Company registration number: 01432751
Grindrite (MPS) Limited
Unaudited filleted financial statements
31 January 2024
Grindrite (MPS) Limited
Contents
Statement of financial position
Notes to the financial statements
Grindrite (MPS) Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 5 - 7,361
Cash at bank and in hand - 1,100
_______ _______
- 8,461
Creditors: amounts falling due
within one year 6 ( 115,692) ( 116,719)
_______ _______
Net current liabilities ( 115,692) ( 108,258)
_______ _______
Total assets less current liabilities ( 115,692) ( 108,258)
_______ _______
Net liabilities ( 115,692) ( 108,258)
_______ _______
Capital and reserves
Called up share capital 7 29,250 29,250
Capital redemption reserve 9,750 9,750
Profit and loss account ( 154,692) ( 147,258)
_______ _______
Shareholders deficit ( 115,692) ( 108,258)
_______ _______
For the year ending 31 January 2024 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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Dr Russ Kingswell
Director
Company registration number: 01432751
Grindrite (MPS) Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wharf Road Industrial Estate, Pinxton, Nottingham, Nottinghamshire, NG16 6LE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Debtors
2024 2023
£ £
Other debtors - 7,361
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 55
Amounts owed to group undertakings and undertakings in which the company has a participating interest 115,692 116,664
_______ _______
115,692 116,719
_______ _______
7. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 29,250 29,250 29,250 29,250
_______ _______ _______ _______
8. Controlling party
The immediate parent company is Metal Process Services Holdings Limited , a company incorporated in England and Wales (Registration number:11259398). Metal Process Services Holdings Limited is controlled by its directors in equal shares.