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REGISTERED NUMBER: 04859188 (England and Wales)










Elite Grinding Services Limited

Unaudited Financial Statements

for the Year Ended 28 February 2024






Elite Grinding Services Limited (Registered number: 04859188)






Contents of the Financial Statements
for the Year Ended 28 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Elite Grinding Services Limited

Company Information
for the Year Ended 28 February 2024







DIRECTORS: Mr David Albert Edward Bunting
Mr Neil Stott





SECRETARIES: Mr David Albert Edward Bunting
Mr Neil Stott





REGISTERED OFFICE: Unit 22 Thornton Industrial Estate
Telford Road
Ellesmere Port
Cheshire
CH65 5EU





REGISTERED NUMBER: 04859188 (England and Wales)






Elite Grinding Services Limited (Registered number: 04859188)

Balance Sheet
28 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 38,261 43,241

CURRENT ASSETS
Stocks 8,000 20,000
Debtors 6 - 1,907
Investments 7 90,527 85,460
Cash at bank 126,578 60,250
225,105 167,617
CREDITORS
Amounts falling due within one year 8 (253,461 ) (186,042 )
NET CURRENT LIABILITIES (28,356 ) (18,425 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,905

24,816

PROVISIONS FOR LIABILITIES (10,634 ) (10,634 )
NET (LIABILITIES)/ASSETS (729 ) 14,182

CAPITAL AND RESERVES
Called up share capital 9 153 153
Retained earnings (882 ) 14,029
SHAREHOLDERS' FUNDS (729 ) 14,182

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Elite Grinding Services Limited (Registered number: 04859188)

Balance Sheet - continued
28 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:




Mr David Albert Edward Bunting - Director



Mr Neil Stott - Director


Elite Grinding Services Limited (Registered number: 04859188)

Notes to the Financial Statements
for the Year Ended 28 February 2024

1. GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 22
Thornton Industrial Estate
Telford Road, Ellesmere Port
Cheshire
CH65 5EU

2. 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).

3. 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.

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.

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Elite Grinding Services Limited (Registered number: 04859188)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

3. ACCOUNTING POLICIES - continued

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:

Asset class Depreciation method and rate
Furniture and fittings 25% reducing balance
Plant and machinery 25% reducing balance
Office equipment 25% reducing balance
Motor vehicles 25% reducing balance

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.

Elite Grinding Services Limited (Registered number: 04859188)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 211,160 41,427 23,099 12,225 287,911
Additions - - 11,449 - 11,449
At 28 February 2024 211,160 41,427 34,548 12,225 299,360
DEPRECIATION
At 1 March 2023 186,659 30,563 16,013 11,435 244,670
Charge for year 6,125 2,716 7,391 197 16,429
At 28 February 2024 192,784 33,279 23,404 11,632 261,099
NET BOOK VALUE
At 28 February 2024 18,376 8,148 11,144 593 38,261
At 28 February 2023 24,501 10,864 7,086 790 43,241

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 1,907

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Sales ledger control account 90,527 85,460

Elite Grinding Services Limited (Registered number: 04859188)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 69,321 4,083
Taxation and social security 55,334 42,133
Other creditors 128,806 139,826
253,461 186,042

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3 Ordinary share 1 3 3
100 Ordinary B share 1 150 150
153 153