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Company No: 10761282 (England and Wales)

GRUNFELD FLUID DYNAMICS LTD.

Unaudited Financial Statements
For the financial period from 01 October 2023 to 31 December 2024
Pages for filing with the registrar

GRUNFELD FLUID DYNAMICS LTD.

Unaudited Financial Statements

For the financial period from 01 October 2023 to 31 December 2024

Contents

GRUNFELD FLUID DYNAMICS LTD.

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
GRUNFELD FLUID DYNAMICS LTD.

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 31.12.2024 30.09.2023
£ £
Fixed assets
Intangible assets 3 7,203 9,604
Tangible assets 4 48,731 68,270
55,934 77,874
Current assets
Stocks 5 174,129 230,298
Debtors 6 70,645 300,211
Cash at bank and in hand 141,945 101,403
386,719 631,912
Creditors: amounts falling due within one year 7 ( 161,546) ( 547,050)
Net current assets 225,173 84,862
Total assets less current liabilities 281,107 162,736
Creditors: amounts falling due after more than one year 8 ( 6,253) ( 25,039)
Provision for liabilities ( 9,625) 0
Net assets 265,229 137,697
Capital and reserves
Called-up share capital 9 100,100 100,100
Profit and loss account 165,129 37,597
Total shareholder's funds 265,229 137,697

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Grunfeld Fluid Dynamics Ltd. (registered number: 10761282) were approved and authorised for issue by the Board of Directors on 07 August 2025. They were signed on its behalf by:

Glen Buckley
Director
GRUNFELD FLUID DYNAMICS LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2023 to 31 December 2024
GRUNFELD FLUID DYNAMICS LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2023 to 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Grunfeld Fluid Dynamics 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 Waterside, Collett Way, Newton Abbot, TQ12 4PH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The 2024 accounting period was extended to a 15 month period in order to align the financial year end with the calendar year. As a result, the figures shown in the financial statements (and the relating notes) are not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 highest amount that is more likely than not to 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:

Development costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on either a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 33 % 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.10.2023 to
31.12.2024
Year ended
30.09.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 5 4

3. Intangible assets

Development costs Total
£ £
Cost
At 01 October 2023 19,209 19,209
At 31 December 2024 19,209 19,209
Accumulated amortisation
At 01 October 2023 9,605 9,605
Charge for the financial period 2,401 2,401
At 31 December 2024 12,006 12,006
Net book value
At 31 December 2024 7,203 7,203
At 30 September 2023 9,604 9,604

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 October 2023 85,988 29,700 13,111 21,423 150,222
Additions 3,005 2,205 11,805 5,487 22,502
Disposals ( 19,577) 0 0 0 ( 19,577)
At 31 December 2024 69,416 31,905 24,916 26,910 153,147
Accumulated depreciation
At 01 October 2023 48,080 9,900 8,933 15,039 81,952
Charge for the financial period 14,759 7,829 3,841 3,866 30,295
Disposals ( 7,831) 0 0 0 ( 7,831)
At 31 December 2024 55,008 17,729 12,774 18,905 104,416
Net book value
At 31 December 2024 14,408 14,176 12,142 8,005 48,731
At 30 September 2023 37,908 19,800 4,178 6,384 68,270

5. Stocks

31.12.2024 30.09.2023
£ £
Stocks 174,129 230,298

6. Debtors

31.12.2024 30.09.2023
£ £
Trade debtors 9,759 94,258
Prepayments and accrued income 56,531 197,476
VAT recoverable 0 8,477
Corporation tax 4,355 0
70,645 300,211

7. Creditors: amounts falling due within one year

31.12.2024 30.09.2023
£ £
Bank loans (secured) 10,000 10,000
Trade creditors 49,044 43,697
Amounts owed to directors 31,605 171,605
Accruals and deferred income 47,000 308,787
Taxation and social security 17,579 6,913
Obligations under finance leases and hire purchase contracts 5,030 5,030
Other creditors 1,288 1,018
161,546 547,050

The bank loans are secured on the cash deposits held by the company up to a maximum amount of £24,500 (excluding interest and administrative fees). The loan carries interest charged at 3% above the Bank of England base rate.

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

31.12.2024 30.09.2023
£ £
Bank loans (secured) 5,834 18,333
Obligations under finance leases and hire purchase contracts 419 6,706
6,253 25,039

The bank loans are secured on the cash deposits held by the company up to a maximum amount of £24,500 (excluding interest and administrative fees). The loan carries interest charged at 3% above the Bank of England base rate.

9. Called-up share capital

31.12.2024 30.09.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100,000 Preference shares of £ 1.00 each 100,000 100,000
100,100 100,100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.12.2024 30.09.2023
£ £
within one year 17,120 21,400
between one and five years 10,427 27,547
27,547 48,947

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.12.2024 30.09.2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,287 1,017

11. Related party transactions

Transactions with the entity's directors

31.12.2024 30.09.2023
£ £
Amounts owed to a director (31,605) (171,605)

No interest is charged on the above balance and there are no fixed repayment terms.