Grindtec Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06986090 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Grindtec Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

31,826

35,543

CURRENT ASSETS

Stocks

510

460

Debtors

5

56,625

65,562

Cash at bank and in hand

77,589

77,346

134,724

143,368

CREDITORS

Amounts falling due within one year

6

80,353

83,091

NET CURRENT ASSETS

54,371

60,277

TOTAL ASSETS LESS CURRENT LIABILITIES

86,197

95,820

PROVISIONS FOR LIABILITIES

6,085

6,753

NET ASSETS

80,112

89,067

CAPITAL AND RESERVES

Called up share capital

7

400

400

Retained earnings

79,712

88,667

SHAREHOLDERS' FUNDS

80,112

89,067

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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.

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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the year ended 31 August 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2021 and were signed on its behalf by:

D S Armstrong - Director

S J Wood - Director

1.	STATUTORY INFORMATION

Grindtec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06986090

Registered office:

Unit 2 Springfield Estate

Manchester Street

Oldbury

B69 4HH

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2020

80,169

2,099

6,741

89,009

Additions

-

943

-

943

At 31 August 2021

80,169

3,042

6,741

89,952

DEPRECIATION

At 1 September 2020

47,014

1,495

4,957

53,466

Charge for year

4,192

92

376

4,660

At 31 August 2021

51,206

1,587

5,333

58,126

NET BOOK VALUE

At 31 August 2021

28,963

1,455

1,408

31,826

At 31 August 2020

33,155

604

1,784

35,543

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

49,700

58,637

Prepayments

6,925

6,925

56,625

65,562

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Hire purchase contracts

-

3,488

Trade creditors

12,597

16,257

Tax

10,903

13,116

Social security and other taxes

990

2,031

VAT

13,355

11,013

Other creditors

25,761

27,672

Pension scheme

609

874

Directors' current accounts

13,123

5,707

Accrued expenses

3,015

2,933

80,353

83,091

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

200

Ordinary

£1

200

200

200

B Class Ordinary

£1

200

200

400

400