Registered number
08205003
International Abrasives Ltd
Filleted Accounts
30 September 2024
International Abrasives Ltd
Registered number: 08205003
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 20,605 29,697
Current assets
Stocks 499,411 457,311
Debtors 4 674,050 681,139
Cash at bank and in hand 36,545 92,861
1,210,006 1,231,311
Creditors: amounts falling due within one year 5 (622,628) (662,256)
Net current assets 587,378 569,055
Total assets less current liabilities 607,983 598,752
Creditors: amounts falling due after more than one year 6 (16,266) (33,506)
Net assets 591,717 565,246
Capital and reserves
Called up share capital 200 200
Profit and loss account 591,517 565,046
Shareholders' funds 591,717 565,246
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Richardson
Director
Approved by the board on 25 February 2025
International Abrasives Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Fixtures, futtings & equipment Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 3,274 52,124 55,398
Additions 7,350 170 7,520
At 30 September 2024 10,624 52,294 62,918
Depreciation
At 1 October 2023 2,756 22,945 25,701
Charge for the year 1,967 14,645 16,612
At 30 September 2024 4,723 37,590 42,313
Net book value
At 30 September 2024 5,901 14,704 20,605
At 30 September 2023 518 29,179 29,697
4 Debtors 2024 2023
£ £
Trade debtors 674,050 675,857
Prepayments - 5,282
674,050 681,139
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,435 16,435
Factor loan 408,155 292,804
Trade creditors 57,782 88,525
Taxation and social security costs 135,450 261,396
Director's Account 306 553
Accruals 4,500 2,543
622,628 662,256
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,266 33,506
7 Other information
International Abrasives Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 18 Box Road
Broughton Astley
Leicester
LE9 6TJ
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