IRIS Accounts Production v24.3.2.46 00558460 Board of Directors 1.1.24 31.12.24 31.12.24 25/3/2025 false true false false true false Auditors Opinion Ordinary share capital 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh005584602023-12-31005584602024-12-31005584602024-01-012024-12-31005584602022-12-31005584602023-01-012023-12-31005584602023-12-3100558460ns15:EnglandWales2024-01-012024-12-3100558460ns14:PoundSterling2024-01-012024-12-3100558460ns10:Director12024-01-012024-12-3100558460ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3100558460ns10:SmallEntities2024-01-012024-12-3100558460ns10:Audited2024-01-012024-12-3100558460ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3100558460ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3100558460ns10:FullAccounts2024-01-012024-12-3100558460ns10:OrdinaryShareClass12024-01-012024-12-3100558460ns10:Director22024-01-012024-12-3100558460ns10:CompanySecretary12024-01-012024-12-3100558460ns10:RegisteredOffice2024-01-012024-12-3100558460ns5:CurrentFinancialInstruments2024-12-3100558460ns5:CurrentFinancialInstruments2023-12-3100558460ns5:ShareCapital2024-12-3100558460ns5:ShareCapital2023-12-3100558460ns5:CapitalRedemptionReserve2024-12-3100558460ns5:CapitalRedemptionReserve2023-12-3100558460ns5:RetainedEarningsAccumulatedLosses2024-12-3100558460ns5:RetainedEarningsAccumulatedLosses2023-12-3100558460ns5:LandBuildingsns5:ShortLeaseholdAssets2023-12-3100558460ns5:PlantMachinery2023-12-3100558460ns5:FurnitureFittings2023-12-3100558460ns5:MotorVehicles2023-12-3100558460ns5:LandBuildingsns5:ShortLeaseholdAssets2024-01-012024-12-3100558460ns5:PlantMachinery2024-01-012024-12-3100558460ns5:FurnitureFittings2024-01-012024-12-3100558460ns5:MotorVehicles2024-01-012024-12-3100558460ns5:LandBuildingsns5:ShortLeaseholdAssets2024-12-3100558460ns5:PlantMachinery2024-12-3100558460ns5:FurnitureFittings2024-12-3100558460ns5:MotorVehicles2024-12-3100558460ns5:LandBuildingsns5:ShortLeaseholdAssets2023-12-3100558460ns5:PlantMachinery2023-12-3100558460ns5:FurnitureFittings2023-12-3100558460ns5:MotorVehicles2023-12-3100558460ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3100558460ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3100558460ns5:WithinOneYear2024-12-3100558460ns5:WithinOneYear2023-12-3100558460ns5:BetweenOneFiveYears2024-12-3100558460ns5:BetweenOneFiveYears2023-12-3100558460ns5:AllPeriods2024-12-3100558460ns5:AllPeriods2023-12-3100558460ns10:OrdinaryShareClass12024-12-31
REGISTERED NUMBER: 00558460 (England and Wales)










Financial Statements

for the Year Ended 31 December 2024

for

VSM Abrasives Limited

VSM Abrasives Limited (Registered number: 00558460)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VSM Abrasives Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: B Harrison
T Dittmayer





SECRETARY: B Harrison





REGISTERED OFFICE: Unit 5 Joplin Court
Sovereign Business Park
Milton Keynes
MK8 0JP





REGISTERED NUMBER: 00558460 (England and Wales)





AUDITORS: SKS Audit LLP
3 Sheen Road
Richmond Upon Thames
TW9 1AD

VSM Abrasives Limited (Registered number: 00558460)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 3 5,206 6,660

CURRENT ASSETS
Stocks 716,689 627,815
Debtors 4 759,311 787,071
Cash at bank and in hand 461,737 389,740
1,937,737 1,804,626
CREDITORS
Amounts falling due within one year 5 (658,442 ) (584,901 )
NET CURRENT ASSETS 1,279,295 1,219,725
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,284,501

1,226,385

PROVISIONS FOR LIABILITIES (4,160 ) (5,261 )
NET ASSETS 1,280,341 1,221,124

CAPITAL AND RESERVES
Called up share capital 7 80,000 80,000
Capital redemption reserve 100,000 100,000
Retained earnings 1,100,341 1,041,124
SHAREHOLDERS' FUNDS 1,280,341 1,221,124

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





B Harrison - Director


VSM Abrasives Limited (Registered number: 00558460)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

REVENUE RECOGNITION AND TURNOVER
Revenue is recognised from selling goods when the entity has transferred to the buyer the significant risks and rewards of ownership of the goods.

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
Tangible fixed assets are stated at 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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvement 20% straight line
Plant and equipment 12.5% to 33.3% straight line
Fixtures and fittings 20% to 33.3% straight line
Motor vehicles 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Income statement.

STOCKS
Stocks are valued at the lower of cost and net realisable value, where cost comprises expenditure which has been incurred in the normal course of business in bringing the product to its present location and condition, after making due allowance for obsolete and slow moving items.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

TAXATION
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the Statement of financial position date.


VSM Abrasives Limited (Registered number: 00558460)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

1. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Statement of financial position date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

FOREIGN EXCHANGE
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

The assets of the scheme are held separately from those of the company.

PROVISIONS
Provisions are set up only where it is possible that a present obligation exists as a result of an event prior to the Statement of financial position date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

VSM Abrasives Limited (Registered number: 00558460)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
Improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 42,087 4,857 180,967 35,318 263,229
Additions - - 1,510 - 1,510
Disposals - - - (21,630 ) (21,630 )
At 31 December 2024 42,087 4,857 182,477 13,688 243,109
DEPRECIATION
At 1 January 2024 41,234 4,857 175,160 35,318 256,569
Charge for year 301 - 2,663 - 2,964
Eliminated on disposal - - - (21,630 ) (21,630 )
At 31 December 2024 41,535 4,857 177,823 13,688 237,903
NET BOOK VALUE
At 31 December 2024 552 - 4,654 - 5,206
At 31 December 2023 853 - 5,807 - 6,660

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 728,648 748,987
Prepayments 30,663 38,084
759,311 787,071

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 87,670 54,155
Amounts owed to group undertakings 63,567 211,655
Corporation tax 68,016 56,096
Deferred Tax (1,069 ) (1,101 )
Social security and other tax 10,995 22,304
VAT 139,833 147,499
Other creditors 150,000 -
Accruals 139,430 94,293
658,442 584,901

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 49,352 41,485
Between one and five years 27,727 64,634
77,079 106,119

VSM Abrasives Limited (Registered number: 00558460)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80,000 Ordinary share capital 1 80,000 80,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Moganarden Chelvanaigum (Senior Statutory Auditor)
for and on behalf of SKS Audit LLP

9. RELATED PARTY DISCLOSURES

The company is exempt from disclosing group transactions in accordance with paragraph 33.1A, Financial
Reporting Standard 102.

10. PARENT COMPANY

The ultimate parent company is Vereinigte Schmirgel-und Maschinen-Fabriken AG incorporated in Germany, There is no ultimate controlling party of Vereinigte Schmirgel-und Maschinen-Fabriken AG . Copies of the consolidated financial statements are available on the parent company's website.