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Registration number: 01273402

Southdown Abrasives & Industrial Chemicals Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Southdown Abrasives & Industrial Chemicals Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Southdown Abrasives & Industrial Chemicals Limited

Company Information

Director

A Phelan

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail and Co
Chartered AccountantsMaria House
35 Millers Road
Brighton
BN1 5NP

 

Southdown Abrasives & Industrial Chemicals Limited

(Registration number: 01273402)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

29,222

214,228

Current assets

 

Stocks

5

109,213

130,479

Debtors

6

72,093

100,667

Cash at bank and in hand

 

172,568

187,826

 

353,874

418,972

Creditors: Amounts falling due within one year

7

(108,805)

(133,223)

Net current assets

 

245,069

285,749

Total assets less current liabilities

 

274,291

499,977

Provisions for liabilities

(7,306)

(9,311)

Net assets

 

266,985

490,666

Capital and reserves

 

Called up share capital

10

85

85

Capital redemption reserve

15

15

Retained earnings

266,885

490,566

Shareholders' funds

 

266,985

490,666

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Southdown Abrasives & Industrial Chemicals Limited

(Registration number: 01273402)
Balance Sheet as at 31 December 2024

Approved and authorised by the director on 3 June 2025



 

.........................................

A Phelan

Director

 

Southdown Abrasives & Industrial Chemicals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

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.

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).

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Southdown Abrasives & Industrial Chemicals Limited

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

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.

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

Freehold land & buildings

2% straight line

Plant and machinery

15% reducing balance

Furniture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

20% straight line

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Southdown Abrasives & Industrial Chemicals Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 10).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2024

214,912

40,889

37,448

6,250

Disposals

(214,912)

-

-

-

At 31 December 2024

-

40,889

37,448

6,250

Depreciation

At 1 January 2024

37,929

26,715

14,468

6,159

Charge for the year

275

2,264

5,745

14

Eliminated on disposal

(38,204)

-

-

-

At 31 December 2024

-

28,979

20,213

6,173

Carrying amount

At 31 December 2024

-

11,910

17,235

77

At 31 December 2023

176,983

14,174

22,980

91

 

Southdown Abrasives & Industrial Chemicals Limited

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

Total
£

Cost or valuation

At 1 January 2024

299,499

Disposals

(214,912)

At 31 December 2024

84,587

Depreciation

At 1 January 2024

85,271

Charge for the year

8,298

Eliminated on disposal

(38,204)

At 31 December 2024

55,365

Carrying amount

At 31 December 2024

29,222

At 31 December 2023

214,228

Included within the net book value of land and buildings above is £Nil (2023 - £176,983) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

109,213

130,479

6

Debtors

Current

2024
£

2023
£

Trade debtors

58,653

90,388

Prepayments

13,440

10,279

 

72,093

100,667

 

Southdown Abrasives & Industrial Chemicals Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

61,338

66,104

Taxation and social security

47,274

66,926

Accruals and deferred income

185

185

Other creditors

8

8

108,805

133,223

8

Dividends

2024

2023

£

£

Interim dividend of £941.12 (2023 - £2,858.82) per ordinary share

256,708

243,000

 

 

9

Related party transactions

 

Southdown Abrasives & Industrial Chemicals Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

11,294

10,734

Contributions paid to money purchase schemes

9,000

24,000

20,294

34,734

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1.00 of £1 each

85

85

85

85