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Registration number: 00952251

P.B.R.Abrasives(Wolverhampton)Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

P.B.R.Abrasives(Wolverhampton)Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

P.B.R.Abrasives(Wolverhampton)Limited

Company Information

Directors

Mr Royston David John Swinburne

Mr James Paul William Swinburne

Registered office

9 & 11 Wolverhampton Street
Willenhall
Wolverhampton
West Midlands
WV13 2NF

Accountants

Onyx Accountants Limited
Chartered Management AccountantsOnyx House
12 Phoenix Business Park
Avenue Close
Birmingham
West Midlands
B7 4NU

 

P.B.R.Abrasives(Wolverhampton)Limited

(Registration number: 00952251)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

137,445

109,941

Current assets

 

Stocks

484,379

494,377

Debtors

6

441,834

594,137

Cash at bank and in hand

 

694,045

610,484

 

1,620,258

1,698,998

Prepayments and accrued income

 

3,586

2,277

Creditors: Amounts falling due within one year

(464,871)

(495,750)

Net current assets

 

1,158,973

1,205,525

Total assets less current liabilities

 

1,296,418

1,315,466

Provisions for liabilities

(6,517)

(4,735)

Accruals and deferred income

 

(11,600)

(6,300)

Net assets

 

1,278,301

1,304,431

Capital and reserves

 

Called up share capital

1,250

1,250

Retained earnings

1,277,051

1,303,181

Shareholders' funds

 

1,278,301

1,304,431

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

P.B.R.Abrasives(Wolverhampton)Limited

(Registration number: 00952251)
Abridged Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 10 June 2025 and signed on its behalf by:
 

.........................................
Mr Royston David John Swinburne
Director

 

P.B.R.Abrasives(Wolverhampton)Limited

Notes to the Unaudited Abridged 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.

The address of its registered office is:
9 & 11 Wolverhampton Street
Willenhall
Wolverhampton
West Midlands
WV13 2NF
England

These financial statements were authorised for issue by the Board on 10 June 2025.

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 abridged 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 abridged 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.

 

P.B.R.Abrasives(Wolverhampton)Limited

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

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.

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

Fixtures & fittings

20% on straight line

Plant & machinery

25% on reducing balance

Motor vehicles

25% on reducing balance

Leasehold

2.5% on straight line

25% on straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

P.B.R.Abrasives(Wolverhampton)Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

P.B.R.Abrasives(Wolverhampton)Limited

Notes to the Unaudited Abridged 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 directors) during the year, was 17 (2023 - 0).

 

P.B.R.Abrasives(Wolverhampton)Limited

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

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2024

135,286

At 31 December 2024

135,286

Amortisation

At 1 January 2024

135,286

At 31 December 2024

135,286

Carrying amount

At 31 December 2024

-

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2024

-

174,986

3,541

7,325

18,540

Additions

25,001

-

-

-

-

Disposals

-

-

-

-

-

At 31 December 2024

25,001

174,986

3,541

7,325

18,540

Depreciation

At 1 January 2024

-

89,966

2,832

7,325

13,774

Charge for the year

2,500

4,375

709

-

2,383

Eliminated on disposal

-

-

-

-

-

At 31 December 2024

2,500

94,341

3,541

7,325

16,157

Carrying amount

At 31 December 2024

22,501

80,645

-

-

2,383

At 31 December 2023

-

85,020

709

-

4,766

 

P.B.R.Abrasives(Wolverhampton)Limited

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

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

54,564

258,956

Additions

28,783

53,784

Disposals

(20,015)

(20,015)

At 31 December 2024

63,332

292,725

Depreciation

At 1 January 2024

35,118

149,015

Charge for the year

10,639

20,606

Eliminated on disposal

(14,341)

(14,341)

At 31 December 2024

31,416

155,280

Carrying amount

At 31 December 2024

31,916

137,445

At 31 December 2023

19,446

109,941

Included within the net book value of land and buildings above is £22,501 (2023 - £Nil) in respect of freehold land and buildings and £80,646 (2023 - £85,020) in respect of long leasehold land and buildings.
 

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Related party transactions

 

P.B.R.Abrasives(Wolverhampton)Limited

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

Transactions with directors

2024

At 1 January 2024
£

At 31 December 2024
£

Mr Royston David John Swinburne

Advances

65,481

65,481

-

-

65,481

65,481

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Mr Royston David John Swinburne

Advances

68,581

(3,100)

65,481

-

-

-

68,581

(3,100)

65,481