Company Registration No. 14551293 (England and Wales)
MASAVEU UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MASAVEU UK LIMITED
COMPANY INFORMATION
Directors
Fernando Masaveu Herrero
Julio Pelaez Gonzalez
Company number
14551293
Registered office
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
MASAVEU UK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
MASAVEU UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
Masaveu UK Limited (MUK), established in December 2022, and began operations in 2023.
Considering the still short life of the company, sales volumes in 2024 must be described as satisfactory.
Principal risks and uncertainties
In our opinion the main risks and uncertainties that our society faces, remain the same as in 2023: the volatility of the destination market for the products marketed by MUK, the absence for now of our own operational infrastructure in the UK as well as the lack of our own commercial network on site. However, the group to which MUK belongs (Corporación Masaveu), remains committed to providing all its support to improve and consolidate its positioning in the UK market.
Development and performance
The company made a pre-tax profit of £651,499 (2023: £1,536,464) for the year and a turnover of £12,343,958 (2023: £22,261,912).
As at 31 December 2024, the company has net assets of £1,681,423 (2023: £1,192,745).
Key performance indicators
During 2024, the company continued with its objective of continuing its operations in the local market, consolidating them and channelling a significant part of the ground granulated blast furnace slag (GGBFS) and fly ash sales operations of the group to which it belongs, in the UK market.
We consider a profitability of 5.3% of benefit before turnover tax to be still a notable indicator for the year.
Other performance indicators
Suppliers and customers
The Directors seek to promote strong mutually beneficial relationships with suppliers, customers, the regulators and authorities.
Such general principles are critical in the delivery of the company's strategy and we will continue to develop our engagement with our partners and customers in the financial year 2025.
Communities
We are committed to creating sustainable, long-term opportunities in our communities.
Environment
A key objective to minimise our environmental footprint. The use of GGBFS and fly ash, such as that sold by MUK, as an addition that partially replaces cement, generates tangible environmental benefits. It reduces the use of non-renewable fuels and the emission of green house gases (CO2) in clinker kilns. It increases the useful life of limestone deposits and reduces electrical energy consumption for cement generation. Around 700kg of CO2 are no longer emitted for each ton of GGBFS or fly ash added.
MUK will continue to contribute with the sale of this type of slag to lower CO2 emissions.
Our engagement will continue to this end during the financial year 2025.
Julio Pelaez Gonzalez
Director
7 August 2025
MASAVEU UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company is the sale of fly ash and granulated slag to UK customers.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Fernando Masaveu Herrero
Julio Pelaez Gonzalez
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Julio Pelaez Gonzalez
Director
7 August 2025
MASAVEU UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MASAVEU UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MASAVEU UK LIMITED
- 4 -
Opinion
We have audited the financial statements of Masaveu UK Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MASAVEU UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MASAVEU UK LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
We enquired of management concerning the systems and controls the company has in place and the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud
The company did not inform us of any known, suspected or alleged fraud
We obtained an understanding of the legal and regulatory frameworks applicable to the company
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Performing a physical verification of key assets and stock items.
Documenting and verifying all significant related party [and consolidated] balances and transactions.
Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
MASAVEU UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MASAVEU UK LIMITED
- 6 -
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member for our audit work, for this report, or for the opinions we have formed.
Russell Nathan (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
7 August 2025
MASAVEU UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Year
13 month
ended
period ended
2024
2023
Notes
£
£
Turnover
3
12,343,958
22,261,912
Cost of sales
(11,762,352)
(20,722,701)
Gross profit
581,606
1,539,211
Administrative expenses
(37,326)
(23,497)
Other operating income
107,219
22,441
Operating profit
4
651,499
1,538,155
Interest payable and similar expenses
6
(1,691)
Profit before taxation
651,499
1,536,464
Tax on profit
7
(162,821)
(358,719)
Profit for the financial year
488,678
1,177,745
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MASAVEU UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
9,563
12,425
Current assets
Stocks
9
706,597
-
Debtors
10
227,380
2,324,212
Cash at bank and in hand
3,202,730
2,920,514
4,136,707
5,244,726
Creditors: amounts falling due within one year
11
(2,464,847)
(4,064,406)
Net current assets
1,671,860
1,180,320
Total assets less current liabilities
1,681,423
1,192,745
Capital and reserves
Called up share capital
12
15,000
15,000
Profit and loss reserves
1,666,423
1,177,745
Total equity
1,681,423
1,192,745
The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
Julio Pelaez Gonzalez
Director
Company Registration No. 14551293
MASAVEU UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 December 2022
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
1,177,745
1,177,745
Issue of share capital
12
15,000
-
15,000
Balance at 31 December 2023
15,000
1,177,745
1,192,745
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
488,678
488,678
Balance at 31 December 2024
15,000
1,666,423
1,681,423
MASAVEU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information
Masaveu UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
These financial statements have been prepared for the year ended 31 December 2024. The comparative period relates to a 13 month period from 20 December 2022 (date of incorporation) to 31 December 2023.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
20% straight line
MASAVEU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash and deposits at bank.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
MASAVEU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MASAVEU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no judgements or estimates included in the accounts.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
12,343,958
22,261,912
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,343,958
20,428,957
European Union
-
1,832,955
12,343,958
22,261,912
MASAVEU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(17,288)
(4,224)
Fees payable to the company's auditor for the audit of the company's financial statements
13,000
13,000
Amortisation of intangible assets
2,862
1,887
5
Employees
There were no employees during the period.
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
1,691
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
162,821
358,719
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
651,499
1,536,464
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.40%)
162,875
359,533
Tax effect of expenses that are not deductible in determining taxable profit
716
2,590
Adjustments in respect of prior years
(1,485)
Permanent capital allowances in excess of depreciation
(20,305)
Other non-reversing timing differences
715
16,901
Taxation charge for the year
162,821
358,719
MASAVEU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
8
Intangible fixed assets
Software
£
Cost
At 1 January 2024 and 31 December 2024
14,312
Amortisation and impairment
At 1 January 2024
1,887
Amortisation charged for the year
2,862
At 31 December 2024
4,749
Carrying amount
At 31 December 2024
9,563
At 31 December 2023
12,425
9
Stocks
2024
2023
£
£
Raw materials and consumables
706,597
-
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
220,647
2,324,212
Corporation tax recoverable
5,983
Prepayments and accrued income
750
227,380
2,324,212
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,141
209,913
Amounts owed to group undertakings
1,743,995
2,571,838
Corporation tax
358,719
Other taxation and social security
662,811
919,036
Accruals and deferred income
17,900
4,900
2,464,847
4,064,406
MASAVEU UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,000
15,000
15,000
15,000
13
Ultimate controlling party
The immediate parent company is Masaveu Industria, S.L., a company incorporated in Spain with a registered office of Cimadevilla, 8 – 33003 Oviedo (Asturias), Spain
The ultimate parent company is Corporación Masaveu, S.A., a company incorporated in Spain. The company's financials are included within the consolidated accounts of Corporación Masaveu, S.A. whose registered office is Cimadevilla, 8 – 33003 Oviedo (Asturias), Spain.
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310Fernando Masaveu HerreroJulio Pelaez Gonzalez0145512932024-01-012024-12-3114551293bus:Director12024-01-012024-12-3114551293bus:Director22024-01-012024-12-3114551293bus:RegisteredOffice2024-01-012024-12-31145512932024-12-31145512932022-12-202023-12-3114551293core:RetainedEarningsAccumulatedLosses2022-12-202023-12-3114551293core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3114551293core:OtherResidualIntangibleAssets2024-12-3114551293core:OtherResidualIntangibleAssets2023-12-3114551293core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-12-3114551293core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-31145512932023-12-3114551293core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3114551293core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3114551293core:CurrentFinancialInstruments2024-12-3114551293core:CurrentFinancialInstruments2023-12-3114551293core:ShareCapital2024-12-3114551293core:ShareCapital2023-12-3114551293core:RetainedEarningsAccumulatedLosses2024-12-3114551293core:RetainedEarningsAccumulatedLosses2023-12-3114551293core:ShareCapital2022-12-1914551293core:RetainedEarningsAccumulatedLosses2022-12-19145512932022-12-1914551293core:ShareCapital2022-12-202023-12-3114551293core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3114551293core:ComputerSoftware2024-01-012024-12-3114551293core:UKTax2024-01-012024-12-3114551293core:UKTax2022-12-202023-12-3114551293core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3114551293core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-3114551293bus:PrivateLimitedCompanyLtd2024-01-012024-12-3114551293bus:FRS1022024-01-012024-12-3114551293bus:Audited2024-01-012024-12-3114551293bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP