Company registration number 03594781 (England and Wales)
USHA MARTIN UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
USHA MARTIN UK LIMITED
COMPANY INFORMATION
Directors
Mr R Jhawar
Mr D B Gartner
Mr S Ravi
Mr T Gangopadhyay
Mr D Parihar
(Appointed 1 November 2024)
Mr A Paul
(Appointed 1 May 2024)
Company number
03594781
Registered office
Sandy Lane
Worksop
Nottinghamshire
United Kingdom
S80 3ES
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
USHA MARTIN UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
USHA MARTIN UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The directors present the strategic report for the year ended 31 March 2025.
Review of Business
The operating results and financial position of the company for the year can be seen in the annexed financial statements.
The Directors manage the company's operations on a unified basis with Usha Martin International Limited, its parent company. For this reason, the Directors believe that analysis using key performance indicators for the company is not necessary or appropriate for an understanding of the development, performance or position of the company. Further information regarding the development, performance and position of the business, in the context of Usha Martin International Limited Group as a whole, is provided within its Report of the Directors, which does not form part of this report.
Over the last weeks our Senior Management Team further worked and concluded upon the new business model. This model will allow a promising outlook for BSUK over time, but will also unfortunately affect the production activity level within our company.
For our range of ELSTAR elevator ropes, CRANEMAX/HARBOURMAX crane wire ropes, MINEMAX mining ropes, TRAWLMASTER fishing wire ropes and our full range of specialty wire ropes, including grapnel, these will be mainly outsourced to the other Usha Martin factories in the group. This means that this product range will be predominantly produced as finished product by our sister companies. Order processing will remain within BSUK, but actual production and shipments will be handled by the sister companies.
Principal risks and uncertainties
From the perspective of the company, the principal risks and uncertainties are integrated with the principal risks and uncertainties of Usha Martin International Limited Group and are not managed separately. Accordingly, the principal risks and uncertainties of the group, which include those of the company, are discussed within the group's Report of the Directors, which does not form part of this report.
Considering the current macro economic situation, the company is exposed to the following risks:
High volatility of Raw Material & Transport cost amid global turmoil in the political situation
Inflation impacting demand and general economic activity
Supply Chain risk i.e. The continued supply of materials for production of wire rope and related products.
In order to mitigate this risk, necessary action is being taken to improve the overall supply chain with focus on leveraging Group capabilities. Indications are that the market will continue like this for the foreseeable future.
Employees training and development
We have consistently sought to recruit and retain the best employees in our market place. Members of the management team regularly visit divisions and discuss matters of current interest and concern to the business with members of staff.
The company is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind.
Research and development
Directors are expecting to continue their focus on developing more value added products to expand the product range offered to customers.
We continue to invest in the design and implementation of new technology in order to continuously improve our production systems and techniques. The directors regard this investment as essential to the continuing success of the company
USHA MARTIN UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Financial instruments
Our financial risk management objectives are to ensure sufficient working capital for the company. This is achieved through careful management of our cash resources, and by obtaining overdraft and loan finance where necessary. Other than this, the use of financial instruments is not material for the assessment of the assets, liabilities, financial position and profit of the company.
Future developments
The Directors are confident that despite the prevailing difficult sector conditions & geopolitical turmoil the company will maintain and grow its market share and aims to remain profitable. Wherever necessary, the company will consider capital expenditure to enhance operating performance. The strength of our parent company, as well as our close and transparent customer and supplier relationships, puts the company in a strong position to continue to grow and move forward.
Directors’ Duties
The Directors of the Company, as those of all UK companies, must act in accordance with a set of general rules.
These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
The likely consequences of any decisions in the long-term;
The interests of the company’s employees;
The need to foster the company’s business relationships with suppliers, customers and others;
The impact of the company’s operations on the community and environment;
The desirability of the company maintaining a reputation for high standards of business conduct; and
The need to act fairly as between shareholders of the Company.’
The company seeks to ensure that it operates on an ethical and fair basis in a manner that helps foster agreeable relationships with is customers, suppliers and the wider business community. The company considers and takes steps where possible to mitigate and reduce the impact of adverse factors that may place unacceptable strain on valued business relationships. Aligned with this the company strives to set sector leading standards and achieve a reputation for a high degree of professional business conduct starting with employees through to suppliers, customer, shareholders and the wider community both locally and beyond.
Likewise, the company has policies in place to remove or minimise any possible adverse impact of the company’s operations on the wider community and environment. The company commits to adhere to and where possible go beyond all relevant legislation that seeks to protect the community and environment.
Mr D B Gartner
Director
16 May 2025
USHA MARTIN UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company continued to be that of manufacturing and trading in steel wire rope and wire products and related value-added services. The company is a wholly owned subsidiary of Usha Martin International Limited, a company incorporated in the UK.
Results and dividends
The results for the year are set out on page 8.
There were no dividends paid in the year. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R Jhawar
Mr D B Gartner
Mr A Sanyal
(Resigned 30 April 2024)
Mr S Ravi
Mr T Gangopadhyay
Mr S Saha
(Resigned 31 October 2024)
Mr D Parihar
(Appointed 1 November 2024)
Mr A Paul
(Appointed 1 May 2024)
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
This report is included in the directors report of the holding company, Usha Martin International Limited.
Statement of directors' responsibilities
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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
USHA MARTIN UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
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
Mr D B Gartner
Director
16 May 2025
USHA MARTIN UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF USHA MARTIN UK LIMITED
- 5 -
Opinion
We have audited the financial statements of Usha Martin UK Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, 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 Financial Reporting Standard 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 March 2025 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.
USHA MARTIN UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF USHA MARTIN UK LIMITED
- 6 -
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 or the directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' 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.
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.
USHA MARTIN UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF USHA MARTIN UK LIMITED
- 7 -
Extent to which the audit was considered capable of detecting 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's members, as a body, 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 members 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Sally Cheeney
Senior Statutory Auditor
For and on behalf of Azets Audit Services
19 May 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
USHA MARTIN UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£'000
Turnover
3
59,338,262
55,118,054
Cost of sales
(48,634,394)
(40,748,794)
Gross profit
10,703,868
14,369,260
Administrative expenses
(10,307,561)
(9,140,038)
Other operating income
80,661
7,684
Operating profit
5
476,968
5,236,906
Interest receivable and similar income
7
6,300
16,299
Interest payable and similar expenses
8
(49,817)
(32,604)
Profit before taxation
433,451
5,220,601
Tax on profit
9
(162,946)
(1,219,725)
Profit for the financial year
270,505
4,000,876
USHA MARTIN UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
£
£'000
Profit for the year
270,505
4,000,876
Other comprehensive income
-
-
Total comprehensive income for the year
270,505
4,000,876
USHA MARTIN UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£'000
£'000
Fixed assets
Tangible assets
11
22,917,141
19,125,096
Current assets
Stocks
12
15,243,512
17,095,177
Debtors
13
13,548,556
16,929,784
Cash at bank and in hand
2,611,744
1,687,504
31,403,812
35,712,465
Creditors: amounts falling due within one year
14
(15,074,893)
(16,527,768)
Net current assets
16,328,919
19,184,697
Total assets less current liabilities
39,246,060
38,309,793
Provisions for liabilities
Deferred tax liability
16
2,393,848
1,728,382
(2,393,848)
(1,728,382)
Government grants
17
(153,636)
(153,320)
Net assets
36,698,576
36,428,091
Capital and reserves
Called up share capital
19
3,850,000
3,850,000
Profit and loss reserves
20
32,848,576
32,578,091
Total equity
36,698,576
36,428,091
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
Mr D B Gartner
Director
Company Registration No. 03594781
USHA MARTIN UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
3,850,000
29,847,715
33,697,715
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
4,000,876
4,000,876
Dividends
10
-
(1,270,500)
(1,270,500)
Balance at 31 March 2024
3,850,000
32,578,091
36,428,091
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
270,505
270,505
Balance at 31 March 2025
3,850,000
32,848,576
36,698,576
Closing PY differs from opening CY
-
(20)
(20)
Difference - opening bal of PY less adjusted closing bal of PPY
-
312
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information
Usha Martin UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sandy Lane, Worksop, Nottinghamshire, United Kingdom, S80 3ES.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
The financial statements of the company are consolidated in the financial statements of Usha Martin International Limited. These consolidated financial statements are available from its registered office, Sandy Lane, Worksop, Nottinghamshire, S80 3ES.
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.
The company has considered its stock levels, including goods in transit, along with future sources both from group and third-party suppliers and are satisfied that these will allow adequate supply of goods as required.
The current and future financial position of the company, its cash flows and liquidity position have been reviewed by the directors. The company has funds available of £2.6m at 31st March 2025 with further finance facilities available. The directors are confident that the existing funding facilities will provide sufficient headroom to meet the forecast cash requirements having considered any additional requirements that would be contingent on a downturn in activity over the same period. The company's continued growth and long-term forecast outlook has provided further assurance to the directors regarding its financial position.
As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.3
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.
Revenue from the rendering of services is recognised by reference to the completion of the service and when costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Land and buildings
2% on cost
Plant and equipment
5% - 33% on cost
Fixtures and fittings
20% on cost
Electronic equipment
25% & 33% on cost
Motor vehicles
20% & 25% on cost
Improvements to property
20% & 33% on cost
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 profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
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.
1.6
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.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
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, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
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.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Government grants based on capital expenditure are credited to the profit and loss account over the estimated useful life of the assets funded. Government grants of a revenue nature are credited to the profit and loss account in the same period as the related expenditure.
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.15
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.
1.16
Research expenditure is written off against profits in the year in which it is incurred, except that the development expenditure incurred on an individual project is carried forward when its future recoverability can be reasonably regarded as assured. Any expenditure carried forward is amortised in line with expected future sales from the related project.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stock and bad debt provisions
Stocks are valued at the lower of cost and selling price less costs to complete and sell. This includes, where necessary, provisions for slow moving stocks. Calculations of these provisions requires judgements to be made, including the competitive and economic environment and market trends.
Calculations made in respect of provisions for doubtful debts requires judgement. This judgement is based on customer base and the economic environment.
3
Turnover and other revenue
The turnover and profit before tax are attributable to the manufacture, sales and services relating to wire rope and associated products.
In the opinion of the directors it would be prejudicial to the interests of the group and the company to provide an analysis of turnover by geographical market.
2025
2024
£
£
Other revenue
Interest income
6,300
16,299
Grants received
7,684
7,684
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
74,580
74,581
For other services
Audit-related assurance services
24
20
Taxation compliance services
7
11
31
31
Fees payable to the auditors for audit and non-audit services are incurred by the immediate parent company, Usha Martin International Limited.
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
221
36
Government grants
(8)
(8)
Depreciation of owned tangible fixed assets
1,145
1,193
Profit on disposal of tangible fixed assets
(2)
(1)
Operating lease charges
217
132
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Production
118
114
Administration, sales and distribution
59
63
Directors
6
6
Total
183
183
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
7,851,906
6,292,812
Social security costs
797,408
653,516
Pension costs
231,995
225,682
8,881,309
7,172,010
Redundancy payments made or committed
297,292
-
Termination benefits of £297k have been committed to at the year end. These are in respect of redundancies at the Brunton Shaw UK Limited division.
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
6,300
16,299
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
49,817
32,604
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,218,505
Adjustments in respect of prior periods
(33,391)
1
Total current tax
(33,391)
1,219,725
Deferred tax
Origination and reversal of timing differences
196,337
Total tax charge
162,946
1,219,725
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 20 -
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:
2025
2024
£
£
Profit before taxation
433,451
5,220,601
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
108,363
1,305,150
Tax effect of expenses that are not deductible in determining taxable profit
57
6
Tax effect of income not taxable in determining taxable profit
(16)
Adjustments in respect of prior years
(35)
1
Group relief
(121)
Depreciation on assets not qualifying for tax allowances
56
57
Deferred tax adjustments in respect of prior years
(8)
(28)
Taxation charge for the year
108,417
1,305,065
Taxation charge in the financial statements
162,946
1,219,725
Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.
(54,529)
85,340
10
Dividends
2025
2024
£
£
Final paid
1,270,500
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
11
Tangible fixed assets
Land and buildings
Plant and equipment
Fixtures and fittings
Electronic equipment
Motor vehicles
Improvements to property
Total
£
£
£
£
£
£
£
Cost
At 1 April 2024
10,997,125
21,024,437
146,471
608,772
388,750
221,444
33,386,999
Additions
4,839,476
94,223
41,246
4,974,945
Disposals
(60,458)
(61,142)
(121,600)
At 31 March 2025
10,997,125
25,803,455
146,471
702,995
327,608
262,690
38,240,344
Depreciation and impairment
At 1 April 2024
2,603,831
10,533,936
6,000
549,484
384,624
184,029
14,261,904
Depreciation charged in the year
228,855
835,852
28,094
38,184
1,291
13,108
1,145,384
Eliminated in respect of disposals
(22,943)
(61,142)
(84,085)
At 31 March 2025
2,832,686
11,346,845
34,094
587,668
324,773
197,137
15,323,203
Carrying amount
At 31 March 2025
8,164,439
14,456,610
112,377
115,327
2,835
65,553
22,917,141
At 31 March 2024
8,393,294
10,490,502
140,471
59,288
4,126
37,415
19,125,096
Last year c/fwd cost
10,997,125
21,023,438
146,471
608,772
388,750
221,444
Differs from this year b/fwd by
-
999
-
-
-
-
Last year c/fwd depreciation
2,603,831
10,532,936
6,000
549,484
384,624
184,029
Differs from this year b/fwd by
-
1,000
-
-
-
-
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Tangible fixed assets
(Continued)
- 22 -
During the year £203,000 (2024 - £ Nil) of interest costs directly attributable to the financing of the ocean fibre project were capitalised at the weighted average cost of the related borrowings. The total capitalised interest at 31 March 2025 was £203,000- (2024 - £Nil).
Included with Land & Buildings is £780,000 (2024: £780,000) of property held under long leasehold.
At the year end there were capital works in progress of £1,015,000 (2024: £2,373,000) of which no depreciation was charged in the period.
12
Stocks
2025
2024
£
£
Raw materials and consumables
3,394,396
3,701,984
Work in progress
1,000,262
1,403,546
Finished goods and goods for resale
10,848,854
11,989,647
15,243,512
17,095,177
Included within finished goods and goods for resale is goods-in-transit totalling £2,661,000 (2024 - £4,088,000).
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
10,307,414
12,097,059
Corporation tax recoverable
479,602
Amounts owed by group undertakings
1,888,960
4,300,311
Prepayments and accrued income
403,451
532,414
13,079,427
16,929,784
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 16)
469,129
Total debtors
13,548,556
16,929,784
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
15
773,522
Trade creditors
4,403,866
4,323,982
Amounts owed to group undertakings
8,570,029
9,696,640
Corporation tax
538,629
Other taxation and social security
395,842
314,742
Accruals and deferred income
1,705,156
880,253
15,074,893
16,527,768
A bonds, guarantees, indemnities and standby LC's facility of £1.5m (2024: £0.675m) has been secured against the property at Kirkhill Industrial Estate, Dyce and the property at Sandy Lane, Worksop.
15
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
773,522
Payable within one year
773,522
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
2,378
1,712
-
-
Tax losses
-
-
469
-
Revaluations
16
16
-
-
2,394
1,728
469
-
Statutory database figures differ from the trial balance:
Deferred tax balances
2,393,848
1,728,382
469,129
-
Difference
(2,391,454)
(1,726,654)
(468,660)
-
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Deferred taxation
(Continued)
- 24 -
2025
Movements in the year:
£
Liability at 1 April 2024
1,728,382
Charge to profit or loss
197
Liability at 31 March 2025
1,728,579
Balance per TB
1,924,719
Warning - Difference exists; check stat db entries
196,140
17
Government grants
2025
2024
£
£
Arising from government grants
153,636
153,320
The value of the government grant deferred as at 31 March 2025 is £154,000 (2024 - £161,000). Amounts due within one year are £8,000 with £146,000 due after one year.
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
231,995
225,682
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3,850,000
3,850,000
3,850,000
3,850,000
All shares rank pari passu and have equal rights to dividends and share of any distribution of assets.
20
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
32,578,091
29,847,715
Profit for the year
270,505
4,000,876
Dividends declared and paid in the year
-
(1,270,500)
At the end of the year
32,848,596
32,578,091
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Profit and loss reserves
(Continued)
- 25 -
Included within total retained earnings above are non-distributable reserves of £529,000 (2024: £529,000).
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2025
2024
£
£
Within one year
249
108
Between two and five years
883
434
In over five years
5,670
5,772
6,802
6,314
22
Financial commitments, guarantees and contingent liabilities
At 31 March 2025, there were open bank guarantees held by Barclays Commercial Bank amounting to £525,481 (2024: £647,000) in respect of performance bonds and other obligations. The total amount of bank guarantees available for use at 31 March 2025 were £1,500,000.
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2025
2024
£
£
Acquisition of tangible fixed assets
1,331
-
Capital committments at 31st March 2025 represent the work committed to be undertaken for site redevelopment work.
24
Related party transactions
The company has taken advantage of the exemption, under the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
25
Events after the reporting date
Over the last weeks our Senior Management Team further worked and concluded upon the new business model. This model will allow a promising outlook for BSUK over time, but will also unfortunately affect the production activity level within our company.
For our range of ELSTAR elevator ropes, CRANEMAX/HARBOURMAX crane wire ropes, MINEMAX mining ropes, TRAWLMASTER fishing wire ropes and our full range of specialty wire ropes, including grapnel, these will be mainly outsourced to the other Usha Martin factories in the group. This means that this product range will be predominantly produced as finished product by our sister companies. Order processing will remain within BSUK, but actual production and shipments will be handled by the sister companies.
USHA MARTIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
26
Ultimate controlling party
The company's immediate parent company is Usha Martin International Limited, a company incorporated in Great Britain and registered in England & Wales.
Usha Martin Limited, a company incorporated in India, is the ultimate parent undertaking. Copies of the accounts of the ultimate parent undertaking may be obtained by writing to the Company Secretary at Usha Martin Limited, 2A, Shakespeare Sarani, Kolkata 700 071, India.
27
Financial risk management
The company has exposures to three main areas of risk - foreign exchange currency exposure, liquidity risk and interest rate risk.
Foreign exchange transactional currency exposure
The company is exposed to currency exchange rate risk due to a significant proportion of its receivables, payables and operating expenses being denominated in non-Sterling currencies. The net exposure of each currency is monitored and managed by the use of forward foreign exchange contracts or overdraft facility. The forward foreign exchange contracts all mature within 12 months.
Liquidity risk
The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations, the company has credit facilities available. The company has bank borrowings of £Nil at 31 March 2025 however, it is in a position to meet its commitments and obligations as they fall due.
Interest rate risk
The company borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.
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