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Registered number: 00903298 MASTER ABRASIVES LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
MASTER ABRASIVES LTD REGISTERED NUMBER: 00903298 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 232,164 |  | 177,785
Investments | 6 |  | 6,000 |  | 6,000
|  |  | 238,164 |  | 183,785
Current assets |  |  |  |  |
Stocks | 7 | 1,388,265 |  | 1,398,443 |
Debtors: amounts falling due within one year | 8 | 1,645,704 |  | 1,738,330 |
Cash at bank and in hand | 9 | 70,239 |  | 145,712 |
|  | 3,104,208 |  | 3,282,485 |
Creditors: amounts falling due within one year | 10 | (1,724,577) |  | (1,735,958) |
Net current assets |  |  | 1,379,631 |  | 1,546,527
Total assets less current liabilities |  |  | 1,617,795 |  | 1,730,312
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (53,118) |  | (39,197) |
|  |  | (53,118) |  | (39,197)
Net assets |  |  | 1,564,677 |  | 1,691,115
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 50,000 |  | 50,000
Profit and loss account |  |  | 1,514,677 |  | 1,641,115
|  |  | 1,564,677 |  | 1,691,115
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MASTER ABRASIVES LTD REGISTERED NUMBER: 00903298 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ A G Miller | ................................................ P J Batson
Director | Director
Date: 5 August 2025 |
The notes on pages 3 to 11 form part of these financial statements. Page 2
MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Master Abrasives Ltd is a private company limited by shares, domiciled in England and Wales, registered number 00903298. The registered office and principal place of business is High March, Long March Industrial Estate, Daventry, Northamptonshire, NN11 4PG. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future trading profits and the impact of subsequent events in making their assessment. The directors continue to prepare forecasts for future trading profits considering the potential impact on the business of possible future scenarios. This analysis also considers the required investment, and effectiveness of available measures as the company returns to pre-covid turnover and profit levels. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 3
MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 5
MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10% per annum
|  |  |  | Motor vehicles | - | 25% per annum
|  |  |  | Office equipment | - | 10 - 25% per annum
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Associates and joint ventures
Associates and joint ventures are held at cost less impairment.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 6
MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 28 (2023 - 29).
4. | Exceptional items
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Write off of intercompany loan | 119,570 | -
|  | 119,570 | -
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MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2024 | 416,719 | 16,621 | 364,250 | 797,590
| Additions | 72,728 | 10,099 | 25,647 | 108,474
| Disposals | (35,821) | (16,621) | - | (52,442)
| At 31 December 2024 | 453,626 | 10,099 | 389,897 | 853,622
| Depreciation |  |  |  |
| At 1 January 2024 | 268,876 | 16,621 | 334,308 | 619,805
| Charge for the year on owned assets | 23,457 | 1,683 | 12,165 | 37,305
| Disposals | (19,031) | (16,621) | - | (35,652)
| At 31 December 2024 | 273,302 | 1,683 | 346,473 | 621,458
| Net book value |  |  |  |
| At 31 December 2024 | 180,324 | 8,416 | 43,424 | 232,164
| At 31 December 2023 | 147,843 | - | 29,942 | 177,785
6. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost or valuation |
| At 1 January 2024 | 6,000
| At 31 December 2024 | 6,000
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MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | 152,860 | 115,122
| Finished goods and goods for resale | 1,235,405 | 1,283,321
|  | 1,388,265 | 1,398,443
| Included in finished goods are consignment stocks of £218,933 (2023 - £210,054). This stock remains the property of Master Abrasives Ltd until it is sold, at which point the title transfers to the customer, who assumes responsibility for the items sold.
8. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,072,400 | 1,146,508
| Amounts owed by group undertakings | 401,445 | 495,242
| Other debtors | 86,743 | 50,421
| Prepayments and accrued income | 85,116 | 46,159
|  | 1,645,704 | 1,738,330
9. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 70,239 | 145,712
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MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 792,682 | 860,541
| Corporation tax | 7,112 | 24,204
| Other taxation and social security | 92,997 | 85,543
| Other creditors | 666,869 | 699,719
| Accruals and deferred income | 164,917 | 65,951
|  | 1,724,577 | 1,735,958
| Secured loans Included within other creditors is an amount of £666,869 (2023 - £669,719) secured by a fixed and floating charge over the assets of the company.
11. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 39,197
| Charged to profit or loss | 13,921
| At end of year | 53,118
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 53,118 | 39,197
12. | Capital commitments
| At 31 December 2024 the Company had capital commitments as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | - | 47,518
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MASTER ABRASIVES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Related party transactions
| The Company has taken advantage of the exemption available under FRS 102 not to disclose transactions with wholly owned group members. The Company made sales of £134,599 (2023 - £209,499) in the year to an associate, and is owed £1,611 (2023 - £7,946) as at 31 December 2024 from an associate. The Company made sales of £31,256 (2023 - £0) in the year to a 97% subsidiary, and is owed £20,042 (2023- £0) as at 31 December 2024 from a 97% subsidiary. The Company made purchases of £10,193 (2023 -£0) in the year from a 97% subsidiary, and owes £0 (2023 - £0) as at 31 December 2024 to a 97% subsidiary. Included in debtors is a loan of £119,570 (2023 - £112,928) due from a 97% subsidiary. The loan is unsecured, interest free and due on demand. A provision of £119,570 (2023: £0) has been made against this loan.
14. | Controlling party
The Company is a wholly owned subsidiary of SCL Abrasive Holdings Limited, a company incorporated in England and Wales. The ultimate controlling parties are the directors due to their controlling interest in SCL Abrasive Holdings Limited.
15. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 12 September 2025 by Richard Powell BA FCA (Senior Statutory Auditor) on behalf of MHA. MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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