Company No: SC200525 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	232,187		256,307
Investments	4	0		2
		232,187		256,309
Current assets
Stocks		112,395		120,027
Debtors	5	901,864		940,179
Cash at bank and in hand		37,585		60,002
		1,051,844		1,120,208
Creditors: amounts falling due within one year	6	( 191,997)		( 234,600)
Net current assets		859,847		885,608
Total assets less current liabilities		1,092,034		1,141,917
Creditors: amounts falling due after more than one year	7	( 4,962)		( 15,049)
Provision for liabilities	8	( 15,612)		( 23,949)
Net assets		1,071,460		1,102,919
Capital and reserves
Called-up share capital	9	2,500		2,500
Capital redemption reserve		2,500		2,500
Profit and loss account		1,066,460		1,097,919
Total shareholders' funds		1,071,460		1,102,919

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Asbestos Specialists (UK) Ltd (registered number: SC200525) were approved and authorised for issue by the Director on 24 September 2025. They were signed on its behalf by:

Mr Barry Scott Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Asbestos Specialists (UK) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 36 Moycroft Road, Moycroft Industrial Estate, Elgin, IV30 1XE, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received for asbestos and retail services provided in the normal course of business, and is shown net of VAT.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 - 25 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

Trade and other debtors

Trade and other debtors are recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	8		11

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 February 2024	180,296		239,696		247,482		37,917		705,391
Additions	0		0		18,000		743		18,743
Disposals	0		0		( 42,995)		( 572)		( 43,567)
At 31 January 2025	180,296		239,696		222,487		38,088		680,567
Accumulated depreciation
At 01 February 2024	37,125		181,302		198,701		31,956		449,084
Charge for the financial year	3,606		8,759		12,755		1,480		26,600
Disposals	0		0		( 26,825)		( 479)		( 27,304)
At 31 January 2025	40,731		190,061		184,631		32,957		448,380
Net book value
At 31 January 2025	139,565		49,635		37,856		5,131		232,187
At 31 January 2024	143,171		58,394		48,781		5,961		256,307

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 February 2024	2
At 31 January 2025	2
Provisions for impairment
At 01 February 2024	0
Impairment	2
At 31 January 2025	2
Carrying value at 31 January 2025	0
Carrying value at 31 January 2024	2

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.01.2025	Ownership 31.01.2024	Held
GTC Chemical Services Limited	36 Moycroft Road, Moycroft Industrial Estate, Elgin, Scotland, IV30 1XE	Dormant	Ordinary	100.00%	100.00%	Direct

5. Debtors

	2025		2024
	£		£
Trade debtors	67,116		48,700
Amounts owed by related parties	765,094		859,959
Other debtors	69,654		31,520
	901,864		940,179

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,648		10,648
Trade creditors	48,533		50,790
Amounts owed to related parties	104,870		105,500
Taxation and social security	17,303		51,450
Obligations under finance leases and hire purchase contracts	0		7,884
Other creditors	10,643		8,328
	191,997		234,600

Bank loans are secured over the company's assets by way of fixed and floating charges. Amounts in respect of finance lease are secured over the asset they relate to.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	4,962		15,049

Bank loans are secured over the company's assets by way of fixed and floating charges. Amounts in respect of finance lease are secured over the asset they relate to.

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	15,612		23,949

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
2,500 Ordinary shares of £ 1.00 each	2,500		2,500

10. Related party transactions

Transactions with the entity's director

Advances

During the year £55,102 was advanced to Key Management Personnel and £17,142 was repaid (at an interest rate of 2.25%). As at 31 January 2025 the balance due to the company was £38,200.

Other related party transactions

	2025		2024
	£		£
Amounts due to other related parties	104,870		105,500
Amounts due from other related parties	765,094		859,959

The balances are interest free and have no fixed terms of repayment.