| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ABBEY MASTERBATCH LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ABBEY MASTERBATCH LIMITED |
| ABBEY MASTERBATCH LIMITED (REGISTERED NUMBER: 01793834) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ABBEY MASTERBATCH LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 17 George Street |
| St Helens |
| Merseyside |
| WA10 1DB |
| ABBEY MASTERBATCH LIMITED (REGISTERED NUMBER: 01793834) |
| ABRIDGED BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 6 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Freehold property revaluation reserve | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ABBEY MASTERBATCH LIMITED (REGISTERED NUMBER: 01793834) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Abbey Masterbatch Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company, ATL Industries Limited or other wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
| Valuation of freehold property |
| As described in note 4 to the financial statements, freehold property is stated at deemed cost on transition to FRS102 based on a valuation performed by an independent professional valuer with experience in the location and category of property valued. The valuer used an open market basis for the valuation. |
| Useful economic lives of tangible fixed assets |
| The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives of the assets. These are amended when necessary to reflect current estimates based on technological advancement, future investment, economic utilisation and the physical condition of the assets. See note 4 for the carrying amount of the tangible fixed assets and the accounting policies for the depreciation rates for each class of assets. |
| Provisions for future repairs |
| The company makes provision for the significant overhaul of plant and machinery as a result of past usage together with provision for major works in respect of it's freehold property. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
| ABBEY MASTERBATCH LIMITED (REGISTERED NUMBER: 01793834) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets (except freehold land) at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Freehold property | - | 2% straight line |
| Plant and machinery | - | 15% straight line |
| Office equipment | - | 15% straight line |
| Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct production costs, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in-first-out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
| Related parties |
| For the purposes of these financial statements, a party is considered to be related to the company if: |
| 1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company; |
| 2. the company and the party are subject to common control; |
| 3. the party is an associate of the company or a joint venture in which the company is a venturer; |
| 4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
| 5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or |
| 6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
| Foreign currencies |
| Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. |
| Research and development |
| Research and development expenditure is written off as incurred. |
| ABBEY MASTERBATCH LIMITED (REGISTERED NUMBER: 01793834) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid for that service. |
| The company operates a defined contribution plan for the benefit of its directors and employees. Contributions are expensed as they become payable. |
| Leased assets |
| Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases. |
| Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss. Contingent rentals are recognised as expenses in the periods in which they are incurred. |
| Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. |
| In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
| Debtors and creditors receivable/ payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The freehold property is included at deemed cost to reflect its valuation on transition to FRS102. |
| The historical cost of the freehold property at 31 December 2024 amounts to £567,061 (2023 - £567,061) and the accumulated depreciation thereon amounts to £99,265 (2023 - £88,446). |
| The historical cost of the freehold property includes land with a value of £26,145 (2023 - £26,145) on which no depreciation charge is made. |
| ABBEY MASTERBATCH LIMITED (REGISTERED NUMBER: 01793834) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| The company leases one of the buildings from which it operates, from The Shirt Family Pension Fund, at an amount of £35,000 per annum until 31 December 2035. |
| 6. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 71,756 | 93,821 |
| On revalued property | 94,205 | 101,081 |
| 165,961 | 194,902 |
| Other provisions |
| Repairs provision | 131,725 | 121,750 |
| Aggregate amounts | 297,686 | 316,652 |
| Deferred | Repairs |
| tax | provision |
| £ | £ |
| Balance at 1 January 2024 |
| Movement in the year | (28,941 | ) | 9,975 |
| Balance at 31 December 2024 |
| 7. | OTHER RESERVES |
| Freehold |
| property |
| revaluation |
| reserve |
| £ |
| At 1 January 2024 |
| Transfer for depreciation charged on revalued assets |
(16,688 |
) |
| Deferred tax movement on revalued property | 6,876 |
| At 31 December 2024 |
| 8. | RELATED PARTY DISCLOSURES |
| During the year the company has purchased goods amounting to £227,300 (2023 - £343,200) from Abbey Vietnam Limited, a joint venture in which the company's parent, ATL Industries Limited has an interest. Normal commercial terms applied. |
| Also during the year, the company has paid rent amounting to £35,000 (2023 - £35,000) to The Shirt Family Pension Fund, a fund in which the directors Mr M A Shirt and Mr R J Shirt are beneficiaries. Normal commercial terms applied. |
| ABBEY MASTERBATCH LIMITED (REGISTERED NUMBER: 01793834) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | ULTIMATE PARENT COMPANY |
| The ultimate parent company is ATL Industries Limited, a company registered in England and Wales. The registered office of ATL Industries Limited is Whitelands Mill, Whitelands Road, Ashton Under Lyne, Lancashire, England, OL6 6UG. |