Registration number: 02874855

Abrasive Technology Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 11

Abrasive Technology Ltd

Company Information

Directors

Clement David Wiekrykas James Allen Barnhart

Registered office

Blackmarsh Road Mochdre Business Park Colwyn Bay Conwy LL28 5HA

Auditors

Aston Hughes Limited Selby Towers 29 Princes Drive Colwyn Bay Conwy LL29 8PE

Abrasive Technology Ltd

(Registration number: 02874855)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	600,807	90,760
Tangible assets	5	820,776	623,822
		1,421,583	714,582
Current assets
Stocks	6	253,763	289,053
Debtors	7	4,880,106	5,059,053
Cash at bank and in hand		1,306,178	1,139,062
		6,440,047	6,487,168
Creditors: Amounts falling due within one year	8	(401,050)	(427,391)
Net current assets		6,038,997	6,059,777
Total assets less current liabilities		7,460,580	6,774,359
Creditors: Amounts falling due after more than one year	8	(11,125)	(22,250)
Provisions for liabilities		(278,417)	-
Net assets		7,171,038	6,752,109
Capital and reserves
Called up share capital	10	1,836,282	1,836,282
Retained earnings		5,334,756	4,915,827
Shareholders' funds		7,171,038	6,752,109

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2025 and signed on its behalf by:
 

......................................... James Allen Barnhart Director

Abrasive Technology Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Blackmarsh Road
Mochdre Business Park
Colwyn Bay
Conwy
LL28 5HA

These financial statements were authorised for issue by the Board on 24 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure requirements:

- Section 33 'Related Party Disclosures' - the disclosure exemptions from paragraph 33.1A from disclosing transactions entered into between two or more members of a group.

Going concern

The Company meets its day to day working capital requirements through capital and cash at bank and in hand.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Abrasive Technology Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 24 September 2025 was Gareth Lowe BSc ACA, who signed for and on behalf of Aston Hughes Limited.

.........................................

Judgements

Recognition of deferred tax - The company has brought forward corporation tax losses, historically these have not been recognised, however, the company has returned to profitability and now expects that pre 2017 losses will be fully recovered over a period of time.

Key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following estimates:

Key source of estimation uncertainty - stock valuation
Stock items may include an element of wastage incorporated into the cost. This is an estimate based off of stocktakes performed to confirm the amount of stock that is actually utilised in the production process for manufactured items.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Abrasive Technology Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	2-5% straight line
Leasehold property	Over the term of the lease
Plant and machinery	10% straight line
Fixtures and fittings	20% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Other intangible assets	10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Abrasive Technology Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2023 - 42).

Abrasive Technology Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024	90,760	90,760
Additions acquired separately	510,047	510,047
At 31 December 2024	600,807	600,807
Amortisation
Carrying amount
At 31 December 2024	600,807	600,807
At 31 December 2023	90,760	90,760

Individually material intangible assets

ERP system The carrying amount of this asset is £600,807 (2023 -£90,760) and the remaining amortisation period is 10 years from the date of implementation (2023 - 10 years from the date of implementation). The intangible asset relates to the costs associated with implementing a new ERP system. The ERP system was implemented by the company after the balance sheet date, therefore no amortisation charge has been recognised in the year to 31 December 2024.

Abrasive Technology Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	1,780,959	722,582	2,899,784	5,403,325
Additions	56,978	60,087	242,931	359,996
Disposals	(346,559)	(704,000)	(1,775,949)	(2,826,508)
At 31 December 2024	1,491,378	78,669	1,366,766	2,936,813
Depreciation
At 1 January 2024	1,499,775	705,881	2,573,847	4,779,503
Charge for the year	35,800	4,780	122,462	163,042
Eliminated on disposal	(346,559)	(704,000)	(1,775,949)	(2,826,508)
At 31 December 2024	1,189,016	6,661	920,360	2,116,037
Carrying amount
At 31 December 2024	302,362	72,008	446,406	820,776
At 31 December 2023	281,184	16,701	325,937	623,822

Included within the net book value of land and buildings above is £302,362 (2023 - £281,184) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

6

Stocks

	2024 £	2023 £
Work in progress	6,160	12,431
Other inventories	247,603	276,622
	253,763	289,053

Abrasive Technology Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Debtors

Current	Note	2024 £	2023 £
Trade debtors		470,861	499,580
Amounts owed by related parties		306,460	5,754
Prepayments		50,351	16,957
Other debtors		4,052,434	4,536,762
		4,880,106	5,059,053

Details of non-current trade and other debtors

£4,052,434 (2023 -£4,506,762) of deferred tax asset is classified as non current. This amount is included in other debtors.

A deferred tax asset has been recognised in respect of the pre April 2017 tax losses brought forward, as the company has returned to profitability, and it is considered probable that these tax losses will be utilised against the future profits of the company over a number of years.

The anticipated pre April 2017 tax losses available to the company at the balance sheet date are £15m.

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	78,106	64,897
Taxation and social security	177,247	168,511
Accruals and deferred income	122,331	172,752
Other creditors	23,366	21,231
	401,050	427,391