ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Company Registration Number: 05129895

ABS PRECISION LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

ABS PRECISION LIMITED

REGISTERED NUMBER: 05129895

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£


Fixed assets
Intangible assets	5		14,674		26,413
Tangible assets	6		668,008		475,611
			682,682		502,024
Current assets
Stocks	7	482,443		492,440
Debtors: amounts falling due within one year	8	3,124,069		3,854,488
Cash at bank and in hand	9	357,664		114,076
		3,964,176		4,461,004
Creditors: amounts falling due within one year	10	(1,324,498)		(1,836,867)
Net current assets			2,639,678		2,624,137
Total assets less current liabilities			3,322,360		3,126,161

Creditors: amounts falling due after more than one year	11		(223,468)		(605,444)
			3,098,892		2,520,717
Provisions for liabilities
Deferred taxation			(125,647)		(100,983)

Net assets			2,973,245		2,419,734

Capital and reserves
Called up share capital	15	33,634	33,634
Share premium account		128,692	128,692
Profit and loss account		2,810,919	2,257,408
		2,973,245	2,419,734

Page 1

ABS PRECISION LIMITED

REGISTERED NUMBER: 05129895

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

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 profit and loss account 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:

C P Southwood

Director

Date: 5 January 2026

The notes on pages 3 to 15 form part of these financial statements.

Page 2

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

1.	General information

ABS Precision Limited is a private Company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ignite (NTG) Limited as at 31 March 2025 and these financial statements may be obtained from 3 Bunhill Row, London, EC1Y 8YZ.

Page 3

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Going concern

The Directors have prepared the financial statements on a going concern basis. This assessment was made after taking account of all factors including consideration of the impact of the macro economy (including and the cost of living crisis). In assessing these factors, management have, for a period of at least twelve months from financial statement approval:

- prepared profit and loss budgets that demonstrate the continued generation of operating cashflows at an EBITDA contribution level;
- considered the adequacy of these budgets in light of actual performance during the calendar year to date; and
- prepared cash flow forecasts that show after the settlement of non operating cash obligations continued financial headroom based on current available funds and facilities.

In doing so the Directors have sufficed themselves that the Company will meet its obligations for a period of at least twelve months from date of approval of these financial statements, and that in doing so they have considered that any uncertainty in the economy, including due to the cost of living crisis, will not materially change this assessment.

2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

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.

2.6

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.10

Finance costs

Finance costs are directly attributable to the invoice financing arrangement and are capitalised as intangible assets at cost. After recognition, finance costs are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Page 5

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.12

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.13

Current and deferred taxation

The tax expense for the period 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 reporting 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 reporting 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 reporting date.

2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Financing fees - 5 years

Page 6

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold improvements	-	10%	straight line
Plant and machinery	-	20%	straight line
Motor vehicles	-	25%	straight line
Fixtures and fittings	-	20%	straight line
Office equipment	-	33%	straight line

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.

2.16

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 reporting 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.

2.17

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.

2.18

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.

2.19

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 7

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.21

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.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.

The Directors consider the key accounting estimates to be the valuation of work-in-progress, bad debt provision and stock provision.

The Directors calculate the stage of completion of work-in-progress using overhead absorption rates based on machine hour capacity. Furthermore, by comparing actual costs incurred to forecasts, relying on their past experience and expertise to ensure those estimates are accurate.

The Directors consider the key accounting estimates to be the valuation of work-in-progress, bad debt provision and stock provision.

The Directors calculate the stock provision by applying a fixed percentage of 10% of materials and 33% of machine hours.

The bad debt provision is calculated on a case-by-case basis depending on several factors which may impact the recoverability of debtors.

Employees

The average monthly number of employees, including directors, during the period was 44 (2024 - 42).

Page 8

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

5.	Intangible assets

		Financing costs
		£
	Cost
	At 1 April 2024	46,956
	At 31 March 2025	46,956
	Amortisation
	At 1 April 2024	20,543
	Charge for the period on owned assets	11,739
	At 31 March 2025	32,282
	Net book value
	At 31 March 2025	14,674
	At 31 March 2024	26,413

Page 9

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

6.	Tangible fixed assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Fixtures & fittings	Office equipment
	£	£	£	£	£
Cost or valuation
At 1 April 2024	157,470	2,504,096	69,898	19,063	62,977
Additions	105,092	269,587	-	1,122	21,942
At 31 March 2025	262,562	2,773,683	69,898	20,185	84,919
Depreciation
At 1 April 2024	101,193	2,157,540	28,820	14,570	35,770
Charge for the period	17,449	159,036	13,429	1,330	14,102
At 31 March 2025	118,642	2,316,576	42,249	15,900	49,872
Net book value
At 31 March 2025	143,920	457,107	27,649	4,285	35,047
At 31 March 2024	56,277	346,556	41,078	4,493	27,207
					Total
					£
Cost or valuation
At 1 April 2024					2,813,504
Additions					397,743
At 31 March 2025					3,211,247
Depreciation
At 1 April 2024					2,337,893
Charge for the period					205,346
At 31 March 2025					2,543,239
Net book value
At 31 March 2025					668,008
At 31 March 2024					475,611

Page 10

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

6.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	384,488	232,858
Motor vehicles	18,793	-

Page 11

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

7.	Stocks
		2025	2024
		£	£

	Work in progress	482,443	492,440

Debtors

					2025	2024
					£	£


Trade debtors	1,381,875	1,472,403
Amounts owed by group undertakings	1,700,722	2,352,697
Prepayments and accrued income	41,472	29,388
	3,124,069	3,854,488

9.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	357,664	114,076
Less: bank overdrafts	-	(10,284)

10.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	10,284
Bank loans (note 12)	-	422,750
Trade creditors	679,532	865,250
Corporation tax	-	52,425
Other taxation and social security	107,219	84,646
Obligations under finance lease and hire purchase contracts	117,979	81,595
Other creditors	56,463	-
Accruals and deferred income	363,305	319,917
	1,324,498	1,836,867

Obligations under finance lease and hire purchases are secured over the assets which they relate to.

Page 12

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

11.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans (note 12)	-	528,437
Net obligations under finance leases and hire purchase contracts	223,468	77,007
	223,468	605,444

Obligations under finance lease and hire purchases are secured over the assets which they relate to.

Amounts falling due within one year
Bank loans	-	422,750
Amounts falling due 1-2 years
Bank loans	-	422,750
Amounts falling due 2-5 years
Bank loans	-	105,687

	-	951,187

Within one year	118,272	85,332
Between 1-5 years	223,468	79,411
	341,740	164,743

Page 13

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

14.	Deferred taxation

		2025
		£

	At beginning of year	(100,983)
	Charged to profit or loss	(24,664)
	At end of year	(125,647)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	(125,650)	(100,986)
Tax losses carried forward	3	3
	(125,647)	(100,983)

15.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

33,334 (2024 - 33,334) Ordinary shares of £1.00 each	33,334	33,334
300 (2024 - 300) Ordinary A shares of £1.00 each	300	300

	33,634	33,634

16.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £48,379 (2024 - £46,269). Contributions totalling £13 (2024 - £13) were payable to the fund at the reporting date and are included in creditors.

17.	Related party transactions
	The Company has taken advantage of the exemption contained within Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the Company are controlled within the group, and the Company is included within the group accounts which are publicly available.

Page 14

ABS PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

18.	Controlling party

Ignite (NTG) Limited is considered to be the ultimate controlling party by virtue of its majority shareholding. The financial statements of Ignite (NTG) Limited are available from Companies House. The directors do not consider there to be any individual with ultimate control of Ignite (NTG) Limited.

19.	Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2025 was unqualified.

The audit report was signed on 5 January 2026 by Simon Turner (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

Page 15