Company registration number 00779014 (England and Wales)
SAIT ABRASIVES (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SAIT ABRASIVES (UK) LIMITED
COMPANY INFORMATION
Directors
C Ingman
R Filippi
P Rogna
Secretary
C Ingman
Company number
00779014
Registered office
Regent House
Meridian East
Meridian Business Park
Leicester
LE19 1WZ
Auditor
Richard Place Dobson Services Limited
Ground Floor
1 - 7 Station Road
Crawley
West Sussex
RH10 1HT
SAIT ABRASIVES (UK) LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 13
SAIT ABRASIVES (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
page 1

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The company’s principal activities during the year continued to be the manufacture and distribution of its own industrial quality abrasive products.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C Ingman
R Filippi
V Pilotto
(Resigned 1 January 2025)
P Rogna
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
C Ingman
Director
13 March 2026
SAIT ABRASIVES (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
page 2

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SAIT ABRASIVES (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
page 3
2025
2024
Notes
£
£
Turnover
3
4,910,724
4,871,119
Cost of sales
(3,139,785)
(3,196,915)
Gross profit
1,770,939
1,674,204
Distribution costs
(899,672)
(878,436)
Administrative expenses
(853,288)
(810,926)
Operating profit/(loss)
17,979
(15,158)
Interest receivable and similar income
4,372
6,013
Interest payable and similar expenses
6
-
0
(1,193)
Profit/(loss) before taxation
22,351
(10,338)
Tax on profit/(loss)
(20,626)
(12,274)
Profit/(loss) for the financial year
1,725
(22,612)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SAIT ABRASIVES (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
page 4
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
7
1,075,387
1,152,969
Current assets
Stocks
1,452,209
1,181,877
Debtors
8
1,286,220
1,142,825
Cash at bank and in hand
235,940
373,188
2,974,369
2,697,890
Creditors: amounts falling due within one year
9
(2,591,355)
(2,394,183)
Net current assets
383,014
303,707
Total assets less current liabilities
1,458,401
1,456,676
Creditors: amounts falling due after more than one year
10
(29,022)
(29,022)
Provisions for liabilities
(48,297)
(48,297)
Net assets
1,381,082
1,379,357
Capital and reserves
Called up share capital
90,000
90,000
Profit and loss reserves
1,291,082
1,289,357
Total equity
1,381,082
1,379,357

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 March 2026 and are signed on its behalf by:
C Ingman
Director
Company registration number 00779014 (England and Wales)
SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
page 5
1
Accounting policies
Company information

SAIT Abrasives (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regent House, Meridian East, Meridian Business Park, Leicester, LE19 1WZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of SAIT Finanziaria SpA. These consolidated financial statements are available from the registrar of Italian companies at https://www.registroimprese.it/

SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
page 6
1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors have prepared forecasts for a period to 30 June 2026 which indicate that, taking account of severe but plausible downsides, the company will have sufficient funds, through funding from its ultimate parent company, SAIT Finanzaria SpA Limited to meet its liabilities as they fall due for that period.

The current unprecedented economic environment has created uncertainty in relation to the timing of a return to normal operations, the ongoing availability and extent of certain government supports, future consumer behaviour and the associated recovery of volumes and margins. The timing and shape of recovery is uncertain and accordingly, the Company has modelled a number of scenarios, including a severe but plausible downside scenario, taking account of current levels of trading and the consequential impact on cashflows, and indebtedness to the parent company. The downside scenario does not incorporate any further government funding beyond that currently announced. Furthermore, the Company is also reliant on its parent company for the supply of products for resale, which has confirmed that it will continue to extend credit over trading balances to enable the Company to operate with a favourable cash flow throughout this period.

Those forecasts are dependent on SAIT Finanzaria SpA Limited not seeking repayment of the amounts currently due to the group, which at 31 December 2025 amounted to £2,237,699, and providing additional financial support during that period. SAIT Finanzaria SpA Limited has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecast.

As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

1.3
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
30 years
Plant and equipment
3 to 10 years
Fixtures and fittings
3 to 20 years

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
page 7

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
page 8
Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
page 9
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Wholesaling and processing imported industrial abrasives
4,910,724
4,871,119
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
4,910,724
4,871,119
2025
2024
£
£
Other revenue
Interest income
4,372
6,013
SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
page 10
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 26

2025
2024
Number
Number
Sales and marketing
9
9
Production
6
6
Administration
11
12
Total
26
27
5
Directors' remuneration
2025
2024
£
£
Remuneration paid to directors
6,441
6,278
6
Interest payable and similar expenses
2025
2024
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
-
0
2,177
Net foreign exchange losses
-
0
(984)
Total other interest payable and similar charges
-
1,193
7
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
1,572,408
775,128
2,347,536
Additions
-
0
18,862
18,862
At 31 December 2025
1,572,408
793,990
2,366,398
Depreciation and impairment
At 1 January 2025
627,446
567,121
1,194,567
Depreciation charged in the year
52,413
44,031
96,444
At 31 December 2025
679,859
611,152
1,291,011
Carrying amount
At 31 December 2025
892,549
182,838
1,075,387
At 31 December 2024
944,962
208,007
1,152,969
SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
page 11
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,219,812
1,081,166
Prepayments and accrued income
66,408
61,659
1,286,220
1,142,825
9
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
-
0
8,706
Loan due to group undertaking
11
-
0
354
Trade creditors
51,020
62,457
Amounts owed to group undertakings
2,237,699
2,023,887
Corporation tax
20,626
4,069
Other taxation and social security
235,421
209,581
Accruals and deferred income
46,589
85,129
2,591,355
2,394,183

The majority of the company's goods for resale are imported from Italy under an agreement with SAIT Abrasivi SpA. The agreement is governed by Italian law which provides that in the event of the liquidation of a company, goods in stock remain the property of the supplier until paid for. A major part of the amount due to SAIT Abrasivi SpA shown above arose from the supply of goods. These amounts are interest free and are repayable on demand.

10
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
29,022
29,022
11
Loans and overdrafts
2025
2024
£
£
Loans from group undertakings and related parties
-
0
354
Payable within one year
-
0
354

A machinery loan from the parent company is for a value of £Nil (20 24: £Nil) with an a ccrued interest balances of £Nil (20 24: £354) for both loans.

SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Loans and overdrafts
(Continued)
page 12

Terms and debt repayment schedule

Loan | Currency | Nominal Interest rate | Year of maturity | 2025 £ | 2024 £
Loan from parent undertaking | € | 4% | 2024 | - | -
Loan from parent undertaking | £ | 2% | 2024 | - | 354
Total |  |  |  | - | 354

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Darren Harding
Statutory Auditor:
Richard Place Dobson Services Limited
Date of audit report:
13 March 2026
13
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
94,538
86,090
14
Parent company

The ultimate parent undertaking company is SAIT Finanziaria SpA, a company incorporated in Italy, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. The consolidated financial statements of SAIT Finanziaria SpA are publically available at SAIT Finanziaria SpA, Via Raspini 21, Settimo-Torinese, Torino, Italy or from the website disclosed on page 9. The directors do not consider there to be an ultimate controlling party, as no one person or group of individuals acting in concert has greater than 50% of the equity of the ultimate parent company.

SAIT ABRASIVES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
page 13
15
Related parties

As the Company was a wholly owned subsidiary of SAIT Finanziaria SpA at 31 December 20 25, the Company has taken advantage of the exemption contained in FRS102.33.1A and has therefore not disclosed transactions or balances with wholly owned entities which form part of the Group headed by SAIT Finanziaria SpA.

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