Monolithic Refractories Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 02156613 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Monolithic Refractories Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr B Sheppard

Mr C Sheppard

Mr A M Weightman

SECRETARY:

Mr A M Weightman

REGISTERED OFFICE:

Drummau Farm

Drummau Road

Skewen

NEATH

SA10 6NW

REGISTERED NUMBER:

02156613 (England and Wales)

ACCOUNTANTS:

Ashmole & Co

Chartered Certified Accountants

First Floor

1 St John's Court

Upper Fforest Way, Enterprise Park

Swansea

SA6 8QQ

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

522,195

603,467

Investments

6

24,000

Investment property

7

488,764

1,034,959

1,116,231

CURRENT ASSETS

Stocks

8

54,407

78,902

Debtors

9

574,839

773,145

Cash at bank and in hand

1,078,245

1,096,559

1,707,491

1,948,606

CREDITORS

Amounts falling due within one year

10

235,505

363,632

NET CURRENT ASSETS

1,471,986

1,584,974

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,506,945

2,701,205

CREDITORS

Amounts falling due after more than one
year

11

-

(5,647

)

PROVISIONS FOR LIABILITIES

(65,041

)

(83,719

)

NET ASSETS

2,441,904

2,611,839

CAPITAL AND RESERVES

Called up share capital

100

Revaluation reserve

13

105,703

Retained earnings

2,336,101

2,506,036

SHAREHOLDERS' FUNDS

2,441,904

2,611,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2026 and were signed on its behalf by:

Mr C Sheppard - Director

Mr B Sheppard - Director

1.	STATUTORY INFORMATION

Monolithic Refractories Ltd 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1998, was amortised evenly over its estimated useful life of ten years and has now been completely written off.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

No depreciation is provided on freehold property as the amount that is depreciated is the difference between cost and residual value. In the opinion of the directors, the residual value of the property equates to at least its carrying value and there is therefore no depreciation to provide.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable under contract

Amounts recoverable under contract are valued at the percentage of work complete at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2024 - 85 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 31 December 2025

120,000

AMORTISATION

At 1 January 2025

and 31 December 2025

120,000

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

machinery

£

COST OR VALUATION

At 1 January 2025

240,000

81,296

658,078

Disposals

-

(5,850

)

(79,667

)

At 31 December 2025

240,000

75,446

578,411

DEPRECIATION

At 1 January 2025

-

12,655

402,407

Charge for year

-

1,626

48,801

Eliminated on disposal

-

(917

)

(63,631

)

At 31 December 2025

-

13,364

387,577

NET BOOK VALUE

At 31 December 2025

240,000

62,082

190,834

At 31 December 2024

240,000

68,641

255,671

Fixtures

and

Motor

fittings

vehicles

Totals

£

COST OR VALUATION

At 1 January 2025

26,643

42,100

1,048,117

Disposals

(3,000

)

-

(88,517

)

At 31 December 2025

23,643

42,100

959,600

DEPRECIATION

At 1 January 2025

14,781

14,807

444,650

Charge for year

2,372

6,822

59,621

Eliminated on disposal

(2,318

)

-

(66,866

)

At 31 December 2025

14,835

21,629

437,405

NET BOOK VALUE

At 31 December 2025

8,808

20,471

522,195

At 31 December 2024

11,862

27,293

603,467

Cost or valuation at 31 December 2025 is represented by:

Improvements

Freehold

to

Plant and

property

machinery

£

Valuation in 2008

2,000

-

Valuation in 2007

136,013

-

Valuation in 2012

(20,000

)

-

Valuation in 2015

(30,000

)

-

Cost

151,987

75,446

578,411

240,000

75,446

578,411

Fixtures

and

Motor

fittings

vehicles

Totals

£

Valuation in 2008

-

2,000

Valuation in 2007

-

136,013

Valuation in 2012

-

(20,000

)

Valuation in 2015

-

(30,000

)

Cost

23,643

42,100

871,587

23,643

42,100

959,600

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025

2024

£

Cost

151,987

Aggregate depreciation

52,902

Value of land in freehold land and buildings

29,987

Freehold land and buildings were valued on an open market basis on 7 October 2015 by Herbert R Thomas Chartered Surveyors .

The directors consider that this valuation does not materially differ from the current fair value of the property.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2025

and 31 December 2025

24,000

NET BOOK VALUE

At 31 December 2025

24,000

At 31 December 2024

24,000

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

and 31 December 2025

488,764

NET BOOK VALUE

At 31 December 2025

488,764

At 31 December 2024

488,764

The directors consider that the fair value of the investment property to be consistent with the market value of the investment property when it was acquired in 2022.

8.

STOCKS

2025

2024

£

Stocks

54,407

78,902

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

466,624

520,230

Other debtors

63,528

64,596

Directors' current accounts

3,159

1,162

Accrued income

-

114,000

Prepayments

41,528

73,157

574,839

773,145

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

5,647

10,000

Trade creditors

51,677

117,000

Social security and other taxes

14,487

36,603

VAT

46,307

58,386

Other creditors

117,387

141,643

235,505

363,632

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2025

2024

£

Bank loans - 2-5 years

-

5,647

12.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

5,647

15,647

RBS Invoice Finance Limited hold by way of fixed charge dated 12 February 2013 the following property of the company owned now or in the future:-

i) all interests in any heritable freehold or leasehold land vested in or charged to the company, all fixtures and fittings attached to that land and all rents receivable from any lease granted out of that land.

ii) all plant & machinery, including any associated warranties and maintenance contracts.

iii) all the goodwill of the company's business.

iv) any uncalled capital.

v) all stock, shares and other securities held by the company at any time in any subsidiary and all income and rights relating to those stocks, shares and securities.

vi) all intellectual property, licences, claims, insurance policies, proceeds of any insurance and any other legal rights.

vii) the benefit of any hedging arrangements, futures transactions or treasury instruments.

viii) all debts which fail to vest in the bank under any debt purchase facility entered into between the company and the bank and their related rights.

RBS Invoice Finance Limited hold by way of floating charge dated 12 February 2013 all the other property assets and rights of the company owned now or in the future which are not subject to an effective fixed charge under the debenture or any other security held by the bank.

13.

RESERVES

Revaluation

reserve

£

At 1 January 2025

and 31 December 2025

105,703

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2025 and 31 December 2024:

2025

2024

£

Mr C Sheppard

Balance outstanding at start of year

(10,962

)

(26,962

)

Amounts advanced

10,962

16,000

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

-

(10,962

)

Mr A M Weightman

Balance outstanding at start of year

238

(40,000

)

Amounts advanced

247

40,238

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

485

238

Mr B Sheppard

Balance outstanding at start of year

11,886

44,232

Amounts advanced

2,199

17,654

Amounts repaid

(11,412

)

(50,000

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

2,673

11,886

The loan to B Sheppard and A Weightman was repaid within 9 months of the year end.

15.	RELATED PARTY DISCLOSURES

At 31 December 2025 the directors owed the company £3,158. At 31 December 2024, the company owed the directors £1,162.

During the year, the company paid professional fees on behalf of the directors. These amounts are repayable by the directors. As at the balance sheet date, the outstanding balance owed by the directors amounted to £3,158. All transactions were conducted on terms equivalent to those that prevail in arm’s length transactions.

Assistmost Enterprises Limited

Mr C Sheppard & Mr A Sheppard are the directors and each 50% shareholders of Assistmost

Enterprises Limited. Mr C Sheppard is a director of Monolithic Refractories Limited & Mr A

Sheppard is a 25% shareholder of Monolithic Refractories Limited.

As at 31 December 2025 a balance of £10,740 (2024 £6,120) was owed to Assistmost Enterprises

Limited. During the year, Monolithic Refractories Limited made purchases totalling £69,743 (2024

£285,441) from Assistmost Enterprise Limited. No specific terms or conditions to be met and the liability is not secured and no guarantees given or received.

As at 31 December 2025 a balance of £136,000 (2024 £nil) was due from Assistmost Enterprises Limited. During the year, Monolithic Refractories Limited made sales to Assistmost Enterprises Limited totalling £136,800 (2024 £124,000). No specific terms or conditions to be met and the liability is not secured and no guarantees given or received.

Monolithic Environmental Services Limited

Mr C Sheppard & Mr A Sheppard are directors and shareholders of this company.

During the year, Monolithic Refractories Limited made purchases totalling £14,763

(2024 £61,657) from Monolithic Environmental Services Limited.

As at 31 December 2025 a balance of £9,451 (2024 £14,009) was due from Monolithic Environmental Services Limited. During the year, Monolithic Refractories Limited made sales to Monolithic Environmental Services Limited totalling £113,039 (2024 £23,928). No specific terms or conditions to be met and the liability is not secured and no guarantees given or received.

Inscapes Sports Limited

Mr C Sheppard is a director of this company as well as Assistmost Enterprises Limited being a 50% shareholder.

During the year Monolithic Refractories Limited made payments to Inscapes Sports Limited for ground maintenance and repairs totalling £2,483 (2024 £46,895).

During the year, Monolithic Refractories Limited made sales to Inscapes Sports Limited totalling £18,649 (2024 £15,603). No specific terms or conditions to be met and the liability is not secured and no guarantees given or received.

All transactions with directors were at arms length.