ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 04420747

MASTERCUT CUTTING SYSTEMS LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 AUGUST 2025

MASTERCUT CUTTING SYSTEMS LIMITED

REGISTERED NUMBER: 04420747

BALANCE SHEET

AS AT 31 AUGUST 2025

	2025	2025	2024	2024
Note	£	£	£	£

Fixed assets
Tangible assets	4		-		1,558
Current assets
Debtors: amounts falling due after more than one year	5	250,101		309,977
Cash at bank and in hand	6	36,813		26,849
		286,914		336,826
Creditors: amounts falling due within one year	7	(49,107)		(46,780)
Net current assets			237,807		290,046
Total assets less current liabilities			237,807		291,604
Creditors: amounts falling due after more than one year	8		(12,328)		(60,131)
Provisions for liabilities
Deferred tax	11		-		(390)
Net assets			225,479		231,083

Capital and reserves
Called up share capital	100	100
Profit and loss account	225,379	230,983
	225,479	231,083

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 statement of comprehensive income 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 on 29 April 2026.

J R Kitching

Director

The notes on pages 3 to 8 form part of these financial statements.

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MASTERCUT CUTTING SYSTEMS LIMITED

REGISTERED NUMBER: 04420747

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2025

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MASTERCUT CUTTING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2025

1.	General information

Mastercut Cutting Systems Limited is a private limited company incorporated and domiciled in England. Its registered office and principle place of business is situated at 1 Orgreave Road, Sheffield S13 9LQ.

The principal activity of the company is the manufacture of industrial knives and cutting blades.

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 Companies Act 2006. 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;

∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources (when applying this standard in accordance with paragraph 34.11 of FRS 102).

This information is included in the consolidated financial statements of Green Mill Industries Limited as at 31 August 2025 and these financial statements may be obtained from Companies House.

2.3

Going concern

The company relies on Fernite of Sheffield Limited, a fellow subsidiary of Green Mill Industries Limited, for financial support. The director of Fernite of Sheffield Limited has confirmed there is no intention to withdraw this support within the foreseeable future.

On the basis of his assessment of the company's financial position, the director has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, he continues to adopt the going concern basis of preparation of the financial statements.

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MASTERCUT CUTTING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.4

Borrowing costs

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

2.5

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 balance sheet 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 balance sheet 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 balance sheet date.

2.6

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, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Motor vehicles

25% reducing balance

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.

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MASTERCUT CUTTING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2025

Employees

The average monthly number of employees, including directors, during the period was 1 (2024 - 1).

4.	Tangible fixed assets

		Motor vehicles
		£

	At 1 September 2024	14,730
	Disposals	(14,730)
	At 31 August 2025	-

	At 1 September 2024	13,172
	Disposals	(13,172)
	At 31 August 2025	-
	Net book value
	At 31 August 2025	-
	At 31 August 2024	1,558

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MASTERCUT CUTTING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2025

5.	Debtors
		2025	2024
		£	£

Due after more than one year
Amounts owed by group undertakings	250,101	309,977

6.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	36,813	26,849

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

Bank loans	47,803	45,476
Other creditors	1,304	1,304
	49,107	46,780

Obligations under finance leases and hire purchase contracts and bank loans are secured by cross charges over the assets of Fernite of Sheffield Limited.

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

	Bank loans	12,328	60,131

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MASTERCUT CUTTING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2025

Amounts falling due within one year
Bank loans	47,803	45,476
Amounts falling due 1-2 years
Bank loans	12,328	47,803
Amounts falling due 2-5 years
Bank loans	-	12,328

	60,131	105,607

The bank loan is a CBILS facility, secured by cross charges over the assets of Fernite of Sheffield Limited.

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MASTERCUT CUTTING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2025

11.	Deferred taxation

		2025
		£

	At beginning of year	390
	Charged/(credited) to profit or loss	(390)
	At end of year	-

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

Accelerated capital allowances

390

12.	Controlling party

The company is a wholly owned subsidiary of Green Mill Industries Limited, a private limited company incorporated and domiciled in England.

J R Kitching holds the controlling interest in Green Mill Industries Limited and is therefore the ultimate controlling party of Mastercut Cutting Systems Limited.

13.	Auditors' information

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

The audit report was signed on 29 April 2026 by Jonathan Wilson FCA CTA (senior statutory auditor) on behalf of Barnett & Turner Accountants Ltd.

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