Registered number: SC038321
Superfine Manufacturing Limited
Financial Statements
Information For Filing With The Registrar
For the year ended 31 December 2025
Superfine Manufacturing Limited
Company information
2
Statement of financial position
3
Notes to the financial statements
4
Company information
Directors
S R Milbank
M J Sparrow
J P Milne (appointed 04-04-2025)
Registered number
SC038321
Registered office
Orchard Bank
Glamis Road
Forfar
Angus
DD8 1TD
Independent auditors
Azets Audit Services
Statutory Auditor
159 Princes Street
Ipswich
Suffolk
IP1 1QJ
2
Superfine Manufacturing Limited
Registered number: SC038321
Statement of financial position
As at 31 December 2025
Note
| 2025
£
| 2025
£
| 2024
£
| 2024
£
| ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Fixed assets
|
)
|
)
|
)
|
)
| ||||||
Intangible assets
|
4
|
)
|
69
)
|
)
|
209
)
| |||||
Tangible fixed assets
|
5
|
)
|
629,817
)
|
)
|
716,080
)
| |||||
)
|
629,886
)
|
)
|
716,289
)
| |||||||
Current assets
|
)
|
)
|
)
|
)
| ||||||
Stocks
|
6
|
1,079,139
)
|
)
|
1,085,545
)
|
)
| |||||
Debtors
|
7
|
527,333
)
|
)
|
6,839,949
)
|
)
| |||||
Cash at bank and in hand
|
109,348
)
|
)
|
132,195
)
|
)
| ||||||
1,715,820
)
|
)
|
8,057,689
)
|
)
| |||||||
Creditors: amounts falling due within one year
|
8
|
(456,234)
|
)
|
(696,698)
|
)
| |||||
Net current assets
|
)
|
1,259,586
)
|
)
|
7,360,991
)
| ||||||
Total assets less current liabilities
|
)
|
1,889,472
)
|
)
|
8,077,280
)
| ||||||
Provisions for liabilities
|
)
|
)
|
)
|
)
| ||||||
Deferred taxation
|
9
|
(153,484)
|
)
|
(173,770)
|
)
| |||||
)
|
(153,484)
|
)
|
(173,770)
| |||||||
Net assets
|
)
|
1,735,988
)
|
)
|
7,903,510
)
| ||||||
Capital and reserves
|
)
|
)
|
)
|
)
| ||||||
Called up share capital
|
)
|
7,838
)
|
)
|
7,838
)
| ||||||
Other reserves
|
)
|
2,162
)
|
)
|
2,162
)
| ||||||
Profit and loss account
|
)
|
1,725,988
)
|
)
|
7,893,510
)
| ||||||
Total capital and reserves
|
)
|
1,735,988
)
|
)
|
7,903,510
)
|
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 Single statement of comprehensive income in accordance with the 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:
| S R Milbank | |
| Director |
17 September 2026 |
3
Superfine Manufacturing Limited
Notes to the financial statements
For the year ended 31 December 2025
1
General information
Superfine Manufacturing Limited is a private company limited by shares and is incorporated in Scotland. The address of its registered office is Orchard Bank, Glamis Road, Forfar, Angus DD8 1TD.
2
Accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated.
2.1
Basis of preparation of financial statements
The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
2.2
Disclosure exemptions for qualifying entities under FRS 102
The company has taken advantage of the following disclosure exemptions in preparing its financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
- the requirements of Section 7 Statement of Cash Flows and paragraph 3.17(d).
- the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A as equivalent information is included in the consolidated financial statements of the in which the company is consolidated.
- the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23 as the company is a subsidiary and the share-based payment arrangement concerns equity instruments of another entity.
- the requirement of paragraph 33.7.
The information is included in the consolidated financial statements of Milbank Ventures Limited as at 31 December 2025 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
2.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
4
Superfine Manufacturing Limited
Notes to the financial statements
For the year ended 31 December 2025
2
Accounting policies
2.4
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.
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.
2.5
Interest income
Interest income is recognised in profit or loss using the effective interest method.
2.6
Leases
Operating leases
Rentals paid under operating leases are charged to profit or loss on straight-line basis over the lease term.
2.7
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 as accruals in the Statement of financial position. The assets of the scheme are held separately from the company in independently administered funds.
2.8
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively.
5
Superfine Manufacturing Limited
Notes to the financial statements
For the year ended 31 December 2025
2
Accounting policies
2.8
Taxation
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.
- 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.
2.9
Intangible assets
Intangible assets are initially recognised at cost. Subsequently, they are measured using the cost model. 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 life shall not exceed 10 years.
If factors such as a change in how an intangible asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate.
2.10
Tangible fixed assets
Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs 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.
Subsequently, tangible fixed assets are measured using the cost model. Under the cost model, tangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.
All tangible fixed assets are considered to have a finite useful life.
Depreciation is calculated to allocate the depreciable amount of tangible fixed assets to their residual values over their estimated useful lives on the following bases:
6
Superfine Manufacturing Limited
Notes to the financial statements
For the year ended 31 December 2025
2
Accounting policies
2.10
Tangible fixed assets
Plant and machinery
|
-
|
15
)
|
%
|
reducing balance
| ||||
Motor Vehicles
|
-
|
25
)
|
%
|
reducing balance
| ||||
Office equipment
|
-
|
25
)
|
%
|
straight line
|
If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the company reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
2.11
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 first in, first out (FIFO) basis. Finished goods include labour costs and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If an item of 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.
2.12
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'.
2.13
Financial instruments
Financial assets
Financial assets are initially measured at transaction price, including transaction costs, and subsequently held at cost less accumulated impairment, or at amortised cost using the effective interest method in the case of debt instruments meeting the criteria for recognition as basic financial instruments.
At each reporting date, financial assets are assessed for objective evidence of impairment with any impairment loss recognised in profit or loss. An impairment loss is calculated as the difference between the carrying amount and the best estimate of the recoverable amount which is an approximation of its sale value at the balance sheet date or, for basic debt instruments, the present value of estimated cash flows discounted at the asset’s original effective interest rate. Discounting is omitted where the effect of discounting is immaterial.
7
Superfine Manufacturing Limited
Notes to the financial statements
For the year ended 31 December 2025
2
Accounting policies
2.13
Financial instruments
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when:
- the contractual rights to the cash flows from the asset expire or are settled; or
- substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
- despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, unless the arrangement constitutes a financing transaction, are initially measured at transaction price, including transaction costs.
A financial liability, where the arrangement constitutes a financing transaction, is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument as determined at initial recognition adjusted for transaction costs.
Basic financial liabilities are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, either by way of the contractual obligation having been discharged, cancelled or expired.
2.14
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when a shareholders' written resolution is passed.
3
Employees
The average monthly number of employees, including directors, during the year was 20 (2024 - 20)
8
Superfine Manufacturing Limited
Notes to the financial statements
For the year ended 31 December 2025
4
Intangible assets
Patents
£
| Trademarks
£
| Total
£
| ||||
|---|---|---|---|---|---|---|
Cost
|
)
|
)
|
)
| |||
At 1 January 2025 and 31 December 2025
|
34
)
|
1,400
)
|
1,434
)
| |||
Amortisation and impairment
|
)
|
)
|
)
| |||
At 1 January 2025
|
-
)
|
(1,225)
|
(1,225)
| |||
Charge for the year on owned assets
|
-
)
|
(140)
|
(140)
| |||
At 31 December 2025
|
-
)
|
(1,365)
|
(1,365)
| |||
Net book value
|
)
|
)
|
)
| |||
At 31 December 2025
|
34
)
|
35
)
|
69
)
| |||
At 31 December 2024
|
34
)
|
175
)
|
209
)
|
5
Tangible fixed assets
Plant and machinery
£
| Motor vehicles
£
| Office equipment
£
| Total
£
| |||||
|---|---|---|---|---|---|---|---|---|
Cost
|
)
|
)
|
)
|
)
| ||||
At 1 January 2025
|
2,816,959
)
|
39,380
)
|
420,127
)
|
3,276,466
)
| ||||
Additions
|
21,662
)
|
-
)
|
9,490
)
|
31,152
)
| ||||
Disposals
|
-
)
|
(31,995)
|
-
)
|
(31,995)
| ||||
At 31 December 2025
|
2,838,621
)
|
7,385
)
|
429,617
)
|
3,275,623
)
| ||||
Depreciation and impairment
|
)
|
)
|
)
|
)
| ||||
At 1 January 2025
|
(2,118,092)
|
(31,588)
|
(410,706)
|
(2,560,386)
| ||||
Charge for the year on owned assets
|
(99,669)
|
(783)
|
(10,013)
|
(110,465)
| ||||
Disposals
|
-
)
|
25,045
)
|
-
)
|
25,045
)
| ||||
At 31 December 2025
|
(2,217,761)
|
(7,326)
|
(420,719)
|
(2,645,806)
| ||||
Net book value
|
)
|
)
|
)
|
)
| ||||
At 31 December 2025
|
620,860
)
|
59
)
|
8,898
)
|
629,817
)
| ||||
At 31 December 2024
|
698,867
)
|
7,792
)
|
9,421
)
|
716,080
)
|
9
Superfine Manufacturing Limited
Notes to the financial statements
For the year ended 31 December 2025
6
Stocks
2025
£
| 2024
£
| |||
|---|---|---|---|---|
Finished goods and raw materials
|
1,079,139
)
|
1,085,545
)
|
7
Debtors
2025
£
| 2024
£
| |||
|---|---|---|---|---|
Due within one year
|
)
|
)
| ||
Trade Debtors
|
403,821
)
|
763,020
)
| ||
Amounts owed by undertakings
|
69,387
)
|
6,029,164
)
| ||
Prepayments and accrued income
|
54,125
)
|
47,765
)
| ||
527,333
)
|
6,839,949
)
|
8
Creditors: amounts falling due within one year
2025
£
| 2024
£
| |||
|---|---|---|---|---|
Trade creditors
|
72,586
)
|
132,286
)
| ||
Amounts owed to undertakings
|
125,483
)
|
101,950
)
| ||
Corporation tax
|
70,000
)
|
292,590
)
| ||
Other taxation and social security
|
111,026
)
|
136,497
)
| ||
Other creditors
|
18,403
)
|
420
)
| ||
Accruals and deferred income
|
58,736
)
|
32,955
)
| ||
456,234
)
|
696,698
)
|
9
Deferred taxation
The deferred tax balance is made up as follows:
2025
£
| 2024
£
| |||
|---|---|---|---|---|
Accelerated capital allowances
|
(155,857)
|
(179,020)
| ||
Pension contributions deductible on paid basis
|
-
)
|
5,250
)
| ||
Unpaid remuneration adjustments
|
2,373
)
|
-
)
| ||
(153,484)
|
(173,770)
|
10
Superfine Manufacturing Limited
Notes to the financial statements
For the year ended 31 December 2025
9
Deferred taxation
2025
£
| ||
|---|---|---|
At 1 January 2025
|
(173,770)
| |
Charged to profit or loss
|
20,286
)
| |
At 31 December 2025
|
(153,484)
|
10
Contingent liabilities
Security
The Company has granted fixed and floating charges over its assets in favour of HSBC UK Bank plc. This security supports the banking facilities made available to the wider Group, for which the Company acts as a guarantor.
11
Parent undertaking
The parent company is Milbank Group Limited, a company registered in England and Wales, by virtue of it’s 100% shareholding in the company.
The ultimate parent company of the largest and smallest group for which consolidated accounts are prepared is Milbank Ventures Limited, and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
12
Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
The audit report was signed on 17 September 2026 by Dominick Knight (Senior statutory auditor) on behalf of Azets Audit Services.
11