Company registration number 02759083 (England and Wales)
SCANDIASTEEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SCANDIASTEEL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SCANDIASTEEL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
€
€
€
€
Fixed assets
Investments
4
2,624,500
2,624,500
Current assets
Investments
8
1,073,697
1,004,315
Cash at bank and in hand
416,083
720,153
1,489,780
1,724,468
Creditors: amounts falling due within one year
9
(24,648)
(7,999)
Net current assets
1,465,132
1,716,469
Net assets
4,089,632
4,340,969
Capital and reserves
Called up share capital
10
1,534
1,534
Profit and loss reserves
4,088,098
4,339,435
Total equity
4,089,632
4,340,969
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 May 2023 and are signed on its behalf by:
Giancarlo Codoni
Director
Company Registration No. 02759083
SCANDIASTEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Scandiasteel Limited is a private company limited by shares incorporated in England and Wales. The registered office is , 35 Princess Street, Rochdale, Greater Manchester, United Kingdom, OL12 0HA.
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 euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries and associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.3
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.
SCANDIASTEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets include debtors and cash and bank balances.
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 include creditors. Creditors are not interest bearing and are stated at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.4
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.
1.5
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.
SCANDIASTEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Foreign exchange
Transactions in currencies other than euros 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 are included in the profit and loss account for the period.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Fixed asset investments
2022
2021
€
€
Investments
2,624,500
2,624,500
SCANDIASTEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Fixed asset investments
(Continued)
- 5 -
Included in Fixed Asset Investments are the following:
An investment in a subsidiary which is a 100% shareholding of Intrasteel SA and is a holding company registered in Luxembourg.
A participating interest of 35.7% in Euronord SPA which trades in Iron and steel and is registered in Italy.
Intrasteel SA also has a participating interest in Euronord SPA of 34.3% and as such Scandiasteel Limited has effective control of the company as the combined shareholdings held amount to 70%.
Movements in fixed asset investments
Shares in group undertakings and participating interests
€
Cost or valuation
At 1 January 2022 & 31 December 2022
2,624,500
Carrying amount
At 31 December 2022
2,624,500
At 31 December 2021
2,624,500
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Intrasteel SA
18 Rue de L'Eau, L-1449, Luxembourg
Holding Company
Ordinary
100.00
The aggregate capital and reserves and the result for the year ended 31 December 2022 of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
€
€
Intrasteel SA
(21,080)
1,199,874
SCANDIASTEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Associates
Details of the company's associates at 31 December 2022 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Euronord SPA
Italy
Trading in iron and steel
Ordinary
35.70
34.30
7
Financial instruments
2022
2021
€
€
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,073,697
1,004,315
8
Current asset investments
2022
2021
€
€
Other investments
1,073,697
1,004,315
9
Creditors: amounts falling due within one year
2022
2021
€
€
Corporation tax
16,165
Other creditors
8,483
7,999
24,648
7,999
10
Called up share capital
2022
2021
€
€
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,534
1,534
11
Related party transactions
Included within other creditors is a balance of €4,046 (2021: €4,046) due to the shareholder. This loan is interest free and is repayable on demand.