Company Registration No. 02759083 (England and Wales)
SCANDIASTEEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021
31 December 2021
- 1 -
2021
2020
Notes
€
€
€
€
Fixed assets
Investments
3
2,624,500
2,624,500
Current assets
Investments
7
1,004,315
742,828
Cash at bank and in hand
720,153
990,639
1,724,468
1,733,467
Creditors: amounts falling due within one year
8
(7,999)
(7,955)
Net current assets
1,716,469
1,725,512
Total assets less current liabilities
4,340,969
4,350,012
Capital and reserves
Called up share capital
9
1,534
1,534
Profit and loss reserves
4,339,435
4,348,478
Total equity
4,340,969
4,350,012
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 2021 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.
T
he 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 4 February 2022 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 2021
- 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 a
mounts
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 2021
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
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.
SCANDIASTEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Fixed asset investments
2021
2020
€
€
Investments
2,624,500
2,624,500
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 2021 & 31 December 2021
2,624,500
Carrying amount
At 31 December 2021
2,624,500
At 31 December 2020
2,624,500
SCANDIASTEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 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 2020 of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
€
€
Intrasteel SA
509,486
1,243,499
The above results relate to the year ended 31 December 2020 as the 2021 financial statements are not yet available.
5
Associates
Details of the company's associates at 31 December 2021 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
6
Financial instruments
2021
2020
€
€
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,004,315
742,828
7
Current asset investments
2021
2020
€
€
Other investments
1,004,315
742,828
8
Creditors: amounts falling due within one year
2021
2020
€
€
Other creditors
7,999
7,955
SCANDIASTEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
9
Called up share capital
2021
2020
€
€
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,534
1,534
10
Related party transactions
Included within other creditors is a balance of €4,046 (2020: €4,046) due to the shareholder. This loan is interest free and is repayable on demand.