Company Registration No. 07812733 (England and Wales)
RONLY ALLOYS SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
RONLY ALLOYS SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RONLY ALLOYS SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
$
$
$
$
Fixed assets
Investments
3
439,021
996,257
Current assets
Debtors
4
285,256
342,164
Cash at bank and in hand
311
279
285,567
342,443
Creditors: amounts falling due within one year
5
(1,531,253)
(1,499,639)
Net current liabilities
(1,245,686)
(1,157,196)
Total assets less current liabilities
(806,665)
(160,939)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(806,666)
(160,940)
Total equity
(806,665)
(160,939)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 30 September 2022 and are signed on its behalf by:
A Beale
Director
Company Registration No. 07812733
RONLY ALLOYS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Ronly Alloys Solutions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3rd Floor, 201 Haverstock Hill, London, NW3 4QG.
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
US dollars
, 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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company recognised a loss for the year of $6
true
45,726
and has net liabilities of $
806,665
. However at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, on the basis that the parent company has confirmed its intention, if required, to provide financial support to enable the company to settle its liabilities as they fall due for at least 12 months from the date of signing the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries
, associates and jointly controlled entities
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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Investment Impairment
Investments are held at the transaction price less impairment. The assessment of impairment requires judgements to be made, which include the completeness and accuracy of existing data, changes in industry standards for presentation of data and forecasting market demand.
A Scoping Study of the underlying asset has been completed. This will form the foundation for a Feasibility Study, prepared to an industry recognised standard. Feasibility Studies are considered a requisite by most investors. The assessment of impairment relies on the completed Scoping Study and the Directors are confident that no impairment is required to the investment.
The Directors of the investment company holding the underlying asset have committed to securing additional funds in order to complete a comprehensive Feasibility Study.
RONLY ALLOYS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.4
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.5
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
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, including
creditors
and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
RONLY ALLOYS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Foreign exchange
Transactions in currencies other than
US dollars
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (20
20
- 0).
3
Fixed asset investments
2021
2020
$
$
Shares in group undertakings and participating interests
439,021
796,257
Other investments other than loans
200,000
439,021
996,257
Movements in fixed asset investments
Shares in group undertakings and participating interests
Other investments other than loans
Total
$
$
$
Cost or valuation
At 1 January 2021
796,257
200,000
996,257
Additions
81,785
-
81,785
At 31 December 2021
878,042
200,000
1,078,042
Impairment
At 1 January 2021
-
-
-
Impairment losses
439,021
200,000
639,021
At 31 December 2021
439,021
200,000
639,021
Carrying amount
At 31 December 2021
439,021
-
439,021
At 31 December 2020
796,257
200,000
996,257
RONLY ALLOYS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Debtors
2021
2020
Amounts falling due within one year:
$
$
Trade debtors
59,293
59,361
Amounts owed by group undertakings
162,161
240,594
Other debtors
63,802
42,209
285,256
342,164
5
Creditors: amounts falling due within one year
2021
2020
$
$
Amounts owed to group undertakings
1,526,513
1,495,254
Accruals and deferred income
4,740
4,385
1,531,253
1,499,639
6
Called up share capital
2021
2020
$
$
Ordinary share capital
Issued
1 Ordinary shares of $1 each
1
1
7
Parent company
The immediate parent company is Ronly Group Limited, a company registered in England & Wales. The ultimate controlling party is Aleman, Cordero, Galindo & Lee (BVI) Limited.
The parent of the smallest and largest group into which this entity is consolidated is Ronly Group Limited, with the registered address of 3rd Floor 201, Haverstock Hill, London, NW3 4QG.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was David Selwyn.
The auditor was HW Fisher LLP.