Registered number:
08004961
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
COMPANY INFORMATION
|
O F J C De Rendinger
(resigned
11 February 2019
)
|
|
|
|
C Howells
(resigned
27 September 2019
)
|
|
W K B Ward-Brew
(appointed
12 March 2019
)
|
|
|
|
|
|
Anglo American Corporate Secretary Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
CONTENTS
|
|
|
|
Directors' Responsibilities Statement
|
|
Independent Auditor's Report
|
|
Statement of Comprehensive Income
|
|
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their annual report and the audited financial statements for the year ended 31 December 2019. The Company, by virtue of qualifying as small under 382 and 383 of The Companies Act 2006, has taken advantage of the exemption from preparing a Strategic Report as permitted under section 414A(2) of the Companies Act 2006.
The Company is an investment holding company. The directors have the present intention of maintaining the business in its current form.
The loss for the year, after taxation, amounted to $
224,643,000
(2018 -
loss of
$
202,800
,000)
.
The increased loss for the year is as a result of an increase in interest payable on loans from group undertakings during the year.
The directors do not recommend the payment of a final dividend.
The directors who served during the year and up to the date of this report were:
O F J C De Rendinger
(resigned
11 February 2019
)
|
|
C Howells
(resigned
27 September 2019
)
|
W K B Ward-Brew
(appointed
12 March 2019
)
|
The directors are not aware, at the date of this report, of any likely major changes in the Company’s activities in the next year.
The Company’s ability to operate as a going concern is assessed in conjunction with Anglo American plc and its subsidiaries (together the “Group”) as its viability is dependent upon the ability of the Group companies to settle their intercompany balances with the Company and to provide funds for working capital needs. Anglo American Services (UK) Ltd have confirmed that they intend to provide financial resources, where requested, for at least 12 months from the date of signing these financial statements, whilst the Company remains a subsidiary of Anglo American plc.
The directors of the Company therefore feel that the Company will have sufficient funds, taking account of possible changes in trading performance (including specifically the potential impact of COVID-19 on the cash flows of the Company, Anglo American Services (UK) Ltd and Anglo American plc) and amounts owed by other Group companies, to conclude that the Company can adopt the going concern basis for the foreseeable future.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
DISCLOSURE OF INFORMATION TO AUDITOR
|
Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
∙
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
POST BALANCE SHEET EVENTS
|
Following the end of 2019 the novel coronavirus (COVID-19) has been declared a pandemic by the World Health Organisation. The emergence of COVID-19 is considered a non-adjusting post balance sheet event as defined in IAS 10 Events after the reporting period since it represents a set of conditions which only arose after the balance sheet date. The impact of COVID-19 on the world economy and the Company’s future financial performance remains uncertain. Depending on the extent and severity of the pandemic, there may be a material impact on the Company’s accounting estimates in future periods.
Deloitte LLP will not be seeking re-appointment as auditor of the Company at the conclusion of their current term of office. Accordingly, the directors intend to appoint PricewaterhouseCoopers LLP as external auditor to the Company for 2020. This follows the impending appointment of PricewaterhouseCoopers LLP as external auditor to the Group at the 2020 Annual General Meeting of Anglo American plc, the Company’s ultimate parent company. There are no circumstances connected with the resignation of Deloitte LLP as external auditor which should be brought to the attention of members or creditors of the Company.
This report was approved by the board on
15 April 2020
and signed on its behalf.
Claire Murphy
For and on behalf of
Anglo American Corporate Secretary Limited
Secretary
|
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors are responsible for preparing the Annual report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare annual financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of Anglo American Diamond Holdings Limited (the ‘Company’):
∙
give a true and fair view of the state of the Company's affairs as at 31 December 2019 and of its loss for the year then ended; and
∙
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 101 “Reduced Disclosure Framework” and
∙
have been properly prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of the Company which comprise:
∙
the Statement of comprehensive income;
∙
the Balance sheet;
∙
the Statement of changes in equity; and
∙
the related notes 1 to 14.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the FRC’s) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We are required by ISAs (UK) to report in respect of the following matters where:
∙
the directors’ use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
We have nothing to report in respect of these matters.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
Other information (continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in respect of these matters.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our auditor’s report.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Directors' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' report.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
∙
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙
the financial statements are not in agreement with the accounting records and returns; or
∙
certain disclosures of directors' remuneration specified by law are not made; or
∙
we have not received all the information and explanations we require for our audit; or
∙
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
We have nothing to report in respect of these matters.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Barnett
FCA
for and on behalf of
Deloitte LLP
Statutory Auditor
London
United Kingdom
Hill House
1 Little New St
London
United Kingdom
EC4A 3TR
16 April 2020
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
|
|
|
|
Interest payable and expenses
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FOR THE FINANCIAL YEAR
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
The notes on pages 11 to 18 form part of these financial statements.
|
The results relate to the continuing operations of the Company.
|
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
REGISTERED NUMBER:
08004961
|
BALANCE SHEET
AS AT
31 DECEMBER 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
15 April 2020
.
The notes on pages 11 to 18 form part of these financial statements.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Anglo American Diamond Holdings Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales.
The nature of the Company’s operations and principal activities is set out in the Directors’ report.
The address of the registered office is given on the Company Information page.
2.
ACCOUNTING POLICIES
|
|
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 101 'Reduced Disclosure Framework'
and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
|
|
FINANCIAL REPORTING STANDARD 101 - REDUCED DISCLOSURE EXEMPTIONS
|
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙
the requirements of IFRS 7 Financial Instruments: Disclosures
∙
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
∙
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙
the requirements of IAS 7 Statement of Cash Flows
∙
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
The Company may take FRS 101 exemptions as it is a member of a group where the parent prepares publicly available consolidated financial statements which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss and the Company is included in that consolidation.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
The Company’s ability to operate as a going concern is assessed in conjunction with Anglo American plc and its subsidiaries (together the “Group”) as its viability is dependent upon the ability of the Group companies to settle their intercompany balances with the Company and to provide funds for working capital needs. Anglo American Services (UK) Ltd have confirmed that they intend to provide financial resources, where requested, for at least 12 months from the date of signing these financial statements, whilst the Company remains a subsidiary of Anglo American plc.
The directors of the Company therefore feel that the Company will have sufficient funds, taking account of possible changes in trading performance (including specifically the potential impact of COVID-19 on the cash flows of the Company, Anglo American Services (UK) Ltd and Anglo American plc) and amounts owed by other Group companies, to conclude that the Company can adopt the going concern basis for the foreseeable future.
|
|
IMPACT OF NEW INTERNATIONAL REPORTING STANDARDS, AMENDMENTS AND INTERPRETATIONS
|
IFRS 16
There are no material adjustments required to be made to the Company's financial statements as a result of the application of IFRS 16.
The Company has applied IFRS 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognised in retained earnings at 1 January 2019.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in the Statement of Comprehensive Income, 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.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.
Impairment of financial assets
The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
|
|
FINANCIAL INSTRUMENTS (continued)
|
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
Financial liabilities
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
|
JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
|
There are no critical judgments made by the directors in applying the Company's accounting policies other than assessing investments for impairment.
Impairment of investments in subsidiaries
Determining whether the Company’s debt and equity investments in subsidiaries have been impaired requires estimations of the recoverable amount of the investments. Recoverable amount is the higher of fair value less costs of disposal and value in use. The value in use calculations require the Company to estimate the future cash flows expected to arise from the investments and suitable discount rates in order to calculate present values.
If the recoverable amount of an investment is estimated to be less than its carrying amount, the carrying amount of the investment is reduced to its recoverable amount. An impairment loss is recognised in the statement of comprehensive income.
|
|
|
Audit fees for the audit of these financial statements of $2,435 (
2018 - $
2,487) was borne by Anglo American Services (UK) Ltd in both the current and preceding years.
|
|
The Company has no employees other than the directors, who did not receive any remuneration
(2018 - $
NIL
)
.
|
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
|
INTEREST PAYABLE AND SIMILAR EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable on loans from group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
Current tax on loss for the year
|
|
|
|
|
|
|
|
|
|
|
|
FACTORS AFFECTING TAX CHARGE FOR THE YEAR
|
|
The tax assessed for the year is higher than
(2018 - higher than)
the standard rate of corporation tax in the UK of
19
%
(2018 -
19
%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss multiplied by standard rate of corporation tax in the UK of 19% (2018 - 19%)
|
|
|
|
|
|
|
|
Group relief surrendered for nil payment
|
|
|
|
TOTAL TAX CHARGE FOR THE YEAR
|
|
|
|
FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
|
On 6 September 2016, the Finance Act 2016 was substantively enacted and provided for a reduction in the main rate of UK corporation tax from 19% to 17% from 1 April 2020. Deferred tax has therefore been recognised at the 17% rate where appropriate.
On 17th March 2020, a Budget resolution was passed which substantively enacted an increase in the rate of UK corporation tax to 19% from 1 April 2020.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following was a subsidiary undertaking of the Company:
|
|
|
|
|
|
|
|
Anglo Diamond
Investments Limited
|
3rd Floor, 44 Esplanade, St Helier, Jersey,
JE4 9WG
|
|
|
|
|
Group financial statements are not presented as the Company is a wholly owned subsidiary undertaking of Anglo American plc, a company incorporated in the United Kingdom and registered in England and Wales. Accordingly, these financial statements present information about the Company as an individual undertaking and not about its group. Consolidated financial statements have not been prepared because the Company is exempt under s400 of the Companies Act 2006.
|
|
CREDITORS: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
The Company has facility agreements with affiliated undertakings of which $4,855,257,000 had been drawn at year end. The balance bears interest at a market related rate. The amounts owed are unsecured and repayable on demand.
|
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
|
|
|
|
|
Financial liabilities measured at amortised cost
|
|
|
|
Financial liabilities measured at amortised cost comprise amounts owed to group undertakings.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares classified as equity
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
51,235
ordinary
shares of $
1.00
each
|
|
|
The Company has one class of ordinary shares which carry no right to fixed income.
Share premium account
Share premium represents the excess of the issue price over the par value on shares issued less transaction costs arising on issue.
Profit and loss account
Profit and loss account reserve represents accumulated retained earnings or losses.
|
POST BALANCE SHEET EVENTS
|
Following the end of 2019, the novel coronavirus (COVID-19) has been declared a pandemic by the World Health Organisation. The emergence of COVID-19 is considered a non-adjusting post balance sheet event as defined in IAS 10 Events after the reporting period since it represents a set of conditions which only arose after the balance sheet date.
The impact of COVID-19 on the world economy and the Company’s future financial performance remains uncertain. Depending on the extent and severity of the pandemic, there may be a material impact on the Company’s accounting estimates in future periods.
As a result of COVID-19, the De Beers Group did not hold its third Sight (diamond sales event) of 2020. Depending on the impact of COVID-19 on the De Beers Group during the rest of 2020, the Company may need to impair its investment in Anglo Diamond Investments Limited.
|
|
|
|
ANGLO AMERICAN DIAMOND HOLDINGS LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
|
ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
|
The immediate parent company is Anglo American Investments (UK) Limited, a company incorporated in the United Kingdom and registered in England and Wales.
The ultimate parent company and ultimate controlling entity is Anglo American plc, a company incorporated in the United Kingdom and registered in England and Wales. Anglo American plc is the parent undertaking of the largest and smallest group which includes the Company and for which group financial statements are prepared.
The financial statements of both the immediate and ultimate parent companies may be obtained from the Company Secretary, 20 Carlton House Terrace, London SW1Y 5AN, the registered office of both companies.
|