REGISTERED NUMBER:
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BLYTH METALS LIMITED |
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 MARCH 2022 |
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REGISTERED NUMBER:
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BLYTH METALS LIMITED |
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31 MARCH 2022 |
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BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 9 |
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Other Comprehensive Income | 10 |
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Balance Sheet | 11 |
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Statement of Changes in Equity | 12 |
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Cash Flow Statement | 13 |
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Notes to the Cash Flow Statement | 14 |
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Notes to the Financial Statements | 15 |
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BLYTH METALS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2022 |
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The directors present their strategic report for the year ended 31 March 2022. |
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REVIEW OF BUSINESS |
As reported in the profit and loss account the company revenue has shown an increase this year from £5,441,634 in 2021 to £11,764,198 in the current year, an increase of 116.19%. The gross profit margin was 11.31% this year against 10.39% in 2021. The gross profit contribution was £1,330,767 this year against £565,157 in 2021. Profit after tax has increased from £316,912 to £1,542,565 in the current period. The increases across the board represent the increased demand for metals and alloys following the resurgence of trade following on from the covid pandemic. The balance sheet shows that the company's net assets at the year end has increased from £8,161,067 to £9,155,654 at the 31 March 2022. |
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Overall, the directors are satisfied by the results considering the difficulties faced in prior years as a result of Brexit and Covid 19, both of which were outside the control of the directors. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Management continually monitor the key risks facing the company together with assessing the controls used for monitoring these risks. The company has always had a stable financial background so the directors continue to hold the opinion that the company will still be able to meet its commitment to the future. |
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The principal risks and uncertainties facing the company are therefore as follows: |
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Credit risk - the company has a policy that requires appropriate credit checks to be made on its customers. Stringent and regular reviews of customer accounts are made to ensure that payments are received within prearranged credit periods. |
Economic risk - the company provides materials for the iron and steel manufacturing industries. It maintains close |
relationships with its key customers in order to be able to identify the early signs of potential financial difficulties and |
declines in local business. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining in any sector. The company has a close working relationship with its customers and therefore knows their needs. The company sources appropriate materials for its customers. The directors are aware of the uncertainty of trade in the stock industry and consider that their substantive experience using the world wide steel market will carry them through the short term future. |
Competitor risk - the market in which the company operates is considered to be competitive and therefore competitor pressure can re sult in losing sales. The company manages this risk by providing quality products and maintaining strong relations with its key customers because of its supplier contacts throughout the world. |
Reliance on key suppliers - the company purchases products from all over the world but is currently reliant on certain suppliers giving rise to p otential inflationary pricing pressure. The company manages this risk by monitoring its existing suppliers against other ma terial suppliers and by seeking alternative suppliers that may be used. The company realises its risk in currency fluctuati ons and manages its transactions to take advantage of any substantive movements by holding funds in certain currencie s where substantial volumes of business are coordinated. |
Loss of key personnel - the directors acknowledge that loss of key personnel would present some operational |
difficulties for the company. Management seeks to ensure that key personnel are encouraged to ensure that good |
performance is recognised and also to encourage its existing employees to gain senior positions. |
Key performance indicators - management regularly monitor the performance of the company. The key performance indicators used by manageme nt are turnover, profitability and cash flow. Management also review stock holding levels to assess both profitabilit y and liquidity |
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ON BEHALF OF THE BOARD: |
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BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
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DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of
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The total distribution of dividends for the year ended 31 March 2022 will be £
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FUTURE DEVELOPMENTS |
The directors will continue to search for new products and markets within its industry to sustain/increase its level of business. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLYTH METALS LIMITED |
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Opinion |
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We have audited the financial statements of Blyth Metals Limited (the 'company') for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- give a true and fair view of the financial position of Blyth Metals Limited as at 31 March 2022 and of its financial performance and its cash flows for the year then ended; |
- have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
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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 Auditors' 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 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 qualified opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 this gives rise to a material misstatement in the financial statements themselves. 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 this regard. |
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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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLYTH METALS LIMITED |
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Matters on which we are required to report by exception |
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 material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLYTH METALS LIMITED |
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Auditors' 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 a Report of the Auditors 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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Based on our understanding of the company, we identified that the principal risks of non-compliance with the laws and regulations specific to the industry and corporation tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation on the financial statements, such as the Companies Act 2006 and FRS 102. |
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We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results. |
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Audit procures performed by the engagement team include: |
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- Enquiring of and obtaining written representation from management in relation to known or suspected instances of non-compliance with laws and regulations and fraud; |
- Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
- Evaluation of management's controls designed to prevent and detect irregularities; |
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations; |
- Assessing and evaluating the business rationale of significant transactions outside the normal course of business; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed. |
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There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLYTH METALS LIMITED |
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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 a Report of the Auditors 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. |
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for and on behalf of
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Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
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BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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1,093,993 | 273,107 |
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Other operating income | 4 |
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OPERATING PROFIT | 7 |
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Income from participating interests | 8 |
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Interest receivable and similar income | 9 |
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436,457 | (23,551 | ) |
PROFIT BEFORE TAXATION |
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Tax on profit | 10 |
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PROFIT FOR THE FINANCIAL YEAR |
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BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
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Tangible assets | 13 |
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Investments | 14 |
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CURRENT ASSETS |
Stocks | 15 |
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Debtors | 16 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 17 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 18 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 19 |
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Retained earnings | 20 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2021 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2022 |
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BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Dividends received |
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Net cash from investing activities |
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Cash flows from financing activities |
Intercompany loan | 202,000 | 252,000 |
Income from foreign partnership | (168,864 | ) | 214,864 |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of
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2 |
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3,363,639 |
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Cash and cash equivalents at end of year | 2 | 6,472,857 | 5,731,072 |
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Government grants | ( |
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Finance income | (436,457 | ) | 23,551 |
1,117,202 | 302,931 |
(Increase)/decrease in stocks | ( |
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(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 6,472,857 | 5,731,072 |
Year ended 31 March 2021 |
31.3.21 | 1.4.20 |
£ | £ |
Cash and cash equivalents | 5,731,072 | 3,363,639 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.4.21 | Cash flow | At 31.3.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,731,072 | 741,785 | 6,472,857 |
5,731,072 |
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6,472,857 |
Total | 5,731,072 | 741,785 | 6,472,857 |
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Blyth Metals Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Interest income is recognised as interest accrues. |
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Dividend income is recognised when the right to receive the income has been established. |
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Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant becomes receivable as compensation for expenses or losses already incurred or for the purposes of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Investments in associates |
Investments in associate undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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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 the 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. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimated are cognised 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. |
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds both basic and non-basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, trade and other creditors, derivative financial instruments and equity investments. |
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The company has chosen to apply the measurement and recognition provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
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Financial assets - classified as basic financial instruments |
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Cash and cash equivalents - comprise cash in hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less. |
Trade and other debtors - are recognised at the transaction price. Amounts that are receivable within one year are measured at the undiscovered amount expected to be receivable, net of any impairment. |
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At the end of each reporting year, the company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the financial assets. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows. The amount of the provision is recognised immediately in profit or loss. |
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Equity investments are recognised at the transaction price. |
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Financial liabilities - classified as basic financial instruments |
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Trade and other creditors - are measured at the transaction price. Amounts that are payable within one year are measured at the undiscovered amount expected to be payable. |
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Derivative financial instrument - classified as non-basic financial instruments |
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Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into. |
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Impairment of assets |
At each reporting end date, the company reviews the carrying value of its assets and liabilities to determine whether there is any indication that those assets or liabilities have suffered an impairment loss. If any such indication exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. |
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The recoverable amount of an asset is the higher fair value less costs to sell and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset, or cash generating unit. The present value calculations involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows. |
|
Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in profit and loss. An impairment loss recognised for all assets is reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply. Impairment losses are charged to profit or loss in administration expenses. |
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
3. | TURNOVER |
|
The turnover and profit before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by class of business is given below: |
|
2022 | 2021 |
£ | £ |
|
|
|
|
|
|
|
|
|
An analysis of turnover by geographical market is given below: |
|
2022 | 2021 |
£ | £ |
United Kingdom |
|
|
Europe |
|
|
Other global sales | 1,236,797 | 800,357 |
Management charges received | 113,801 | 120,884 |
|
|
|
4. | OTHER OPERATING INCOME |
2022 | 2021 |
£ | £ |
Management fees |
|
|
Government grants |
|
|
12,115 | 67,356 |
|
2022 | 2021 |
£ | £ |
Government grants CJRS income | 115 | 55,356 |
|
|
During the year the company has received grant income under the HM Government Coronavirus Job Retention Scheme totalling £115 (2021: £55,356). Amounts recognised are included in Other Operating Income |
|
5. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
5. | EMPLOYEES AND DIRECTORS - continued |
|
The average number of employees during the year was as follows: |
2022 | 2021 |
|
Material processing | 12 | 14 |
Administration | 3 | 3 |
Directors | 2 | 2 |
|
|
|
6. | DIRECTORS' EMOLUMENTS |
2022 | 2021 |
£ | £ |
Directors' remuneration |
|
|
Directors' pension contributions to money purchase schemes |
|
|
|
7. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2022 | 2021 |
£ | £ |
Rent of processing yard |
|
|
Depreciation - owned assets |
|
|
Profit on disposal of fixed assets | ( |
) |
|
Auditors' remuneration |
|
|
|
8. | INCOME FROM PARTICIPATING INTERESTS |
2022 | 2021 |
£ | £ |
Interest in associate undertakings |
|
( |
) |
|
9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2022 | 2021 |
£ | £ |
Deposit account interest |
|
|
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
10. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
|
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2022 | 2021 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2021 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation in excess of capital allowances |
|
|
Adjustments to tax charge in respect of previous periods |
|
|
Super deductions | (328 | ) | - |
Total tax charge | 295,978 | 73,672 |
|
11. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of 1 each |
Final |
|
|
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
12. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
|
AMORTISATION |
At 1 April 2021 |
and 31 March 2022 |
|
NET BOOK VALUE |
At 31 March 2022 |
|
At 31 March 2021 |
|
|
13. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2021 |
|
Additions |
|
Disposals | ( |
) |
At 31 March 2022 |
|
DEPRECIATION |
At 1 April 2021 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 March 2022 |
|
NET BOOK VALUE |
At 31 March 2022 |
|
At 31 March 2021 |
|
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
14. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 April 2021 | 481,739 |
Share of profit/(loss) | 168,979 |
At 31 March 2022 |
|
NET BOOK VALUE |
At 31 March 2022 |
|
At 31 March 2021 |
|
|
15. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
|
|
|
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
|
|
Tax |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | - | 137,339 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
18. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 8,468 | 2,954 |
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
18. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 April 2021 |
|
Charge to Income Statement during year |
|
Balance at 31 March 2022 |
|
|
19. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | 1 | 11,000 | 11,000 |
|
20. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2021 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 March 2022 |
|
|
21. | ULTIMATE PARENT COMPANY |
|
E E Blyth & Co Limited is regarded by the directors as being the company's ultimate parent company. |
|
The parent company is 99.1% owned by Mr P E Blyth. E E Blyth & Co Limited owns 100% of the voting shares of Blyth Metals Limited. |
|
22. | CONTINGENT LIABILITIES |
|
As at the 31 March 2022 there were the following contingent liabilities. |
|
An indemnity has been given to its bankers in respect of outstanding credits, forward currency contracts and acceptances. |
|
The company has given its bankers a fixed and floating charge over certain of its assets. A contingent charge could arise if the bankers foreclose on its charges. The directors are not aware of any circumstances that could arise which would give its bankers cause to foreclose. |
|
Apart from the above item and normal trade warranties the directors know of no other significant contingent liabilities as at the 31 March 2022. |
BLYTH METALS LIMITED (REGISTERED NUMBER: 01588420) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
|
|
23. | RELATED PARTY DISCLOSURES |
|
E E Blyth & Co Limited |
|
EE Blyth & Co Limited, Carlton Industrial Estate, Carlton in Lindrick, Worksop, Nottinghamshire, S81 9LB is the ultimate parent undertaking and controlling party. The parent company prepares consolidated accounts. During the year the following transactions were made:- |
|
2022 | 2021 |
£ | £ |
|
Rent paid to E E Blyth & Co Limited | 25,000 | 25,000 |
Management services provided by the company to E E blyth & Co Limited | 12,000 | 12,000 |
Amount due by the company to E E Blyth & Co Limited on loan account | 1,654,984 | 1,452,984 |
|
|
Blyth Marble Limited |
|
Blyth Marble is a related company for group and tax purposes 89.1% of the voting share capital of this company was owned by E E Blyth & Co Limited at 31 March 2022. There is no trading between Blyth Marble Limited and Blyth Metals Limited. Some expenses are shared and recharged as appropriate. There was nothing material involved. |
|
Blyth & Co (Japan) Limited |
|
The company holds 40% of the voting power of Blyth & Co (Japan) Limited but can not exercise total control over that company. The company is not associated for tax purposes. |
|
Tophet-Blyth LLC |
|
Tophet-Blyth LLC is a 50/50 partnership between Blyth Metals Limited and Tophet Corporation Inc (registered in USA). Blyth Metals Limited can not exercise control over the company. The company is not associated for tax purposes. |