REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for
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Speira UK Limited |
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REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for
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Speira UK Limited |
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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Contents of the Financial Statements
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for the Year Ended 31 December 2021
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Page
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Company Information
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1
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Report of the Directors
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2
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Report of the Independent Auditors
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4
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Income Statement
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7
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Balance Sheet
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8
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Statement of Changes in Equity
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9
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Notes to the Financial Statements
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10
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Speira UK Limited
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previously known as Hydro Aluminium Rolled Products Ltd
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Company Information
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for the Year Ended 31 December 2021
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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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264 Banbury Road
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Oxford
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OX2 7DY
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SOLICITORS:
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3 More London Riverside
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London
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SE1 2AQ
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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Report of the Directors
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for the Year Ended 31 December 2021
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The directors present their report with the financial statements of the company for the year ended 31 December 2021.
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CHANGE OF NAME
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The company passed a special resolution on
6 July 2021
changing its name from
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PRINCIPAL ACTIVITY
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The principal activity of the company in the year under review was that of the provision of management and sales support services to other group undertakings. |
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REVIEW OF BUSINESS
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The company has claimed exemption under Section 417(1) from preparing an Enhanced Business Review and Financial
Risk Management Objectives and Policies as it is classified as a small company for this purpose.
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In preparing this financial report, the directors have taken advantage of the small companies exemption provided by
section 414B of the Companies Act 2006.
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DIVIDENDS
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No dividends will be distributed for the year ended 31 December 2021.
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DIRECTORS
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The directors who have held office during the period from 1 January 2021 to the date of this report are as follows:
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DONATIONS
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The company has made UK charitable donations of £nil (2020: £nil) and political donations of £nil (2020: £nil).
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GOING CONCERN
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The company has a contract for sales from group companies until 31 December 2022. These contracts are expected to
be renewed for 2023. As such the directors believe that the company will be able to maintain positive cash flows for the
foreseeable future.
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STATEMENT OF DIRECTORS' RESPONSIBILITIES
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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Report of the Directors
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for the Year Ended 31 December 2021
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STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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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 he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS
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The auditors, Shaw Gibbs (Audit) Limited, will be proposed for 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
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Speira UK Limited
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Opinion
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We have audited the financial statements of Speira UK Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
- | have been properly 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
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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 opinion.
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Conclusions relating to going concern
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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
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The directors are responsible for the other information. The other information comprises the information in 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
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Directors for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
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the Report of the Directors has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of
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Speira UK Limited
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Matters on which we are required to report by exception
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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 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a
Strategic Report.
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Responsibilities of directors
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As explained more fully in the Statement of Directors' Responsibilities set out on pages two and 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.
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Auditors' responsibilities for the audit of the financial statements
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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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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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1. At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company
and how the management seek to comply with those laws and regulations. This helps us to plan appropriate risk
assessments.
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2. During the audit we focussed on relevant risk areas and review the compliance with the laws and regulations by
making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other
documentation.
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3. We assessed the risk of material misstatement in the financial statements including as a result of fraud and undertook
procedures including:
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a. Reviewing the controls set in place by management
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b. Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or
where such opportunity might exist
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c. Challenging management assumptions with regard to accounting estimates
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d. Identifying and testing journal entries, particularly those which appear to be unusual by size or nature
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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the
more that compliance with a law or regulation is removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion,
omission or misrepresentation.
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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.
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Report of the Independent Auditors to the Members of
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Speira UK Limited
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Use of our report
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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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264 Banbury Road
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Oxford
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OX2 7DY
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Shaw Gibbs (Audit) Limited - Chartered Certified Accountants - Statutory
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Auditor
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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Income Statement
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for the Year Ended 31 December 2021
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31.12.21
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31.12.20
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Notes
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£'000
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£'000
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TURNOVER
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3
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Cost of sales
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GROSS PROFIT
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Administrative expenses
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OPERATING PROFIT
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5
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Interest payable and similar expenses
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6
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PROFIT BEFORE TAXATION
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Tax on profit
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7
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PROFIT FOR THE FINANCIAL YEAR
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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Balance Sheet
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31 December 2021
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31.12.21
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31.12.20
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Notes
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£'000
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£'000
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£'000
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£'000
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FIXED ASSETS
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Tangible assets
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8
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CURRENT ASSETS
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Debtors
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9
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CREDITORS
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Amounts falling due within one year
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10
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NET CURRENT ASSETS
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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CAPITAL AND RESERVES
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Called up share capital
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12
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Retained earnings
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13
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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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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Statement of Changes in Equity
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for the Year Ended 31 December 2021
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Called up
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share
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Retained
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Total
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capital
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earnings
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equity
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£'000
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£'000
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£'000
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Balance at 1 January 2020
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Changes in equity
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Total comprehensive income
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-
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Balance at 31 December 2020
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Changes in equity
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Total comprehensive income
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-
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Balance at 31 December 2021
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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Notes to the Financial Statements
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for the Year Ended 31 December 2021
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1.
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STATUTORY INFORMATION
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Speira UK Limited is a
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemption in preparing these financial statements,
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
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•
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the requirements of Section 7 Statement of Cash Flows.
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Turnover
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Turnover represents net invoiced sales of services, excluding VAT, trade discounts and other sales related taxes.
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Tangible fixed assets
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Plant and machinery
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Tangible fixed assets are stated at cost, net of depreciation and and provision for impairment. |
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The carrying value of fixed assets are reviewed for impairments if circumstances indicate that the carrying value may be irrecoverable. Any impairment is charged to the profit and loss account and the book value of the asset is reduced. |
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Taxation
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Foreign currencies
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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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Hire purchase and leasing commitments
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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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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Notes to the Financial Statements - continued
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for the Year Ended 31 December 2021
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2.
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ACCOUNTING POLICIES - continued
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Pension costs and other post-retirement benefits
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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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Going concern
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The financial statements have been prepared on a going concern basis which the Directors consider to be
appropriate for the following reasons noted below.
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The Company's operating cash inflows are dependent on intercompany sales to fellow group companies. The
Company continues to provide the services to the fellow subsidiaries of the Group in accordance with the
intercompany agreement. As a result, the Company does not believe there is any likelihood of a material impact
to the demand on the services provided. These services are expected to continue for at least 12 months from the
date of signing the accounts.
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Consequently, the Directors are confident that the Group and the Company will have sufficient funds to continue
to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements
and therefore have prepared the financial statements on a going concern basis.
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3.
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TURNOVER
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The turnover and profit before taxation are attributable to the one principal activity of the company.
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An analysis of turnover by class of business is given below:
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31.12.21
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31.12.20
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£'000
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£'000
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An analysis of turnover by geographical market is given below:
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31.12.21
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31.12.20
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£'000
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£'000
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Europe
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4.
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EMPLOYEES AND DIRECTORS
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31.12.21
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31.12.20
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£'000
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£'000
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Wages and salaries
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Social security costs
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Other pension costs
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The average number of employees during the year was as follows:
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31.12.21
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31.12.20
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Sales and administration
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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Notes to the Financial Statements - continued
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for the Year Ended 31 December 2021
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4.
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EMPLOYEES AND DIRECTORS - continued
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31.12.21
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31.12.20
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£
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£
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Directors' remuneration
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Directors' pension contributions to money purchase schemes
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The number of directors to whom retirement benefits were accruing was as follows:
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Money purchase schemes
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5.
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OPERATING PROFIT
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The operating profit is stated after charging/(crediting):
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31.12.21
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31.12.20
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£'000
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£'000
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Other operating leases
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Depreciation - owned assets
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Auditors' remuneration
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Foreign exchange differences
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(
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)
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Contributions to defined contribution pension plans
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6.
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INTEREST PAYABLE AND SIMILAR EXPENSES
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31.12.21
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31.12.20
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£'000
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£'000
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Bank interest
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7.
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TAXATION
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Analysis of the tax charge
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The tax charge on the profit for the year was as follows:
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31.12.21
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31.12.20
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£'000
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£'000
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Current tax:
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UK corporation tax
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Over provision in prior year
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(11
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-
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Tax on profit
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UK corporation tax has been charged at
19
% (2020 -
19
%).
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Speira UK Limited (Registered number: 08380483)
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previously known as Hydro Aluminium Rolled Products Ltd
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Notes to the Financial Statements - continued
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for the Year Ended 31 December 2021
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8.
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TANGIBLE FIXED ASSETS
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Plant and
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machinery
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£'000
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COST
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At 1 January 2021
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and 31 December 2021
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DEPRECIATION
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At 1 January 2021
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Charge for year
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At 31 December 2021
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NET BOOK VALUE
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At 31 December 2021
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At 31 December 2020
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9.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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31.12.21
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31.12.20
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£'000
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£'000
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Amounts owed by group undertakings
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Social security and other taxes
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3
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1
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Deferred tax asset
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Prepayments
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10.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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31.12.21
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31.12.20
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£'000
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£'000
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Trade creditors
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Amounts owed to group undertakings
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Taxation
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Social security and other taxes
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Accrued expenses
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11.
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LEASING AGREEMENTS
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Minimum lease payments under non-cancellable operating leases fall due as follows:
|
|
31.12.21
|
|
31.12.20
|
£'000
|
£'000
|
|
|
Within one year
|
|
|
|
|
|
|
Between one and five years
|
|
|
|
|
|
|
|
|
|
|
|
Speira UK Limited (Registered number: 08380483)
|
|
|
previously known as Hydro Aluminium Rolled Products Ltd
|
|
|
Notes to the Financial Statements - continued
|
for the Year Ended 31 December 2021
|
|
12.
|
CALLED UP SHARE CAPITAL
|
|
|
Allotted, issued and fully paid:
|
|
Number:
|
Class:
|
Nominal
|
31.12.21
|
|
31.12.20
|
|
value:
|
£'000
|
£'000
|
|
|
|
Ordinary
|
£1
|
10
|
|
10
|
|
|
|
13.
|
RESERVES
|
|
Retained
|
|
earnings
|
£'000
|
|
|
|
At 1 January 2021
|
|
|
|
|
Profit for the year
|
|
|
|
|
At 31 December 2021
|
|
|
|
|
14.
|
ULTIMATE PARENT COMPANY
|
|
|
Norsk Hydro ASA was regarded at the company's ultimate parent company from the start of the year to 31 May
2021. On 1 June 2021, the business was sold to KPS Capital Partners.
|
|
|
The group consolidated statements are the consolidated, IFRS financial statements also for Speira Bidco II AS,
Norway.
|
|
15.
|
RELATED PARTY DISCLOSURES
|
|
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
transactions with other companies within the group.
|