REGISTERED NUMBER: 12863419 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ALTILIUM METALS LTD |
REGISTERED NUMBER: 12863419 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ALTILIUM METALS LTD |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
ALTILIUM METALS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Riverside House |
1-5 Como Street |
Romford |
Essex |
RM7 7DN |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Period |
7.9.20 |
Year Ended | to |
31.12.22 | 31.12.21 |
Notes | $ | $ |
REVENUE | 250,170 | 421,454 |
Cost of sales | 182,946 | 178,444 |
GROSS PROFIT | 67,224 | 243,010 |
Administrative expenses | 1,105,211 | 359,642 |
(1,037,987 | ) | (116,632 | ) |
Other operating income | 906,622 | 70,477 |
OPERATING LOSS | 4 | (131,365 | ) | (46,155 | ) |
Profit/loss on disposal of |
investment | 5 | 8,272,390 | - |
(8,403,755 | ) | (46,155 | ) |
Gain/loss on revaluation of assets | (2,246 | ) | (715,519 | ) |
(8,406,001 | ) | (761,674 | ) |
Interest payable and similar expenses | 30,209 | 32,510 |
LOSS BEFORE TAXATION | (8,436,210 | ) | (794,184 | ) |
Tax on loss | 28,153 | 75,298 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (8,493,304 | ) | (866,493 | ) |
Non-controlling interests | 28,941 | (2,989 | ) |
(8,464,363 | ) | (869,482 | ) |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Intangible assets | 7 | 115,334,641 | 114,995,411 |
Property, plant and equipment | 8 | 1,468,517 | 1,617,873 |
Investments | 9 | 206,525 | 208,771 |
117,009,683 | 116,822,055 |
CURRENT ASSETS |
Inventories | - | 17,868 |
Debtors | 10 | 952,332 | 799,290 |
Cash at bank | 228,263 | 111,076 |
1,180,595 | 928,234 |
CREDITORS |
Amounts falling due within one year | 11 | 586,439 | 158,747 |
NET CURRENT ASSETS | 594,156 | 769,487 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
117,603,839 |
117,591,542 |
CREDITORS |
Amounts falling due after more than one year |
12 |
23,724,817 |
25,224,040 |
NET ASSETS | 93,879,022 | 92,367,502 |
CAPITAL AND RESERVES |
Called up share capital | 94,183,926 | 92,483,422 |
Retained earnings | (9,358,383 | ) | (865,079 | ) |
SHAREHOLDERS' FUNDS | 84,825,543 | 91,618,343 |
NON-CONTROLLING INTERESTS | 9,053,479 | 749,159 |
TOTAL EQUITY | 93,879,022 | 92,367,502 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2022 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2023 and were signed on its behalf by: |
K Mahdavi - Director |
C H Marston - Director |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
COMPANY BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Intangible assets | 7 |
Property, plant and equipment | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (8,943,397 | ) | (779,169 | ) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
COMPANY BALANCE SHEET - continued |
31 DECEMBER 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Altilium Metals Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill on consolidation |
Goodwill on Consolidation is the difference between the carrying cost of the net assets of the companies acquired and the value placed on them when they were acquired. The balance is reviewed annually. |
Intangible assets |
Development costs are being amortised with reference to the depletion of the known reserves in the period. There was no depletion of reserves in the year. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 4 (2021 - 2 ) . |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
Period |
7.9.20 |
Year Ended | to |
31.12.22 | 31.12.21 |
$ | $ |
Depreciation - owned assets | 58,553 | 62,154 |
Development costs amortisation | - | 27,153 |
5. | EXCEPTIONAL ITEMS |
Period |
7.9.20 |
Year Ended | to |
31.12.22 | 31.12.21 |
$ | $ |
Profit/loss on disposal of |
investment | (8,272,390 | ) | - |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
7. | INTANGIBLE FIXED ASSETS |
Group |
Other |
intangible |
Goodwill | assets | Totals |
$ | $ | $ |
COST |
At 1 January 2022 | 107,168,741 | 7,853,823 | 115,022,564 |
Additions | 869,869 | 161,968 | 1,031,837 |
Exchange differences | - | (695,010 | ) | (695,010 | ) |
At 31 December 2022 | 108,038,610 | 7,320,781 | 115,359,391 |
AMORTISATION |
At 1 January 2022 | - | 27,153 | 27,153 |
Exchange differences | - | (2,403 | ) | (2,403 | ) |
At 31 December 2022 | - | 24,750 | 24,750 |
NET BOOK VALUE |
At 31 December 2022 | 108,038,610 | 7,296,031 | 115,334,641 |
At 31 December 2021 | 107,168,741 | 7,826,670 | 114,995,411 |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
8. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Plant and |
Land and | machinery |
buildings | etc | Totals |
$ | $ | $ |
COST |
At 1 January 2022 | 438,588 | 1,305,527 | 1,744,115 |
Additions | - | 19,780 | 19,780 |
Exchange differences | (26,354 | ) | (92,530 | ) | (118,884 | ) |
At 31 December 2022 | 412,234 | 1,232,777 | 1,645,011 |
DEPRECIATION |
At 1 January 2022 | 9,528 | 116,714 | 126,242 |
Charge for year | 2,225 | 56,328 | 58,553 |
Exchange differences | (627 | ) | (7,674 | ) | (8,301 | ) |
At 31 December 2022 | 11,126 | 165,368 | 176,494 |
NET BOOK VALUE |
At 31 December 2022 | 401,108 | 1,067,409 | 1,468,517 |
At 31 December 2021 | 429,060 | 1,188,813 | 1,617,873 |
Company |
Plant and |
machinery |
etc |
$ |
COST |
Additions |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | FIXED ASSET INVESTMENTS |
Investments in Subsidiary Companies |
Investments in Group Companies are stated at cost which is the fair value of the consideration paid, less any impairment provision. The parent company's net investment in subsidiaries is ultimately dependent on the carrying value of the underlying assets. The directors obtained independent valuations of the underlying assets in the companies they acquired in exchange for the issue of shares in Altilium Metals Limited. The directors are confident that with the exception of the carrying value of the investment in Earthworx Holdings Ltd, as a result of an impairment in that company's share of an associated company, no further impairment provision is required. |
The company's investments at the Balance Sheet date include the share capital of the following companies: |
Name of Subsidiary |
Country of incorporationand Place of business |
Proportion of Ord. Share Held by the Group (% |
) |
2022 | 2021 |
Altiltech Ltd | UK | 100.00% | 100.00% |
Altilium pte Ltd | Singapore | 100.00% | 100.00% |
PT Mandala Erakovic (Disposal 2022 - See note 14) |
Indonesia |
82.00% |
95.00% |
Medet "MBS" EAD | Bulgaria | 94.96% | 94.96% |
AM Petroleum EOOD | Bulgaria | 95.00% | 95.00% |
Earthworx Holdings Ltd | UK | 100.00% | 100.00% |
Altilitech TC Ltd | UK | 100.00% | - |
Altilium Metals TC Ltd | UK | 100.00% | - |
The group's investments include Earthworx Holdings Ltd associate holding of 30% in Earthworx Indonesia which had an impairment in the year: |
$ |
Investment cost bf | 93,353,290 |
Disposal | (8,272,390 | ) |
Impairment bf | (715,519 | ) |
Impairment in the year | (2,246 | ) |
Investment value carried forward | 84,363,135 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
$ | $ | $ | $ |
Trade debtors | 308,219 | 61,082 |
Other debtors | 644,113 | 738,208 |
952,332 | 799,290 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
$ | $ | $ | $ |
Trade creditors | 32,233 | 20,942 |
Taxation and social security | 54,948 | 93,834 |
Other creditors | 499,258 | 43,971 |
586,439 | 158,747 |
ALTILIUM METALS LTD (REGISTERED NUMBER: 12863419) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2022 | 2021 |
$ | $ |
Other creditors | 23,724,817 | 25,224,040 |
13. | RELATED PARTY DISCLOSURES |
Included in other debtors is a related party debtor of $304,786 in PT Mandala Erakovic which is a company controlled by Altilium Metals Ltd as set out in note 9 above. |
Included in Other Creditors is a related party loan of $1,081,019 which relates to Mr K Mahdavi funding the costs of the businesses until they become operational. He has been doing this both personally and through a company that he owns, Somon Resources Ltd . |
Somon Resources Ltd is also the holder of the debt of $22,643,798 making up the remainder of other creditors falling due after more than one year. |
14. | DISPOSAL OF SHARES |
In February 2022, as part of a re-organisation of shareholdings, Altilium Metals (AM) disposed of 13% of its holdings in PT Mandala Erakovic (PTME) to some of the existing shareholders in PTME in return for the shares they held in AM, which at the time represented 8.86% of the issued share capital. These shares were then distributed to the remaining shareholders in their existing holding ratios. This resulted in a non-monetary loss in AM's accounts of $8,272,390. |