Company Registration No. 06214162 (England and Wales)
LUNDIN MINING UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
LUNDIN MINING UK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
LUNDIN MINING UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Trade and other receivables
3
1,797,283
2,320,124
Cash at bank and in hand
345,851
193,276
2,143,134
2,513,400
Current liabilities
4
(65,720)
(501,520)
Net current assets
2,077,414
2,011,880
Equity
Called up share capital
6
1
1
Retained earnings
2,077,413
2,011,879
Total equity
2,077,414
2,011,880

The director of the company has elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 August 2022 and are signed on its behalf by:
Mr L Binge
Director
Company Registration No. 06214162
LUNDIN MINING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Lundin Mining UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis. The company is reliant on its ongoing trading with its parent company to continue in operation, and the parent company has confirmed the continuance of this trading for a period of not less than twelve months from the approval of the financial statements.

 

Based on these assessments and having regard to the resources available to the entity, the Director has concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.

1.3
Revenue

Revenue represents amounts receivable for services net of VAT. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance of services.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include amounts receivable from group entities and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

LUNDIN MINING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons employed by the company during the year was 2 (2020 - 3).

3
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,777,053
2,286,496
Other receivables
20,230
33,628
1,797,283
2,320,124
4
Current liabilities
2021
2020
£
£
Trade payables
1,085
-
0
Taxation and social security
5,963
138,093
Other payables
58,672
363,427
65,720
501,520
LUNDIN MINING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
5
Share-based payment transactions

The company participates in an incentive plan operated by Lundin Mining Corporation, the ultimate parent company. Under this plan key personnel receive remuneration in the form of share options and Restricted Stock Units (RSUs) in the ultimate parent company.

 

As a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements including this company, the company has taken advantage of the exemptions from the disclosures required under Section 26 ‘Share-based Payment’.

6
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Robin Evans BA FCA CTA.
The auditor was Carpenter Box.
Carpenter Box is a trading name of Carpenter Box Limited.
8
Parent company

The immediate controlling party is Lundin Mining AB. The ultimate controlling party is Lundin Mining Corporation, a company incorporated in Canada. Copies of Lundin Mining Corporation consolidated financial statements can be obtained from the Company Secretary at 150 King Street West, Suite 2200, P.O Box 38, Toronto, ON M5H 1J9, Canada.

 

 

 

 

2021-12-312021-01-01false05 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedMr S T GatleyMr L BingeMr P Morgan062141622021-01-012021-12-31062141622021-12-31062141622020-12-3106214162core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3106214162core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3106214162core:CurrentFinancialInstruments2021-12-3106214162core:CurrentFinancialInstruments2020-12-3106214162core:ShareCapital2021-12-3106214162core:ShareCapital2020-12-3106214162core:RetainedEarningsAccumulatedLosses2021-12-3106214162core:RetainedEarningsAccumulatedLosses2020-12-3106214162bus:Director42021-01-012021-12-31062141622020-01-012020-12-3106214162core:WithinOneYear2021-12-3106214162core:WithinOneYear2020-12-3106214162bus:PrivateLimitedCompanyLtd2021-01-012021-12-3106214162bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3106214162bus:FRS1022021-01-012021-12-3106214162bus:Audited2021-01-012021-12-3106214162bus:Director12021-01-012021-12-3106214162bus:Director22021-01-012021-12-3106214162bus:CompanySecretary12021-01-012021-12-3106214162bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP