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13,351
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COMPANY REGISTRATION NUMBER:
05723781
Boliden Commercial UK Limited |
|
Boliden Commercial UK Limited |
|
Year ended 31 December 2021
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the member |
4 to 7 |
|
|
Statement of income and retained earnings |
8 |
|
|
Statement of financial position |
9 |
|
|
Notes to the financial statements |
10 to 13 |
|
|
Boliden Commercial UK Limited |
|
Officers and Professional Advisers |
|
The board of directors |
S.T. Hjelmstedt |
|
D.B.J. Peltonen |
|
T.R.M. Ronnerling |
|
|
Company secretary |
L.J. May |
|
|
Registered office |
9 Hurst Road |
|
Longford |
|
Coventry |
|
CV6 6EG |
|
|
Auditor |
Edwards Pearson & White (Audit) Limited |
|
Certified Chartered & statutory auditor |
|
8 Jury Street |
|
Warwick |
|
CV34 4EW |
|
|
Boliden Commercial UK Limited |
|
Year ended 31 December 2021
The directors present their report and the financial statements of the company for the year ended
31 December 2021
.
Directors
The directors who served the company during the year were as follows:
S.T. Hjelmstedt |
|
D.B.J. Peltonen |
|
T.R.M. Ronnerling |
|
|
|
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
25 August 2022
and signed on behalf of the board by:
Boliden Commercial UK Limited |
|
Independent Auditor's Report to the Member of
Boliden Commercial UK Limited |
|
Year ended 31 December 2021
Opinion
We have audited the financial statements of Boliden Commercial UK Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation. We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following: 1. An understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework, including a review of legal and professional nominal codes and minutes of meetings. 2. Obtaining an understanding of the company's policies and procedures and how the company has complied with these, through discussions and sample testing. 3. An understanding of the company's risk assessment process, including the risk of fraud. 4. Performing audit work over the risk of management override of controls, including testing of journal entries for appropriateness. Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error. 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. 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 misrepresentations, or through collusion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.
David Pearson |
(Senior Statutory Auditor) |
|
For and on behalf of |
Edwards Pearson & White (Audit) Limited |
Certified Chartered & statutory auditor |
8 Jury Street |
Warwick |
CV34 4EW |
|
26 August 2022
Boliden Commercial UK Limited |
|
Statement of Income and Retained Earnings |
|
Year ended 31 December 2021
|
2021 |
2020 |
Note |
£ |
£ |
Turnover |
233,362 |
225,904 |
|
|
|
|
-------- |
-------- |
Gross profit |
233,362 |
225,904 |
|
|
|
Administrative expenses |
222,307 |
215,227 |
|
-------- |
-------- |
Operating profit |
11,055 |
10,677 |
|
|
|
Other interest receivable and similar income |
57 |
80 |
|
|
-------- |
-------- |
Profit before taxation |
5 |
11,112 |
10,757 |
|
|
|
|
Tax on profit |
2,356 |
2,205 |
|
------- |
------- |
Profit for the financial year and total comprehensive income |
8,756 |
8,552 |
|
------- |
------- |
|
|
|
Retained earnings at the start of the year |
57,346 |
48,794 |
|
------- |
------- |
Retained earnings at the end of the year |
66,102 |
57,346 |
|
------- |
------- |
|
|
|
All the activities of the company are from continuing operations.
Boliden Commercial UK Limited |
|
Statement of Financial Position |
|
31 December 2021
Current assets
Debtors |
7 |
26,526 |
|
27,139 |
Cash at bank and in hand |
73,802 |
|
57,219 |
|
-------- |
|
------- |
|
100,328 |
|
84,358 |
|
|
|
|
|
Prepayments and accrued income |
1,766 |
|
2,044 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
12,370 |
|
6,174 |
|
-------- |
|
------- |
Net current assets |
|
89,724 |
80,228 |
|
|
------- |
------- |
Total assets less current liabilities |
|
89,724 |
80,228 |
|
|
|
|
|
Accruals and deferred income |
|
23,621 |
22,881 |
|
|
------- |
------- |
Net assets |
|
66,103 |
57,347 |
|
|
------- |
------- |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
|
1 |
1 |
Profit and loss account |
|
66,102 |
57,346 |
|
|
------- |
------- |
Shareholder funds |
|
66,103 |
57,347 |
|
|
------- |
------- |
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
25 August 2022
, and are signed on behalf of the board by:
Company registration number:
05723781
Boliden Commercial UK Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2021
1.
General information
The financial statements are for a single entity and the company is a private company limited by shares, incorporated, registered and trading in England and Wales with company number
05723781
. The address of the registered office is 9 Hurst Road, Longford, Coventry, CV6 6EG.
2.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Going concern
As the company is dependant on the parent company for its sales, the accounts have been drawn up on a going concern basis which assumes their support over the next twelve months.
Judgements and key sources of estimation uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and Equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3.
Auditor's remuneration
|
2021 |
2020 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
4,700 |
4,600 |
|
------ |
------ |
|
|
|
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2020:
4
).
5.
Profit before taxation
Profit before taxation is stated after charging:
|
2021 |
2020 |
|
£ |
£ |
Depreciation of tangible assets |
– |
108 |
|
---- |
---- |
|
|
|
6.
Tangible assets
|
Plant and machinery |
|
£ |
Cost |
|
At 1 January 2021 and 31 December 2021 |
13,351 |
|
------- |
Depreciation |
|
At 1 January 2021 and 31 December 2021 |
13,351 |
|
------- |
Carrying amount |
|
At 31 December 2021 |
– |
|
------- |
At 31 December 2020 |
– |
|
------- |
|
|
7.
Debtors
|
2021 |
2020 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
23,903 |
23,642 |
Other debtors |
2,623 |
3,497 |
|
------- |
------- |
|
26,526 |
27,139 |
|
------- |
------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Social security and other taxes |
12,370 |
6,174 |
|
------- |
------ |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2021 |
2020 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2021 |
2020 |
|
£ |
£ |
Not later than 1 year |
29,717 |
24,000 |
Later than 1 year and not later than 5 years |
5,240 |
– |
|
------- |
------- |
|
34,957 |
24,000 |
|
------- |
------- |
|
|
|
11.
Limitation of auditors liability
The company on 1 February 2022 has entered into a limitation of auditors liability with the auditor limiting the auditor's liability to a maximum of £1,000,000 (including interest).
12.
Controlling party
The ultimate parent undertaking and controlling party of the company is
Boliden Commercial AB
, a company registered in Sweden. Boliden Commercial AB is the parent company of the largest and smallest group in which the company belongs and for which the group financial statements are prepared. A copy of the group financial statements of Boliden Commercial AB are available from the parent's registered office situated at: Boliden Commercial AB Klarabergsviadukten 90 S-101 20 Stockholm Sweden