REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Gold Star Metal Traders Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Gold Star Metal Traders Ltd |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company information | 1 |
Strategic report | 2 | to | 3 |
Report of the directors | 4 | to | 5 |
Report of the independent auditors | 6 | to | 9 |
Income statement | 10 |
Other comprehensive income | 11 |
Statement of financial position | 12 |
Statement of changes in equity | 13 |
Notes to the financial statements | 14 | to | 22 |
Gold Star Metal Traders Ltd |
Company Information |
for the Year Ended 31 March 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Strategic Report |
for the Year Ended 31 March 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
We aim to present a balanced review of the Company's performance and development during the year that is consistent with the size and nature of our business and that also covers the principal risks and uncertainties faced by the Company. |
Review of business |
The Invasion of Ukraine by Russia in February 2022 pushed the demand for various raw materials to unprecedented highs which in turn lead to a huge spike in both the demand and the price during the current year. |
The use of Red Diesel was abolished on 1 April 2022 which saw our fuel costs increase significantly. We undertook various tests during the previous year to ensure the business remained profitable. |
Turnover has decreased by 18.9% to £39.5m from £48.7m in 2022 and profit margins have reduced slightly from 16.5% in 2022 to 13.2% in 2023. This is due to the reduction in commodity prices. During the Covid-19 pandemic, commodities were driven to unprecedented levels due to low supply and high demand. |
Looking forward the markets are bullish but during these uncertain times the Directors will remain on high alert to react to any situations that may arise in the near future. Continued investment in within the company on various projects and future assets will support the future of the business as the company looks forward to continued growth and profitability. |
Principal risks and uncertainties |
The management of the business and the execution of the company's strategy are subject to a number of risks. |
The key business risks affecting the company are considered to relate to maintaining the customer base, matching product supply to demand throughout the year in an ever changing market place. The supply demand of material has been somewhat restricted shipping constraints, imminent cost increases with the ban of use of rebated fuels and increasing regulatory burden. |
The company uses various financial instruments including loans/overdrafts, cash and management of working capital in order to finance its operations. The directors review and agree policies to manage the key risks envisaged in respect of each instrument, these policies remain unchanged from previous years. |
Liquidity Risk - The company manages it's liquidity risk by maintaining adequate reserves and bank facilities, including stock loans with its bankers HSBC, by monitoring cash flows and its working capital requirements. |
Credit Risk - The company's main financial assets are trade receivables and cash and bank balances. Those assets represent the company's main exposure to credit risk, which is that a counterparty will fail to discharge its obligations, resulting in financial loss to the company. The directors believe that credit risk is both limited and mitigated as a result of a significant proportion of credit sales being paid prior to stock being released. |
Foreign Currency Risk - The company does conduct a growing level of trade outside the UK, the company would undertake hedging/forward currency contracts where appropriate to minimise the exchange rate exposure. |
Interest Rate Risk - The company funds its operations through a combination of retained profits, internally generated cash, asset-backed finance arrangements and banking facilities. Interest rate swap instruments would be utilised to mitigate this risk where appropriate. |
Financial key performance indicators |
KPI's for the business are measured on daily cash flow forecasts and monthly management information, monthly meetings take place by both management and Directors to assess the KPI. The company is also assessed regularly by the Environment Agency and FORS to ensure compliance of the highest level. |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Strategic Report |
for the Year Ended 31 March 2023 |
Other key performance indicators |
Where appropriate the directors set indicators to measure its non-financial performance in a number of ways in line with other companies similar in size and nature to Gold Star Metal Traders Ltd. |
On behalf of the board: |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
Principal activity |
The principal activity of the company in the year under review was that of The principal activity of the company in the year was the wholesale of waste and scrap metal. |
Dividends |
No interim dividend was paid during the year. The directors recommend a final dividend of £ |
The total distribution of dividends for the year ended 31 March 2023 will be £ |
Directors |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations. |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that 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. |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Report of the Directors |
for the Year Ended 31 March 2023 |
Auditors |
The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Gold Star Metal Traders Ltd |
Opinion |
We have audited the financial statements of Gold Star Metal Traders Ltd (the 'company') for the year ended 31 March 2023 which comprise the Income statement, Other comprehensive income, Statement of financial position, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon. |
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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Gold Star Metal Traders Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Report of the directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of directors' responsibilities set out on page four, 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. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Gold Star Metal Traders Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client company's sector. |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journals entries to identify unusual transactions; |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; |
- | enquiring of management as to actual and potential litigation and claims; |
- | reviewing correspondence with HMRC and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
Report of the Independent Auditors to the Members of |
Gold Star Metal Traders Ltd |
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. |
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. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Income Statement |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover | 4 |
Cost of sales |
Gross profit |
Administrative expenses |
1,485,731 | 4,451,704 |
Other operating income |
Operating profit | 7 |
Interest payable and similar expenses | 8 |
Profit before taxation |
Tax on profit | 9 |
Profit for the financial year |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Other Comprehensive Income |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Profit for the year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 |
Current assets |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
Creditors |
Amounts falling due within one year | 14 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
Provisions for liabilities | 19 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 20 |
Retained earnings | 21 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 March 2023 |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | Statutory information |
Gold Star Metal Traders Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
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": |
• | the requirements of Section 7 Statement of Cash Flows. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Other fixed assets | - |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Government grants |
Grants are accounted for under the accruals model. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss at the same rate as the depreciation on the assets to which the grant relates.The deferred element of grants is included in creditors as deferred income. |
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Europe |
Rest of the world | 8,442,095 | 4,397,286 |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production and drivers | 14 | 36 |
Administrative | 8 | 9 |
Management | 12 | 13 |
6. | Directors' emoluments |
During the year retirement benefits were accruing to 5 directors (2022 - 5) in respect of defined contribution pension schemes. |
7. | Operating profit |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | ( |
) | ( |
) |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
8. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Bank loan interest |
Other interest payable |
Hire purchase interest |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Tax effect on losses group relieved | (203,799 | ) | - |
Total current tax | ( |
) |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Profit on disposal of fixed assets | ( |
) | ( |
) |
General provisions movement |
Deferred Tax |
Total tax charge | 428,790 | 886,343 |
Deferred tax consists of accelerated capital allowances of £1,097,006 (2022: £471,917). |
Deferred Tax is calculated at 25% to reflect the increase in the rate of UK Corporation Tax from the 1st April 2023. |
There is no expiry date on timing differences or unused tax losses. |
10. | Dividends |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Final |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | Tangible fixed assets |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Fixtures | Other |
and | Motor | fixed |
fittings | vehicles | assets | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
12. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
VAT |
Prepayments and accrued income |
14. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to associates |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' loan accounts |
Accruals and deferred income |
Included within other creditors due within one year is a loan from Ben Ward, a director, amounting to £567,160 (2022: £478,703). |
Obligations under hire purchase contracts of £1,007,881 (2022: £865,979) are secured on the assets to which they relate. |
The bank loans of £1,181,086 (2022: £1,823,814) are secured by a charge over the company's land and buildings and by fixed and floating charges over all other assets which are held by the company. |
An Unlimited Multilateral Guarantee dated the 27th May 2020 has been given to the company's bankers by the company in respect of all loans and facilities within the group. |
15. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
Deferred government grants |
Obligations under hire purchase contracts of £1,865,031 (2022: £1,659,274) are secured by the assets to which they relate. |
The bank loans of £44.114 (2022: £119,117) are secured by a charge on the company's land and buildings and by fixed and floating charges over all other assets which are held by the company. |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
16. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
17. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | Financial instruments |
Financial assets measured at fair value through profit and loss comprise cash at bank and in hand. |
The company entered into foreign currency forward contracts to mitigate the exchange rate risk for certain foreign currency transactions. |
As at 31 March 2023, the company had various contracts in place with an option to purchase as follows: |
€2,000,000 at a rate of 1.1297 |
€1,000,000 at a rate of 1.1586 |
€2,250,000 at a rate of 1.1735 |
€2,500,000 at a rate of 1.1650 |
€1,250,000 at a rate of 1.1700 - €500,000 drawn August 2022 |
€150,000 at a rate of 1.1793 |
€1,000,000 at a rate of 1.1315 |
19. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
20. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
21. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
22. | Pension commitments |
The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £47,988 (2022: £122,157). |
Gold Star Metal Traders Ltd (Registered number: 07622021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
23. | Capital commitments |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
24. | Related party disclosures |
As at the balance sheet date £2,081,916 remains due from GSMT Holdings Ltd (2022 - £247,643). |
As at the balance sheet date £404,456 (2022 - £795,589) was due from GSMT Ltd. |
As at the balance sheet date £556,122 (2022 - £300,459) remains due from Daytona Contracting Ltd. |
During the year the company made purchases of £143,420 (2022 - £141,982) with Falcon Metal Trading LLC, a company under the control of Ben Ward. All transactions are completed under normal commercial terms. |
During the year the company made purchases from GSMT Ltd of £922,793. Sales to GSMT Ltd totalled£5,045,726. All transactions are completed under normal commercial terms. |
25. | Ultimate controlling party |
GSMT Holdings Limited is the ultimate parent company. |
GSMT Holdings Limited prepare group financial statements and copies can be obtained from Lodge Farm, Knights End Road, Floods Ferry, March, PE15 0YN. |
The ultimate controlling party is Ben Ward & Neil Bowers. |