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REGISTERED NUMBER: 08328873 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

APPLIED MINERALS LIMITED

APPLIED MINERALS LIMITED (REGISTERED NUMBER: 08328873)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


APPLIED MINERALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr S R J Hendon
Mrs A Elliott





REGISTERED OFFICE: New Media Houe
Davidson Road
Lichfield
Staffordshire
WS14 9DZ





REGISTERED NUMBER: 08328873 (England and Wales)





ACCOUNTANTS: Brookes Stephens
New Media House
Davidson Road
Lichfield
Staffordshire
WS14 9DZ

APPLIED MINERALS LIMITED (REGISTERED NUMBER: 08328873)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - 50,633
Tangible assets 5 38,665 14,259
38,665 64,892

Current assets
Stocks 275,084 342,326
Debtors 6 508,355 617,130
Cash at bank 191,566 188,752
975,005 1,148,208
Creditors
Amounts falling due within one year 7 530,570 874,110
Net current assets 444,435 274,098
Total assets less current liabilities 483,100 338,990

Provisions for liabilities 9,666 2,709
Net assets 473,434 336,281

Capital and reserves
Called up share capital 8 50 50
Capital redemption reserve 50 50
Retained earnings 473,334 336,181
Shareholders' funds 473,434 336,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

APPLIED MINERALS LIMITED (REGISTERED NUMBER: 08328873)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





Mrs A Elliott - Director


APPLIED MINERALS LIMITED (REGISTERED NUMBER: 08328873)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Applied Minerals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and 25% on reducing balance

Stocks
Stocks 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 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.


APPLIED MINERALS LIMITED (REGISTERED NUMBER: 08328873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 280,000
AMORTISATION
At 1 January 2023 229,367
Charge for year 50,633
At 31 December 2023 280,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 50,633

APPLIED MINERALS LIMITED (REGISTERED NUMBER: 08328873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 72,547
Additions 81,267
Disposals (83,565 )
At 31 December 2023 70,249
DEPRECIATION
At 1 January 2023 58,288
Charge for year 12,900
Eliminated on disposal (39,604 )
At 31 December 2023 31,584
NET BOOK VALUE
At 31 December 2023 38,665
At 31 December 2022 14,259

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 505,166 479,584
Other debtors 3,189 137,546
508,355 617,130

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 353,533 737,816
Taxation and social security 175,619 134,423
Other creditors 1,418 1,871
530,570 874,110

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500 Ordinary £0.10 50 50

9. OTHER FINANCIAL COMMITMENTS

At the year end the company had future operating lease commitments of £nil (2020: £3,352).

APPLIED MINERALS LIMITED (REGISTERED NUMBER: 08328873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr S R J Hendon
Balance outstanding at start of year - (92 )
Amounts advanced - 92
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Miss S A Whitehouse
Balance outstanding at start of year - (66 )
Amounts advanced - 66
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £41,562 (2022 - £73,099) were paid to the directors .