Company registration number 07166616 (England and Wales)
MTALX LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
MTALX LIMITED
COMPANY INFORMATION
Directors
D Goldberg
Y Goldberg
D Wulwick
(Appointed 28 June 2024)
Company number
07166616
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
MTALX House
166 Hampstead Way
London
NW11 7YE
MTALX LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
MTALX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

Fair review of the business

The results for the year and financial position are as shown in the annexed financial statements.

 

The Key Performance Indicators of Mtalx Limited over the last two accounting periods are detailed below.

 

November 2023 November 2022

 

Turnover                 £531,272,258    £406,640,017

Gross profit margin             3.50%        5.57%

Return on capital             13.41%        39.05%

Net assets                 £31,323,620    £27,423,051

 

The company's turnover increased by 30.65% from the previous period although gross profit margins decreased by 2.07%. The increase in turnover arose primarily in the first part of the year and was the result of the buoyant markets and higher prices seen during 2021 and the first half of the 2022 calendar year. Major world events including the war in Ukraine, challenges in international shipping routes, higher fuel costs and inflation combined to limit turnover in the latter part of the year and, alongside a 200-basis point rise in interest rates, contributed to a reduced gross profit margin for the year.

 

The company is profitable and expected to remain so for the foreseeable future.

Principal risks and uncertainties

The principal risks and uncertainties surround continual changes of commodity prices, fuelled by rapidly changing demand and supply in global commodity markets.

 

Operating results of the company, as well as the company's liquidity, are significantly influenced by several risk factors, many of which are not within the company's control, such as those highlighted above. These are included within the Directors' Report.

Development and performance

The directors consider the results for the year and the financial position at the year-end to be encouraging as the company strengthens its asset base. The directors are particularly thankful to the efforts of the loyal staff who, despite a challenging market, have worked hard to achieve these positive results.

 

The company has invested in expanding the numbers and training of its staff, both sales and support, to enable it to perform efficiently and rapidly in changing market conditions, at the highest standards. The company continues to develop the software platform used and improve risk management control within the business.

Future development

The Board has kept dividends close to last year’s amount and reinvest accrued profits within the corporate structure to fund future growth.

In an evolving macroeconomic environment, the company continues to keep tight control over its risk profile.

MTALX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

Section 172(1) Statement

Interests of members of the company

The company is a private company and a wholly owned subsidiary of Mtalx Global Holdings Limited. The company has three directors (two prior to 28 June 2024), all of whom have representation on the Board. The full Board consists of two members, both of whom are also owners of the group. The day-to-day operations of the company are managed by the directors who are closely involved in the activities of the company and provide day-to-day support as and when required.

 

In common with many private companies the interests of the Board and the ultimate shareholders are broadly aligned in that the company should create value by generating strong and sustainable results.

 

Board decisions during the period

Dividends of £300,000 were voted in the year.

 

The board reviews the financial position in relation to available reserves before the voting of any dividend. No other major board decisions were made during the period.

 

The interests of employees

We continue to focus on training and supporting our employees in the understanding that a well informed and trained workforce is essential for the company’s ongoing success. We are a small team, and we hold regular staff meetings, attended by members of the Board. We encourage feedback from our staff and where possible and practical implement suggestions made to improve our procedures and to improve our working environment.

 

The average number of staff for the year was 26 (2022: 17).

 

We consider that we offer our employees competitive remuneration packages.

 

The interests of our customers

Over the years we have acquired, developed, and maintained unique relationships with our customers, and we do this by ensuring our prices remain competitive and deliveries maintained to a high standard and implement recommendations made by our customers. The success of this is highlighted by the loyalty shown by our customers over the years.

 

The interests of our suppliers

Due to the nature of our activities many of the company’s suppliers are based overseas. We maintain regular contact with our suppliers on a daily basis, plan delivery schedules and receive feedback. However due to the geographical spread of our supplier base and restrictions on travel currently due to coronavirus, much of the communication is carried by email or telephone calls.

 

We continue to endeavour to pay all our suppliers promptly and within the terms agreed. Some of our suppliers are also our customers therefore we have tailored agreements on some of the transactions.

 

On the rare occasion where disputes arise, we strive to reach outcomes that are satisfactory and fair to both the company and its suppliers.

MTALX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

The impact of the company’s operations on the community and the environment

We assist producers with the development of their markets in Europe, the Americas, Asia, and the Middle East. For a number of important producers, we act as exclusive agents in some of these markets. Mtalx Limited has provided itself as a reliable partner for middle and long-term supply contracts for the metallurgical industry, handling their logistics with alacrity and versatility.

 

Many of our suppliers do have carbon offset programmes. We encourage all our suppliers to take steps to be as energy efficient as possible.

 

We are also avid charitable supporters and have made donations to UK registered charities in the year totalling £4,783.

 

Maintaining a reputation for high standards of business conduct

We are committed to maintaining a reputation of high standards of business conduct. We have an ethics policy for all employees to follow and review this annually. Each year we consider and approve our modern slavery statement which explains the activities we have taken to demonstrate our commitment to seeking to ensure that there is no slavery, forced labour or human trafficking within any part of our business or supply chains.

On behalf of the board

D Goldberg
Director
29 July 2024
MTALX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company continued to be that of commodities trading.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £300,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Goldberg
Y Goldberg
D Wulwick
(Appointed 28 June 2024)
Financial instruments

The company's principal financial instruments comprise bank loans, overdraft and trade payables. The main purpose of these financial instruments is to raise finance for the company's operations. The company has various other financial assets such as trade receivables, cash and short-term deposits which arise directly from its operations.

 

The main risks arising from the company's financial instruments are credit risk, liquidity risk and foreign currency exposure. The board reviews and agrees policies for managing each of these risks and they are summarised below

Liquidity risk

Liquidity risk arises in relation to the company's management of working capital and the risk that the company will encounter difficulties in meeting financial obligations as and when they fall due. To minimise this risk, the liquidity position and ongoing working capital requirements are regularly reviewed by the directors.

Interest rate risk

The company finances its operations through equity, bank financing and working capital. The company is subject to interest rate risks. This is mitigated by continually monitoring the rates available to the company.

Foreign currency exposure

The company is subject to foreign exchange risks as it sells and purchases in various countries and currencies.

Company management regularly monitors its foreign exchange risk and attempts to limit such risks by managing its cash and credit positions.

Credit risk

The company's credit risk is primarily attributable to its customers. The company performs ongoing credit evaluations of its customers and to date has not experienced any material losses.

Brexit risk

The company trades with entities based in the European Union and the exit therefrom poses a risk for the company. This is mitigated by the loyal customer and supplier base with which the company has traded with for a number of years. The company management is monitoring the situation and will respond to any changes that arise.

Auditor

The auditor, Lopian Gross Barnett & Co, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

MTALX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the Section 172(1) Statement).

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
D Goldberg
Director
29 July 2024
MTALX LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

MTALX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MTALX LIMITED
- 7 -
Opinion

We have audited the financial statements of Mtalx Limited (the 'company') for the year ended 30 November 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 contained within the annual report. 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. 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 course of 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 our audit:

MTALX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MTALX LIMITED
- 8 -
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 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:

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, 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:

MTALX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MTALX LIMITED
- 9 -

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Brodie FCA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
31 July 2024
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
MTALX LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
2023
2022
as restated
Notes
£
£
Turnover
3
531,272,258
406,640,017
Cost of sales
(512,694,743)
(384,009,366)
Gross profit
18,577,515
22,630,651
Distribution costs
(2,061,781)
(1,539,329)
Administrative expenses
(5,490,571)
(6,709,531)
Operating profit
4
11,025,163
14,381,791
Interest receivable and similar income
8
648
-
0
Interest payable and similar expenses
9
(5,839,242)
(1,079,923)
Profit before taxation
5,186,569
13,301,868
Tax on profit
10
(986,000)
(2,594,531)
Profit for the financial year
4,200,569
10,707,337

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MTALX LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
2023
2022
as restated
£
£
Profit for the year
4,200,569
10,707,337
Other comprehensive income
-
-
Total comprehensive income for the year
4,200,569
10,707,337
MTALX LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
6,745
9,197
Tangible assets
13
798,574
638,670
Investments
14
151
151
805,470
648,018
Current assets
Stocks
16
38,718,486
43,501,751
Debtors
17
85,643,556
40,360,760
Cash at bank and in hand
1,423,108
66,246
125,785,150
83,928,757
Creditors: amounts falling due within one year
18
(94,518,630)
(56,449,948)
Net current assets
31,266,520
27,478,809
Total assets less current liabilities
32,071,990
28,126,827
Creditors: amounts falling due after more than one year
19
(590,493)
(545,899)
Provisions for liabilities
Deferred tax liability
22
157,877
157,877
(157,877)
(157,877)
Net assets
31,323,620
27,423,051
Capital and reserves
Called up share capital
24
300
300
Share premium account
6,346,688
6,346,688
Profit and loss reserves
24,976,632
21,076,063
Total equity
31,323,620
27,423,051
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
D Goldberg
Director
Company registration number 07166616 (England and Wales)
MTALX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
300
6,346,688
10,768,726
17,115,714
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
10,707,337
10,707,337
Dividends
11
-
-
(400,000)
(400,000)
Balance at 30 November 2022
300
6,346,688
21,076,063
27,423,051
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
4,200,569
4,200,569
Dividends
11
-
-
(300,000)
(300,000)
Balance at 30 November 2023
300
6,346,688
24,976,632
31,323,620
MTALX LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(20,066,141)
3,348,783
Interest paid
(5,839,242)
(1,079,923)
Income taxes paid
(1,790,910)
(2,968,088)
Net cash outflow from operating activities
(27,696,293)
(699,228)
Investing activities
Purchase of tangible fixed assets
(301,658)
(636,315)
Movement on loans
(277,242)
554,899
Interest received
648
-
0
Net cash used in investing activities
(578,252)
(81,416)
Financing activities
Movement on finance leases obligations
55,705
-
0
Dividends paid
(300,000)
(400,000)
Net cash used in financing activities
(244,295)
(400,000)
Net decrease in cash and cash equivalents
(28,518,840)
(1,180,644)
Cash and cash equivalents at beginning of year
(19,875,364)
(18,694,720)
Cash and cash equivalents at end of year
(48,394,204)
(19,875,364)
Relating to:
Cash at bank and in hand
1,423,108
66,246
Bank overdrafts included in creditors payable within one year
(49,817,312)
(19,941,610)
MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
1
Accounting policies
Company information

Mtalx Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

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.

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 £.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Mtalx Limited is a wholly owned subsidiary of MTALX Global Holdings Limited and the results of Mtalx Limited are included in the consolidated financial statements of MTALX Global Holdings Limited which are available from 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 30 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% reducing balance
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the term of the lease of 20 years
Plant and equipment
33% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Derived from commodities trading
531,272,258
406,640,017
MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
18,854,056
14,983,831
Europe
307,004,943
188,291,467
Others
205,413,259
203,364,719
531,272,258
406,640,017
2023
2022
£
£
Other revenue
Interest income
648
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
427,976
(1,738,136)
Depreciation of owned tangible fixed assets
141,754
160,643
Amortisation of intangible assets
2,452
3,066
Operating lease charges
192,857
126,170
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
80,000
65,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
2
3
Administration
24
14
Total
26
17
MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,010,864
2,070,186
Social security costs
230,920
279,313
Pension costs
101,654
12,648
2,343,438
2,362,147
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
309,167
244,167
Company pension contributions to defined contribution schemes
2,642
2,642
311,809
246,809
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
-
144,167
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
648
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
648
-
0
MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
5,825,183
1,075,486
Other finance costs:
Other interest
14,059
4,437
5,839,242
1,079,923
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
986,000
2,465,964
Deferred tax
Origination and reversal of timing differences
-
0
128,567
Total tax charge
986,000
2,594,531

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
5,186,569
13,301,868
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
1,296,642
2,527,355
Tax effect of expenses that are not deductible in determining taxable profit
5,824
5,295
Effect of change in corporation tax rate
(100,418)
-
0
Permanent capital allowances in excess of depreciation
(40,333)
(66,686)
Underprovided in current year
(175,715)
-
0
Deferred taxation
-
0
128,567
Taxation charge for the year
986,000
2,594,531
11
Dividends
2023
2022
£
£
Interim paid
300,000
400,000
MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
11
Dividends
(Continued)
- 24 -

Dividends were paid in the year in respect of shares held by the company's directors, via the parent company, Mtalx Global Holdings Limited.

12
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
2,261,897
24,677
2,286,574
Amortisation and impairment
At 1 December 2022
2,261,897
15,480
2,277,377
Amortisation charged for the year
-
0
2,452
2,452
At 30 November 2023
2,261,897
17,932
2,279,829
Carrying amount
At 30 November 2023
-
0
6,745
6,745
At 30 November 2022
-
0
9,197
9,197
13
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
290,279
311,520
246,492
-
0
848,291
Additions
55,719
-
0
170,049
75,890
301,658
At 30 November 2023
345,998
311,520
416,541
75,890
1,149,949
Depreciation and impairment
At 1 December 2022
36,726
112,084
60,811
-
0
209,621
Depreciation charged in the year
22,538
79,762
26,214
13,240
141,754
At 30 November 2023
59,264
191,846
87,025
13,240
351,375
Carrying amount
At 30 November 2023
286,734
119,674
329,516
62,650
798,574
At 30 November 2022
253,553
199,436
185,681
-
0
638,670
14
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
15
151
151
MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
D & D Far East Holdings Limited
British Virgin Islands
Holding Company
Ordinary
100.00
16
Stocks
2023
2022
£
£
Finished goods and goods for resale
38,718,486
43,501,751
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,008,782
24,772,977
Corporation tax recoverable
96,905
252,568
Amounts owed by group undertakings
14,171,408
6,854,357
Other debtors
3,125,316
2,259,450
Prepayments and accrued income
6,241,145
6,221,408
85,643,556
40,360,760
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
49,817,312
19,941,610
Obligations under finance leases
21
11,111
-
0
Trade creditors
34,756,598
12,036,218
Amounts owed to group undertakings
-
0
4,687,629
Corporation tax
1,086,687
2,047,260
Other taxation and social security
3,331,122
8,397,018
Other creditors
342,012
203,754
Accruals and deferred income
5,173,788
9,136,459
94,518,630
56,449,948

The bank overdrafts are secured by fixed and floating charges over the assets of the company together with assignment of all receivables.

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
21
44,594
-
0
Other borrowings
20
545,899
545,899
590,493
545,899
20
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
49,817,312
19,941,610
Other loans
545,899
545,899
50,363,211
20,487,509
Payable within one year
49,817,312
19,941,610
Payable after one year
545,899
545,899

 

The bank overdrafts are secured by fixed and floating charges over the assets of the company together with assignment of all receivables.

21
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
11,111
-
0
In two to five years
44,594
-
0
55,705
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
157,877
157,877
There were no deferred tax movements in the year.
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
101,654
12,648

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.

25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Between two and five years
6,838
11,665
In over five years
1,799,760
1,910,259
1,806,598
1,921,924
26
Related party transactions
Balances with related parties

The following amounts were outstanding at the reporting end date:

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
26
Related party transactions
(Continued)
- 28 -
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Connected party loan
101,257
101,257
-
0
-
0
Connected party loan
196,911
196,911
-
0
-
0
27
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

The loan will be repaid in full before 31 August 2024.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan
-
-
277,242
277,242
-
277,242
277,242
28
Ultimate controlling party

The company is a subsidiary undertaking of Mtalx Global Holding Limited (formerly Prospero Global Holdings Limited), a company incorporated in England & Wales and the registered office is situated at 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS. The ultimate controlling party in the parent company is held by D H Goldberg.

 

The consolidated financial statements from the parent company are available to the public and can be obtained from Companies House.

MTALX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 29 -
29
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
4,200,569
10,707,337
Adjustments for:
Taxation charged
986,000
2,594,531
Finance costs
5,839,242
1,079,923
Investment income
(648)
-
0
Amortisation and impairment of intangible assets
2,452
3,066
Depreciation and impairment of tangible fixed assets
141,754
160,643
Movements in working capital:
Decrease/(increase) in stocks
4,783,265
(8,087,819)
Increase in debtors
(45,161,217)
(22,699,569)
Increase in creditors
9,142,442
19,590,671
Cash (absorbed by)/generated from operations
(20,066,141)
3,348,783
30
Analysis of changes in net debt
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
66,246
1,356,862
1,423,108
Bank overdrafts
(19,941,610)
(29,875,702)
(49,817,312)
(19,875,364)
(28,518,840)
(48,394,204)
Borrowings excluding overdrafts
(545,899)
-
(545,899)
Obligations under finance leases
-
(55,705)
(55,705)
(20,421,263)
(28,574,545)
(48,995,808)
31
Profit and loss reserves

Profit and loss reserves include a loss of £6,476,153 relating to a recent anti dumping duty/levy assessment raised in respect of 2022 imported goods which has increased purchases for that year in the same sum. This resulted in a reduction in profits for that year, which in turn reduced the tax payable by £1,230,401, leaving a net restatement to the prior year figures of £5,245,752 (reduction in net balance sheet total).

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