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Registered number: 14876610










Bluestone Metals & Chemicals UK Limited










Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Bluestone Metals & Chemicals UK Limited
Registered number: 14876610

Balance sheet
As at 31 December 2023

2023
Note
$

  

Current assets
  

Cash at bank and in hand
 4 
4,686

  
4,686

Creditors: amounts falling due within one year
 5 
(18,196)

Total assets less current liabilities
  
 
 
(13,510)

  

Net (liabilities)/assets
  
(13,510)


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
(13,511)

  
(13,510)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2024.




David Allan Turner
Director

The notes on pages 2 to 5 form part of these financial statements.
Page 1

 
Bluestone Metals & Chemicals UK Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Bluestone Metals & Chemicals UK Limited is a private company limited by shares incorporated in England and Wales with registration number 14876610. The address of the registered office is Suite 5, 7th Floor, 50 Broadway, London, United Kingdom, SW1H ODB. The company has been set up to facilitate the selling of Metals and Chemicals within the UK although has yet to formally start operating in the UK. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.4

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 2

 
Bluestone Metals & Chemicals UK Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)


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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
 
Page 3

 
Bluestone Metals & Chemicals UK Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 1.
The director was remunerated in another group company for the period to 31 December 2023. 


4.


Cash and cash equivalents

2023
$

Cash at bank and in hand
4,686

4,686



5.


Creditors: Amounts falling due within one year

2023
$

Amounts owed to group undertakings
9,924

Accruals
8,272

18,196



6.


Controlling party

The parent of Bluestone Metals & Chemicals UK Limited is Bluestone Metals & Chemicals Europe S.L. a company registered in Spain. 
The group in which the results of the company are consolidated is that headed by Specialty Metals Resources Holding Limited, a company registered in Hong Kong. 

Page 4

 
Bluestone Metals & Chemicals UK Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

7.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 6 August 2024 by Robert Sellers FCCA (Senior statutory auditor) on behalf of Kreston Reeves LLP.


Page 5