Company registration number 13019388 (England and Wales)
FERROVEST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
FERROVEST LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
FERROVEST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,610
23,262
Investment property
4
275,000
275,000
Investments
5
1,997,578
390,038
2,291,188
688,300
Current assets
Debtors
6
2,104
158,131
Cash at bank and in hand
1,280,514
2,537,805
1,282,618
2,695,936
Creditors: amounts falling due within one year
7
(97,617)
(214,723)
Net current assets
1,185,001
2,481,213
Total assets less current liabilities
3,476,189
3,169,513
Provisions for liabilities
(11,700)
(19,000)
Net assets
3,464,489
3,150,513
Capital and reserves
Called up share capital
8
2,739,146
2,739,146
Profit and loss reserves
725,343
411,367
Total equity
3,464,489
3,150,513
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
I A Cunningham
Director
Company registration number 13019388 (England and Wales)
FERROVEST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
2,739,145
15,825
2,754,970
Year ended 31 December 2022:
Profit and total comprehensive income
-
458,542
458,542
Issue of share capital
8
1
-
1
Dividends
-
(63,000)
(63,000)
Balance at 31 December 2022
2,739,146
411,367
3,150,513
Year ended 31 December 2023:
Profit and total comprehensive income
-
313,976
313,976
Balance at 31 December 2023
2,739,146
725,343
3,464,489
FERROVEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Ferrovest Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Tennant Metallurgical Group Ltd, Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, United Kingdom, S41 8NG.
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 as applicable to companies subject to the small companies regime. 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 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The prior years financial statements cover the period from 15 November 2020, being the date of the company's incorporation, to the period ended 31 December 2021.The comparative figures are therefore not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.4
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:
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
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.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
FERROVEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks, Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
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.
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.
1.9
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.
1.10
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.
FERROVEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.11
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.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
1
FERROVEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
28,443
Depreciation and impairment
At 1 January 2023
5,181
Depreciation charged in the year
4,652
At 31 December 2023
9,833
Carrying amount
At 31 December 2023
18,610
At 31 December 2022
23,262
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
275,000
The investment properties are held at open market value at the date of purchase. The directors believe the valuation is appropriate as at 31 December 2023.
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,997,578
390,038
FERROVEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
390,038
Additions
1,549,495
Valuation changes
124,867
Income received from investments
9,960
Portfolio fees
(26,782)
Disposals
(50,000)
At 31 December 2023
1,997,578
Carrying amount
At 31 December 2023
1,997,578
At 31 December 2022
390,038
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
353
Amounts owed by group undertakings
158,131
Other debtors
1,751
2,104
158,131
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,466
1,191
Corporation tax
69,096
97,181
Other taxation and social security
15,055
41,325
Other creditors
7,000
75,026
97,617
214,723
FERROVEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B1 Shares of £1 each
33
33
33
33
Ordinary B2 Shares of £1 each
33
33
33
33
Ordinary B3 Shares of £1 each
33
33
33
33
Ordinary A Shares of £1 each
2,739,047
2,739,047
2,739,047
2,739,047
2,739,146
2,739,146
2,739,146
2,739,146
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Winwood
Statutory Auditor:
BHP LLP
Date of audit report:
13 March 2024
10
Related party transactions
The company has taken the exemption available to small companies set out in FRS 102 paragraph 1AC.35 to only disclose material related party transactions that have not been concluded under normal market conditions. There were no transactions to disclose.
11
Parent company
The directors consider that the immediate parent undertaking is Tennant Metallurgical Holdings Limited and the ultimate controlling party is I A Cunningham.
The largest group to consolidate these financial statements are Tennant Metallurgical Group Holdings Limited. Copies of the Tennant Metallurgical Group Holdings Limited financial statements can be obtained at Room 111 Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, United Kingdom, S41 8NG.