Company registration number 09175438 (England and Wales)
ENVIROLEAD DISTRIBUTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
ENVIROLEAD DISTRIBUTION LIMITED
COMPANY INFORMATION
Directors
Mr D A J Rintoul
Mr I Crabbe
Mr P J Walters
(Appointed 20 September 2024)
Company number
09175438
Registered office
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
ENVIROLEAD DISTRIBUTION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 15
ENVIROLEAD DISTRIBUTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The company is a subsidiary of Envirolead Midco Limited. The immediate group operates within a sector closely related to the new build and refurbishment sector of the construction industry which has continued to perform satisfactorily throughout the year

Principal risks and uncertainties

The company's principal risk is that the value of its investments changes.

Development and performance

The directors consider the level of business and the year end position to be satisfactory.

Section 172 Statement

In accordance with section 172 of the Companies Act, each of our directors acts in the way he considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. Our directors have regard, amongst other matters, to the:

 

 

As is normal for large companies, we delegate authority for day to day management of the company to senior managers and then engage management in setting, approving and overseeing the execution of strategy and related policies. During the year, we reviewed the company's financial and operational performance; key transactions; regulation; funding and pension matters, mechanisms of stakeholder engagement and diversity and inclusion. The Board review , discuss and approve, as necessary, all of these matters. As set out above, decisions taken by the Board consider the interests of our key stakeholders and the impacts of these decisions.

On behalf of the board

Mr P J Walters
Director
25 September 2024
ENVIROLEAD DISTRIBUTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of an intermediary parent company.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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:

Mr D A J Rintoul
Mr I Crabbe
Mr P J Walters
(Appointed 20 September 2024)
Future developments

The directors continue to develop the business in accordance with plans and projections.

Auditor

The auditor, Rayner Essex LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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.

ENVIROLEAD DISTRIBUTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
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
Mr P J Walters
Director
25 September 2024
ENVIROLEAD DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENVIROLEAD DISTRIBUTION LIMITED
- 4 -
Opinion

We have audited the financial statements of Envirolead Distribution Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

ENVIROLEAD DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENVIROLEAD DISTRIBUTION LIMITED
- 5 -
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, outlined above, 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.

The extent to which the audit was considered capable of detecting irregularities including fraud

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:

 

ENVIROLEAD DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENVIROLEAD DISTRIBUTION LIMITED
- 6 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

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 misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Antony Federer FCA FCCA CF (Senior Statutory Auditor)
For and on behalf of Rayner Essex LLP
25 September 2024
Chartered Accountants
Statutory Auditor
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
ENVIROLEAD DISTRIBUTION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
-
-
Interest receivable and similar income
4
-
0
3,951,048
Profit before taxation
-
0
3,951,048
Tax on profit
-
0
-
0
Profit for the financial year
-
0
3,951,048

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

ENVIROLEAD DISTRIBUTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
-
0
3,951,048
Other comprehensive income
-
-
Total comprehensive income for the year
-
0
3,951,048
ENVIROLEAD DISTRIBUTION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
6
23,415
23,415
Current assets
-
-
Creditors: amounts falling due within one year
8
(23,375)
(23,375)
Net current liabilities
(23,375)
(23,375)
Net assets
40
40
Capital and reserves
Called up share capital
9
1
1
Share premium account
39
39
Total equity
40
40
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr P J Walters
Director
Company registration number 09175438 (England and Wales)
ENVIROLEAD DISTRIBUTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1
39
-
0
40
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
3,951,048
3,951,048
Dividends
5
-
-
(3,951,048)
(3,951,048)
Balance at 31 December 2022
1
39
-
0
40
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
0
-
0
Balance at 31 December 2023
1
39
-
0
40
ENVIROLEAD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Envirolead Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is Faulkner House, Victoria Street, St Albans, Hertfordshire, AL1 3SE.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

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.

 

Envirolead Distribution Limited is a wholly owned subsidiary of International Metal Industries Limited and the results of Envirolead Distribution Limited are included in the consolidated financial statements of International Metal Industries Limited, which are available from their registered office; Faulkner House, Victoria Street, St. Albans, Hertfordshire, AL1 3SE.

1.2
Going concern

At 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. true

In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities and the group's principal risks and uncertainties. The group in which the company is a member meets its day-to-day working capital requirements through use of its cash and banking facilities.

In assessing the appropriateness of the going concern assumption, the directors have prepared detailed cash flow forecasts using the latest information available which show that the group can continue to meet its obligations as they fall due. The directors are therefore satisfied that the group will continue to operate within facilities agreed with the group’s bankers.

ENVIROLEAD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.3
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.

1.4
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 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.

 

 

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.

 

There are not considered to be any estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities of the company.

 

 

ENVIROLEAD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
3
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
4
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from shares in group undertakings
-
0
3,951,048
5
Dividends
2023
2022
£
£
Interim paid
-
0
3,951,048
6
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
7
23,415
23,415

Fixed asset investments represents 100% of ordinary shares in subsidiary companies.

ENVIROLEAD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
7
Subsidiaries

Separate company financial statements are required to be prepared by law. Consolidated financial statements for the International Metal Industries Limited Group are prepared and publicly available

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Country of
Nature of business
Class of
% Held
incorporation
shares held
Direct
Indirect
Associated Lead Mills Ltd (1)
United Kingdom
Metal distributors
Ordinary
100.00
0
Envirolead Dachmetall GmbH (2)
Germany
Metal distributors
Ordinary
100.00
0
Jamestown Industries Ltd (3)
United Kingdom
Manufacture of milled lead sheeting
Ordinary
100.00
0
Jamestown Metal Resources Ltd (4)
Ireland
Sale and distribution of lead products
Ordinary
100.00
0
Met-Seam Ltd (3)
United Kingdom
Distribution and manufacture of roofing products
Ordinary
100.00
0
Premium Roofing Products Ltd (1)
United Kingdom
Distribution of specialised roofing products
Ordinary
100.00
0
Royston Lead Ltd (5)
United Kingdom
Manufacture of specialised lead products
Ordinary
100.00
0
Royston Sheet Lead Ltd (6)
United Kingdom
Metal distributors
Ordinary
100.00
0
Lead Technologies Limited (5)
United Kingdom
Dormant
Ordinary
100.00
0

Investments in subsidiaries are recorded at cost.

 

The registered office of each of the above named companies is as follows:

 

(1) Unit B, Bingley Road, Hoddesdon, Herts, EN11 0NX.

(2) Kappeler Str. 126, 40599 Dusseldorf.

(3) Faulkner House, Victoria Street, St Albans, Herts, AL1 3SE.

(4) Jamestown Road, Inchicore, Dublin, 8.

(5) Pogmoor Works, Stocks Lane, Barnsley, South Yorkshire, S75 2DS.

(6) Tavistock House South, Tavistock Square, London, WC1H 9LG.

 

8
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
23,375
23,375

Amounts owed to group undertakings are due within one year, interest free and unsecured.

9
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
101
101
1
1
ENVIROLEAD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
10
Financial commitments, guarantees and contingent liabilities

The banking facilities provided to the company and group by HSBC PLC and HSBC Invoice Financing (UK) Limited are secured by way of a fixed and floating charge over the assets of the company and of its fellow group companies which include certain former group companies.

Further fixed charges have been created in favour of the Welsh Ministers securing the assets of group companies providing cross guarantees for all group companies in respect of the group's debt facilities.

 

11
Ultimate controlling party

The company's immediate parent undertaking is Envirolead Midco Limited. The company's ultimate parent company is Industrial Metals Holdings Limited, a company incorporated in the Isle of Man.

 

International Metal Industries Limited is the parent company of Envirolead Midco Limited. International Metal Industries Limited has included the financial statements of Envirolead Distribution Limited in their consolidated group accounts, copies of which are available upon request: Faulkner House, Victoria Street, St Albans, Herts, AL1 3SE.

 

The ultimate controlling party is Mr M E Sherling by virtue of his voting rights on his shareholding in the ultimate parent company.

12
Related party transactions

The company has taken advantage of FRS 102 Section 33.1A to not disclose transactions entered into between two or more members of a group.

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