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REGISTERED NUMBER: 07723962 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

ASHVIN METALS LTD

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


ASHVIN METALS LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: Mr A B Dixon
Mr I D Swinson



REGISTERED OFFICE: Kings Court
Beacon Road
Poulton Industrial Estate
Poulton Le Fylde
Lancashire
FY6 8JE



REGISTERED NUMBER: 07723962 (England and Wales)



AUDITORS: Xeinadin Audit Limited
Statutory Auditor
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB



BANKERS: Barclays Bank Plc
1 Churchill Place
London
E14 5HP

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

STRATEGIC REPORT
for the year ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The Year to 31 March 2024 has seen Ashvin Metals Limited continue to perform well within the metal recycling sector despite the volatility of the UK economy. Turnover for the Year to 31 March 2024 was £75.54 million (Year to 31 March 2023 - £81.50 million) reflecting a Year on Year decrease in Turnover of 7.32%.

Ashvin Metals continued to handle similar volumes of non-ferrous metal remaining consistent with the previous two years. However, the reduction in Turnover arose due to fluctuating market prices of copper, aluminium and other non-ferrous metals on the London Metal Exchange (LME).

Worldwide economic uncertainty continued, predominantly due to the Russia-Ukraine war and Far East economies faltering where demand is highest for copper in the construction, electric vehicle and technology industries.

The directors of Ashvin Metals Limited continue to focus on the development of the business operations continually upgrading and replacing machinery, with further investment of £756,887 in capital expenditure funded generally through retained profits.

KEY PERFORMANCE INDICATORS

Gross Profit for the Year to 31 March 2024 was £5.09 million (Year to 31 March 2023 - £5.74 million) a decrease of 11.3%, Year on Year. Gross Profit Margin reduced from 7.04% to 6.74% as the market has become more competitive and with suppliers looking for the best prices in the market.

Operating profit for the Year to 31 March 2024 was £2.57 million (Year to 31 March 2023 - £3.00 million) reflecting a decrease of 14.1%, Year on Year.

Administrative expenses for the Year were £2.67 million (Year to 31 March 2023 - £2.60 million) reflecting a 2.7% increase Year on Year. Overheads remain relatively fixed, however employment and associated costs have risen due to increasing wage rates and salaries as a result of inflationary pressures.

However, some savings were made with a reduction in fuel costs for vehicles and mobile plant as energy prices declined and the cancellation of the Company's credit insurance policy for the Year. The policy has been renewed for the current year due to the uncertainty within the market.

One bad debt of £5.3k was incurred in the Year.


ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

STRATEGIC REPORT
for the year ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors of the Company face several business risks and uncertainties when operating the Company.

The main risks of the business are as follows.

Exposure to Commodity Price Movements - As the price of non-ferrous scrap metal is directly linked to metal prices quoted on the LME, the Company is exposed to the risk of price fluctuation. Worldwide metal markets have been affected by macro-economic factors. The directors have operated within the metals sector for a number of years and constantly monitor market prices to ensure any price movements are reflected accordingly. The directors do not speculate on the movement of market prices.

Metals Price Movements - As metal prices are linked to the LME, the Company is exposed to metals price movements for stock held and future sales orders obtained. To mitigate this, the directors use a hedging facility to cover large fluctuations in metal prices. The directors do not use the facility to speculate on market price movements.

Credit Risk - The directors set an approved credit limit for customers and trade within these limits. There is also a strict debt collection policy in place ensuring customers pay within terms agreed. Trading with customers above their approved credit limit must be approved by the directors of Ashvin Metals Ltd.

Foreign Currency Risk - With the Company's growth strategy being implemented and the level of export sales trading in Euros and US Dollar currencies has increased. To mitigate currency fluctuations, the Company hedges its foreign currency sales using forward rates obtained for the date of receipt of monies from customers. Exchange rates differences are not significant.

Industry Related Regulations - The directors of Ashvin Metals Ltd ensure the company complies with all scrap and waste sector regulations and legislation maintaining all relevant licences and permits.

ON BEHALF OF THE BOARD:





Mr I D Swinson - Director


20 September 2024

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of non-ferrous metal traders.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

FUTURE DEVELOPMENTS
The directors aim to increase the trading volumes of non-ferrous metals and improve the efficiencies within the business. They are aware of the competitive business environment that the Company operates in and continue to explore new opportunities to enhance the financial position of the Company. The Company is in a strong financial position and controls the business to mitigate its exposure to operational risks.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr A B Dixon
Mr I D Swinson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mr I D Swinson - Director


20 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASHVIN METALS LTD

Opinion
We have audited the financial statements of Ashvin Metals Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASHVIN METALS LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the entity and the industry in which it operates we identified principal risks of
non-compliance with laws and regulations related to Health and Safety, the Scrap Metals Dealers Act 2018, general
environmental and other corporate laws. We considered the extent to which non-compliance with these laws and
regulations might have a material effect on the financial statements. We also considered the Companies Act 2006 as this has a direct impact on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to the posting of inappropriate journals in order to impact profitability and misappropriation of stock. There are no significant accounting estimates which could give rise to management bias.

Audit procedures performed in order to mitigate the risks highlighted include the following:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws
and regulation and fraud.
- Evaluation and testing of the operating effectiveness of the management's controls designed to prevent and detect
irregularities.
- Reviewing key correspondence with regulatory authorities in relation to compliance with relevant regulations.
- Challenging assumptions and judgements made by the management as well as explanations given.
- Identifying and testing journal entries, in particular those posted with unusual account combinations.
- Testing specific controls based around stock procedures.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASHVIN METALS LTD


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 a Report of the Auditors 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.




Charles Bryning FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Statutory Auditor
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

20 September 2024

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

INCOME STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   

REVENUE 4 75,536,050 81,501,092

Cost of sales 70,441,284 75,760,218
GROSS PROFIT 5,094,766 5,740,874

Administrative expenses 2,667,542 2,598,316
2,427,224 3,142,558

Other operating income 145,360 (147,499 )
OPERATING PROFIT 6 2,572,584 2,995,059

Interest receivable and similar income 169,445 31,444
2,742,029 3,026,503

Interest payable and similar expenses 7 34,307 32,313
PROFIT BEFORE TAXATION 2,707,722 2,994,190

Tax on profit 8 693,379 543,880
PROFIT FOR THE FINANCIAL YEAR 2,014,343 2,450,310

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,014,343 2,450,310


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,014,343

2,450,310

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 9 2,134,510 1,868,811

CURRENT ASSETS
Inventories 10 2,850,960 3,005,972
Debtors 11 9,991,936 9,186,242
Cash at bank 3,710,353 2,837,765
16,553,249 15,029,979
CREDITORS
Amounts falling due within one year 12 (4,941,473 ) (4,769,904 )
NET CURRENT ASSETS 11,611,776 10,260,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,746,286

12,128,886

CREDITORS
Amounts falling due after more than one
year

13

(128,032

)

(602,250

)

PROVISIONS FOR LIABILITIES 17 (533,628 ) (456,353 )
NET ASSETS 13,084,626 11,070,283

CAPITAL AND RESERVES
Called up share capital 18 2,000 2,000
Retained earnings 19 13,082,626 11,068,283
SHAREHOLDERS' FUNDS 13,084,626 11,070,283

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





Mr I D Swinson - Director


ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 2,000 8,617,973 8,619,973

Changes in equity
Total comprehensive income - 2,450,310 2,450,310
Balance at 31 March 2023 2,000 11,068,283 11,070,283

Changes in equity
Total comprehensive income - 2,014,343 2,014,343
Balance at 31 March 2024 2,000 13,082,626 13,084,626

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

CASH FLOW STATEMENT
for the year ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,866,031 3,085,458
Interest paid (22,461 ) (25,177 )
Interest element of hire purchase payments
paid

(11,846

)

(7,136

)
Tax paid (655,244 ) (744,453 )
Net cash from operating activities 2,176,480 2,308,692

Cash flows from investing activities
Purchase of tangible fixed assets (523,287 ) (983,134 )
Sale of tangible fixed assets 135,190 625,513
Interest received 169,445 31,444
Net cash from investing activities (218,652 ) (326,177 )

Cash flows from financing activities
Loan repayments in year (500,000 ) -
Related company loan movements (551,000 ) (500,000 )
Hire purchase repayments in year (112,768 ) (62,639 )
Amount introduced by directors 42,954 117
Shareholder loan movement 35,574 (9,596 )
Net cash from financing activities (1,085,240 ) (572,118 )

Increase in cash and cash equivalents 872,588 1,410,397
Cash and cash equivalents at beginning of
year

2

2,837,765

1,427,368

Cash and cash equivalents at end of year 2 3,710,353 2,837,765

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 2,707,722 2,994,190
Depreciation charges 362,173 300,200
Profit on disposal of fixed assets (6,175 ) (26,634 )
Finance costs 34,307 32,313
Finance income (169,445 ) (31,444 )
2,928,582 3,268,625
Decrease in inventories 155,012 230,693
(Increase)/decrease in trade and other debtors (254,694 ) 315,657
Increase/(decrease) in trade and other creditors 37,131 (729,517 )
Cash generated from operations 2,866,031 3,085,458

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 3,710,353 2,837,765
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 2,837,765 1,427,368


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/4/23 Cash flow changes At 31/3/24
£    £    £    £   
Net cash
Cash at bank 2,837,765 872,588 3,710,353
2,837,765 872,588 3,710,353
Debt
Finance leases (187,270 ) 112,768 - (308,102 )
Debts falling due
after 1 year (500,000 ) 500,000 - -
(687,270 ) 612,768 - (308,102 )
Total 2,150,495 1,485,356 - 3,402,251

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

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

Revenue recognition
Revenue is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue from the sale of non-ferrous metals is recognised when all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the Company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leaseholdOver the period of the lease
Plant and machinery20% on reducing balance and 10% on reducing balance
Fixtures and fittings20% on reducing balance
Motor vehicles20% on reducing balance

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Financial instruments
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors are initially recognised at the transaction price and are therefore stated at amortised cost using the effective interest method unless the discounting would be immaterial, in which case they are stated at cost.

Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest rate method.

The company uses forward contracts to reduce exposure to price rate changes of non-ferrous metals. 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 and loss. The company does not currently apply hedge accounting for any derivatives.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease

Pension costs and other post-retirement benefits
The Company operates defined contribution pension schemes for employees and directors. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate

Short term debtors and creditors receivable
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies and key source of estimation uncertainty

Estimates
Fixed assets
Accounting for fixed assets involves the use of estimates for (a) the useful live of the assets over which they are to be depreciated and (b) the existence and any amount of impairment.
Fixed assets are depreciated on a reducing balance basis over the estimated useful lives. When the company estimates useful lives various factors are considered including expected technology obsolescence and the expected usage of the asset. The company regularly reviews these assets useful lives and future economic utilization and the physical condition of the assets concerned.
The carrying value of the assets is assessed periodically to determine whether there are any indications of any impairment of the value beyond the depreciation charge. If this is the case, an impairment charge is taken against the carrying value of the assets and charged to profit and loss account. The impairment of fixed assets require management judgement in determining the amounts to be impaired, in particular judgement is used when assessing the future cash flows.

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

2024 2023
£    £   
United Kingdom 57,179,582 64,711,270
Rest of world 18,356,468 16,789,822
75,536,050 81,501,092

5. EMPLOYEES AND DIRECTORS

2023 2023
£ £
Wages and salaries 1,307,733 1,296,125
Social security costs 144,909 148,615
Other pension costs 155,433 65,619
1,608,075 1,510,359

The average number of employees during the year was as follows:

2024 2023

Administration 15 15
Yard management 12 13
27 28

2024 2023
£ £
Directors' remuneration 137,000 154,000

154,000 154,000


2024 2023
£ £
Directors pension contributions to money purchase schemes 75,000 45,000

75,000 45,000


The number of directors to whom retirement benefits were accruing was as follows:
Money purchase schemes 2 2


ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 258,853 234,481
Depreciation - assets on hire purchase contracts 103,320 65,719
Profit on disposal of fixed assets (6,175 ) (26,634 )
Auditors' remuneration 16,500 16,000
Auditors' remuneration for non audit work 1,765 1,605
Foreign exchange differences (145,360 ) 147,499

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 11,846 7,136
Other loan interest 10,000 20,000
Other interest payable 12,461 5,177
34,307 32,313

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 616,104 462,411

Deferred tax 77,275 81,469
Tax on profit 693,379 543,880

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,707,722 2,994,190
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

676,931

568,896

Effects of:
Expenses not deductible for tax purposes 3,148 2,005
Capital allowances in excess of depreciation (63,975 ) (108,490 )
Deferred tax 77,275 81,469
Total tax charge 693,379 543,880

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 207,412 2,176,603 144,818 295,423 2,824,256
Additions - 454,000 13,396 289,491 756,887
Disposals - (174,638 ) - (52,220 ) (226,858 )
At 31 March 2024 207,412 2,455,965 158,214 532,694 3,354,285
DEPRECIATION
At 1 April 2023 164,012 622,413 92,572 76,448 955,445
Charge for year 43,400 256,355 12,893 49,525 362,173
Eliminated on disposal - (66,838 ) - (31,005 ) (97,843 )
At 31 March 2024 207,412 811,930 105,465 94,968 1,219,775
NET BOOK VALUE
At 31 March 2024 - 1,644,035 52,749 437,726 2,134,510
At 31 March 2023 43,400 1,554,190 52,246 218,975 1,868,811

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 367,095 124,783 491,878
Additions 279,600 - 279,600
At 31 March 2024 646,695 124,783 771,478
DEPRECIATION
At 1 April 2023 45,245 14,550 59,795
Charge for year 81,270 22,050 103,320
At 31 March 2024 126,515 36,600 163,115
NET BOOK VALUE
At 31 March 2024 520,180 88,183 608,363
At 31 March 2023 321,850 110,233 432,083

10. INVENTORIES
2024 2023
£    £   
Stocks 2,850,960 3,005,972

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,172,408 6,335,420
Other debtors 2,197,854 1,656,838
VAT - 370,514
Prepayments 621,674 823,470
9,991,936 9,186,242

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 180,070 85,020
Trade creditors 2,734,409 3,066,334
Corporation tax 428,487 467,627
Social security and other taxes 24,759 25,208
VAT 79,697 -
Other creditors 35,585 11
Directors' current accounts 43,012 58
Accruals and deferred income 1,415,454 1,125,646
4,941,473 4,769,904

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Loan from related party (see note 14) - 500,000
Hire purchase contracts (see note 15) 128,032 102,250
128,032 602,250

14. LOANS

A loan provided by Mr B and Mrs M Dixon, parents of one of the directors, was fully repaid within the year. The loan was unsecured and interest only. Interest was charged at 4% per annum.

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 180,070 85,020
Between one and five years 128,032 102,250
308,102 187,270

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 18,065 41,767
Between one and five years - 7,350
18,065 49,117

Lease payments recognised as an expense are: Rent - £62,600, Vehicle & equipment hire - £41,121, totalling £103,721 (2023: £62,200).

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 308,102 187,270

The hire purchase contract loans are secured by charges on the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 533,628 456,353

Deferred
tax
£   
Balance at 1 April 2023 456,353
Provided during year 77,275
Balance at 31 March 2024 533,628

Finance bill 2022 provisions to increase the main rate of UK corporation tax from 1st April 2023. As substantive enactment had occurred at the balance sheet date, deferred tax balances as at period ending 31st March 2022 have been updated to be measured at a rate of 25% (2020: 19%).

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,020 Ordinary A 1 1,020 1,020
980 Ordinary B 1 980 980
2,000 2,000

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

18. CALLED UP SHARE CAPITAL - continued

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

Called-up share capital represents the nominal value of shares that have been issued.

19. RESERVES
Retained
earnings
£   

At 1 April 2023 11,068,283
Profit for the year 2,014,343
At 31 March 2024 13,082,626

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr A B Dixon
Balance outstanding at start of year - -
Amounts advanced 300,453 38,956
Amounts repaid (300,453 ) (38,956 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The loan to the director was unsecured and repayable on demand. Interest is payable at the HMRC rate applicable to beneficial loan arrangements.

21. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Movement on related party loan accounts 78,528 (9,478 )
Amount due to related parties 78,597 69

Other related parties
2024 2023
£    £   
Sales 2,002,254 3,763,182
Purchases 13,858,540 8,949,825
Amount due from related parties 2,051,000 1,500,000

ASHVIN METALS LTD (REGISTERED NUMBER: 07723962)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

21. RELATED PARTY DISCLOSURES - continued

Mr B & Mrs M Dixon
2024 2023
£ £
Loan facility from Mr & Mrs Dixon - 500,000
(Parents of one of the directors)
Interest paid to Mr & Mrs Dixon 10,000 20,000

The loan was repaid during the year, it was unsecured and interest on the facility was charged at 4% per annum.

Pension Fund
2024 2023
£ £
Rent paid to pension fund 50,000 50,000

During the year, a total of key management personnel compensation of £ 297,000 (2023 - £ 224,000 ) was paid.