Registered number: 05868476
FERRO MINING CENTRAL ASIA GROUP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED DECEMBER 30, 2023
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FERRO MINING CENTRAL ASIA GROUP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FERRO MINING CENTRAL ASIA GROUP LIMITED
FOR THE YEAR ENDED DECEMBER 30, 2023
You consider that the Company is exempt from an audit for the year ended December 30, 2023. You have acknowledged, on the Statement of financial position, your responsibilities for ensuring that the Company keeps adequate accounting records which comply with section 386 of the Companies Act 2006, and for preparing the financial statements which give a true and fair view of the state of affairs of the Company and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the financial statements on pages 7 from the accounting records of the Company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these financial statements.
Wilton UK (Group) Limited
17 Hanover Square
London
United Kingdom
W1S 1BN
September 30, 2024
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FERRO MINING CENTRAL ASIA GROUP LIMITED
REGISTERED NUMBER: 05868476
STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 30, 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 September 30, 2024.
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FERRO MINING CENTRAL ASIA GROUP LIMITED
REGISTERED NUMBER: 05868476
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT DECEMBER 30, 2023
The notes on pages 4 to 7 form part of these financial statements.
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FERRO MINING CENTRAL ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 30, 2023
The principal activity of the company continued to be that of an investment holding company.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The directors have agreed to provide the necessary financial support to keep the company in operational existence for the next 12 months from the date of signing these accounts. Therefore, these accounts have been prepared on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Euros.
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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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FERRO MINING CENTRAL ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 30, 2023
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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.
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The average monthly number of employees, including directors, during the year was 7 (2022 - 7).
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Other fixed asset investments
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FERRO MINING CENTRAL ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 30, 2023
The company’ investments at the Balance Sheet date in the share capital of companies include the following:
Tenir Logistic LLP
Registered office: Kazakhstan
Nature of business: Mining and mineral extraction
Class of shares: Ordinary
Holding: 100%
2023 2022
€ €
Aggregate capital and reserves (968,697) (947,523)
Profit/(Loss) for the period / year (21,173) (18,012)
On 22 April 2016 Consulting and Assessment LLP of Kazakhstan prepared a valuation as at 22 April 2016 on the following contracts:
Contract No 2235 dated 22 December 2006: “ On exploration of titanomagnetite ores of the Tymlay deposit in the Zhambyl region of the Republic of Kazakhstan.
Contract No 2552 dated 21 January 2008: “ On the exploration of iron, titanium and related components in the Tymlay ore field in the Zhambyl region”. The contract expires on 12 November 2020. The estimated ore field objects are also the raw material base of the GHMK. Subject to be prolonged. They concluded that the valuation of these contacts amounts to KZT 109 billion equal to approximately UD 260 million.
Contract No 2235 of 22 December 2006: Exploration work completed; according to the results
Of the work the reserves of titanomagnetite ores of the Tymlay deposits were calculated. Ore reserves are approved and put on the state balance of the Republic of Kzakhstan. (Minutes No. 1656-16-U dated 9 March 2016 of the meeting of the State Reserve Committee of the Republic of Kazakhstan). According to the classification by reserves of useful components, the deposit is recognized as: large for iron and titanium dioxide, small for vanadium; to be at the stage of developing the Pit Development Project and signing the Mining Contract.
Contract No 2552 dated 21 January 2008: Currently, the coordination of the obligations of the Parties and the financing mechanism in the framework of the project for the construction of the Mining, Chemical and Metallurgical Complex in the Zhambyl and Pavlodar Regions, which is included in the list of priority projects jointly implemented by Kazakhstan and China, is ongoing. In accordance with the decision of the authorized Ministry, the Contract has been extended for 3 years and is at the stage of signing and additional agreement on this.
The directors are of the opinion that to keep the investment conservatively at the present amount.
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FERRO MINING CENTRAL ASIA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 30, 2023
Trade Creditors reflects the amount due to Wilton Group as at the year end.
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Creditors: Amounts falling due after more than one year
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Other loans (€200,000) relate to an un secured loan provide by Aphrodite Estate Inc. bearing an interest of 5%per annum. Interst on this loan has been accrued and charged to Income statements. The amount due to Beton Element CA (€65,000) is unsecured loan which is interest free and payable on demand.
Other creditors relates to amount advanced by the directors, Mr S Terekhov and the balance payable by the company at year end was €533,818 (2022 -€533,818). This is an unsecured amount which is interest free and payable on demand.
Also included within other creditors are a share buyback figure which took place in July 2017, where the company bought back 162,074 of its ordinary shares of £0.01 each from Unione Fiduciarria S.P.A to be funded from distributable profits of the company.
The final figure making up accruals is €146,031 (2022 - €133,956) which is in respect to accrued expenses relating to loan interest payable.
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