Company registration number 06214162 (England and Wales)
LUNDIN MINING UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LUNDIN MINING UK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
LUNDIN MINING UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Trade and other receivables
3
1,952,061
1,948,659
Cash at bank and in hand
155,048
155,867
2,107,109
2,104,526
Current liabilities
4
(96,035)
(21,244)
Net current assets
2,011,074
2,083,282
Equity
Called up share capital
6
1
1
Retained earnings
2,011,073
2,083,281
Total equity
2,011,074
2,083,282

The director of the company has elected not to include a copy of the income statement 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 and signed by the director and authorised for issue on 31 October 2024
Mr L Binge
Director
Company Registration No. 06214162
LUNDIN MINING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Lundin Mining UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.

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 £1.

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

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment.

The company is reliant on the ongoing support of its parent company and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

Based on these assessments and having regard to the resources available to the entity, the director has concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Revenue

Revenue represents amounts receivable for services net of VAT. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance of services.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.5
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include amounts receivable from group entities and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

LUNDIN MINING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons employed by the company during the year was 0 (2022 - 1).

3
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,921,116
1,921,117
Other receivables
30,945
27,542
1,952,061
1,948,659
4
Current liabilities
2023
2022
£
£
Trade payables
1,320
2,165
Taxation and social security
85,900
10,429
Other payables
8,815
8,650
96,035
21,244
LUNDIN MINING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Share-based payment transactions

The company participates in an incentive plan operated by Lundin Mining Corporation, the ultimate parent company. Under this plan, key personnel receive remuneration in the form of share options and Restricted Stock Units (RSUs) in the ultimate parent company.

 

As 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, the company has taken advantage of the exemptions from the disclosures required under Section 26 ‘Share-based Payment’.

6
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
7
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:
Robin Evans BA FCA CTA DChA
Statutory Auditor:
Sumer Audit
Date of audit report:
7 November 2024
Sumer Audit is the trading name of Sumer Auditco Limited
8
Parent company

The immediate controlling party is Lundin Mining AB. The ultimate controlling party is Lundin Mining Corporation, a company incorporated in Canada. Copies of Lundin Mining Corporation consolidated financial statements can be obtained from the Company Secretary at Suite 2800, Four Bentall Centre, 1055 Dunsmuir Street, PO Box 49225, Vancouver, BC, V7X 1L2, Canada.

 

 

 

 

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