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Registered number: 11911214
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DATUM ALLOYS GROUP LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2024
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DATUM ALLOYS GROUP LIMITED
REGISTERED NUMBER:11911214
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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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 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 consolidated statement of comprehensive income 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 by:
The notes on pages 5 to 20 form part of these financial statements.
Page 1
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DATUM ALLOYS GROUP LIMITED
REGISTERED NUMBER:11911214
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
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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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Profit and loss account brought forward
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Profit and loss account carried forward
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 consolidated statement of comprehensive income 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 by:
The notes on pages 5 to 20 form part of these financial statements.
Page 2
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DATUM ALLOYS GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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COMPREHENSIVE INCOME FOR THE YEAR
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Currency translation differences
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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COMPREHENSIVE INCOME FOR THE YEAR
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Currency translation differences
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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The notes on pages 5 to 20 form part of these financial statements.
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Page 3
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DATUM ALLOYS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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COMPREHENSIVE INCOME FOR THE YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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The notes on pages 5 to 20 form part of these financial statements.
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Page 4
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Datum Alloys Group Limited (registered number: 11911214) is a private company, limited by shares and incorporated in England and Wales. The registered office is Unit 9 Torr Hill Park, Torr Quarry Industrial Estate, East Allington, Totnes, Devon, England, TQ9 7QQ.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The consolidated 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Page 5
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
At 31 July 2024 the group's net liabilities were £1,386,325 (2023: £874,602) and net current liabilities were £1,678,839 (2023: £789,176).
The 2024 financial year saw a 6.7% / £508,586 year on year fall in revenue (2024: £7,045,520, 2023: £7,554,106) due to customer consolidation and a slowdown in North American market demand. Steps taken by the Board to increase margins and improve supply chain conditions in the 2024 financial year meant that EBITDA reduced by 5.7% / £26,597 year on year (2024: £440,750, 2023: £467,347). This continued positive EBITDA has ensured sufficient working capital is available for operations, interest payments and to support growth.
The group operating loss increased by £22,247 (2024: £66,551, 2023: £44,304). This is after depreciation charges of £284,683. The net book value of Plant and Machinery in the group is £197,681 (2023: £362,295). Total historic cost of Plant and Machinery is £1,297,146. The Board considers these to have a useful life materially greater than one year.
Net liabilities include two loans – one of £2,250,000 that was repayable on 6 June 2024 or an exit date, whichever is sooner. The repayment date of the loan was extended on 22 November 2024 to 6 December 2025. The second loan of £787,500 is repayable on 6 June 2025 or an exit date, whichever is sooner. The board has opened discussions with the loan holders and fully expects to refinance or to conclude an amend and extend for these loans well before they fall due. The holders of the £2,250,000 loan have an equity link and therefore have an interest in the continued trading of the group. The Board has received a letter of comfort from the loan holders stating that it is their intention to extend both the £2,250,000 and £787,500 loans should an exit not have occurred by either repayment date.
There is a vendor loan of £1,017,135 included in net liabilities. This is not payable under any circumstances other than on a sale of the business. Therefore, the net liabilities of the group of £1,386,325, are after £4,054,635 of stakeholder loans.
The Directors regularly review and update the group’s revenue forecasts and cashflow projections to reflect any changes in trading performance or market conditions. Based on the financial performance of the group, since the year end and taking into account key assumptions and performance in the new financial year, these forecasts and projections show that future profits and cash generation are sufficient to enable the group to operate within available funding facilities.
The group therefore continues to adopt the going concern basis in preparing its financial statements.
Page 6
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group 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 Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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OPERATING LEASES: THE GROUP AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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LEASED ASSETS: THE GROUP AS LESSEE
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 7
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
DEFINED CONTRIBUTION PENSION PLAN
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.
OTHER INTANGIBLE ASSETS
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The website is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life of 3 years.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 8
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
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TANGIBLE FIXED ASSETS (CONTINUED)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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over the term of the lease
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3 - 5 years straight line
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3 - 5 years straight line
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1 - 3 years straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Direct labour, overhead and machine costs incurred are absorbed into the value of the stock items to which they relate.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 9
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
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FINANCIAL INSTRUMENTS (CONTINUED)
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Financial instruments are recognised in the Group's Statement of financial position when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not
Page 10
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
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FINANCIAL INSTRUMENTS (CONTINUED)
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classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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The average monthly number of employees, including directors, during the year was 39 (2023: 39).
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Charge for the year on owned assets
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Page 11
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Short-term leasehold property
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 12
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Investments in subsidiary companies
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DIRECT SUBSIDIARY UNDERTAKINGS
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The following were direct subsidiary undertakings of the Company:
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Page 13
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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INDIRECT SUBSIDIARY UNDERTAKINGS
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The following were indirect subsidiary undertakings of the Company:
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The registered offices are:
Datum Capital Limited and Datum Alloys Limited - Unit 9 Torr Hill Park, Torr Quarry Industrial Estate, East Allington, Totnes, Devon, England, TQ9 7QQ.
Datum Alloys Inc - Airport Corporate Center, 33 Lewis Road, Binghamton, NY 13905.
Datum Alloys Pte Limited - Ghim Moh Estate Post Office PO BOX 1117, Singapore, 912704.
Datum Alloys S.A. - Bahia de Huatulco 99B, Colonia El Mante, Tlaquepaque, Jalisco, Mexico.
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Page 14
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Raw materials and consumables
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Amounts owed by group undertakings
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Prepayments and accrued income
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CASH AND CASH EQUIVALENTS
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Page 15
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The following liabilities were secured:
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Other loans - loan facility
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Obligations under finance lease and hire purchase contracts
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Details of security provided:
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The trade loan is secured over the assets of the Group.
The loan notes are secured over the assets of the Group and rank behind the loan facility detailed below but ahead of all other charges.
The loan facility is secured over the assets of the Group and has priority over all other securities.
Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.
Page 16
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Net obligations under finance leases and hire purchase contracts
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The following liabilities were secured:
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Other loans - loan facility
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Net obligations under finance leases and hire purchase contracts
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Details of security provided:
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The loan facility is secured over the assets of the Group and has priority over all other securities.
Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.
Page 17
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Included in other loans falling due within 1 year are £2,250,000 (2023: £2,250,000) 10 per cent secured loan notes which were repayable on 6 June 2024. Post year end, on 22 November 2024, the repayment date has been extended to 6 December 2025 or an exit date, which ever is sooner. The rate of interest is 10% per annum and is accrued daily and due for payment biannually in arrears. At the year end accrued interest of £82,726 (2023: £75,206) is included in other loans due within one year. The loan notes are secured over the assets of the group and ranks behind the loan facility detailed below but ahead of all other charges.
Included in other loans falling due within 1 year is a £787,500 (2023: £787,500 due within 1-2 years) loan facility which is repayable on 6 June 2025 or an exit date, which ever is sooner. The rate of interest is 8% per annum and is accrued daily and due for payment biannually in arrears. At the year end accrued interest of £21,058 (2023: £20,310) is included in other loans due within one year. The loan facility is secured over the assets of the group and has priority over all other securities.
Included in other loans falling due within 2-5 years are £884,500 (2023: £884,500) 10 percent unsecured loan notes which are repayable on an exit date. The rate of interest is 10% per annum and is accrued daily. 50% of the interest charged is due for payment quarterly in arrears with the remaining being due on redemption. At the year end interest of £132,634 (2023: £104,541) is included in other loans due within 1 year and £132,634 (2023: £104,541) is included in other loans due within 2-5 years. The loan notes are unsecured and rank behind the facilities described above.
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Analysis of the maturity of loans is given below:
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AMOUNTS FALLING DUE WITHIN ONE YEAR
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AMOUNTS FALLING DUE 1-2 YEARS
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AMOUNTS FALLING DUE 2-5 YEARS
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HIRE PURCHASE AND FINANCE LEASES
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Minimum lease payments under hire purchase fall due as follows:
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Page 18
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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ALLOTTED, CALLED UP AND FULLY PAID
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71,037 (2023: 71,037) Ordinary shares of £0.01 each
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781,808 (2023: 781,808) A Shares shares of £0.01 each
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1,095,600 (2023: 1,095,600) B Shares shares of £0.01 each
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The Group operates two defined contributions pension plans, one in the United Kingdom (under auto enrolment) and one in the United States of America. The Group makes fixed percentage contributions to pension schemes selected by each employee. Employees in the United Kingdom choosing to opt out of auto enrolment may elect to pay contributions into their own private pension schemes.
The Group also makes contributions to the Central Provident Fund (CPF) for staff employed in Singapore as required by law. The CPF scheme is accounted for as a defined contribution pension scheme. The assets of the schemes are held separately from those of the Group in independently administered funds.
The pension cost charge represents contributions payable by the Group to the funds and amounted to £55,220 (2023: £51,871). Contributions totalling £2,478 (2023: £2,565) were receivable from the funds at the reporting date and are included in debtors.
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COMMITMENTS UNDER OPERATING LEASES
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At 31 July 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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RELATED PARTY TRANSACTIONS
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The Group has taken advantage of the exemption in section 33.1A of FRS 102 in not disclosing intra-group transactions where 100% of the voting rights are controlled within the Group.
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The Group is owned by a large number of individual investors that hold their small share holdings on trust through Rockpool Investment Nominee – a nominee company. None of these individual investors have ultimate control over Datum Alloys Group Limited and as such there is no ultimate controlling party.
Page 19
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DATUM ALLOYS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.
The audit report was signed on 5 February 2025 by Robert Davey FCA (Senior statutory auditor) on behalf of Bishop Fleming LLP.
Page 20
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