| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Columbia Metals Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Columbia Metals Limited |
| Columbia Metals Limited (Registered number: 00700585) |
| Contents of the Financial Statements |
| for the year ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 9 |
| Columbia Metals Limited |
| Company Information |
| for the year ended 31 October 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & |
| Statutory Auditors |
| Pacioli House |
| 9 Brookfield |
| Duncan Close |
| Northampton |
| Northamptonshire |
| NN3 6WL |
| Columbia Metals Limited (Registered number: 00700585) |
| Balance Sheet |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Revaluation reserve | 15 |
| Retained earnings | 15 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Columbia Metals Limited (Registered number: 00700585) |
| Notes to the Financial Statements |
| for the year ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Columbia Metals Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in Sterling (£) and cover the period to 31st October each year. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents the invoiced amount of metal sold and services provided stated net of value added tax. The turnover and pre tax profit is wholly attributable to metal merchanting activities and is recognised upon evidence of delivery. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Investment property |
| Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the income statement. |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
| At each balance sheet 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. |
| Trade and other debtors |
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at undiscounted cost less impairment losses for bad and doubtful debts. |
| Trade and other creditors |
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at undiscounted cost. |
| Columbia Metals Limited (Registered number: 00700585) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 a defined contribution pension scheme. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
| The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Columbia Metals Limited (Registered number: 00700585) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Cost or valuation at 31 October 2024 is represented by: |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| Valuation in 2017 | 134,836 | - | - | 134,836 |
| Cost | 2,066,049 | 412,460 | 217,326 | 2,695,835 |
| 2,200,885 | 412,460 | 217,326 | 2,830,671 |
| If freehold property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 20,164 | 20,164 |
| Aggregate depreciation | 7,662 | 7,259 |
| To determine the value of one of the freehold properties, it was independently valued by Lambert Smith Hampton on the basis of open market value as at 19th August, 2016. The directors have agreed that the valuation at this date is appropriate for valuing the property at the year end. |
| Columbia Metals Limited (Registered number: 00700585) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST OR VALUATION |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Fair value at 31 October 2024 is represented by: |
| £ |
| Valuation in 2017 | 178,332 |
| Cost | 26,668 |
| 205,000 |
| To determine the fair value of one of the investment properties, it was independently valued by Lambert Smith Hampton on the basis of open market value for existing use and tenants as at 17th August, 2016. The directors have agreed that the valuation at this date is appropriate for valuing the property at the year end. |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Columbia Metals Limited (Registered number: 00700585) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Other loans |
| Hire purchase contracts | 57,636 | - |
| Other loans forms part of other creditors and consists of an invoice discounting facility. The facility is secured by a fixed charge over the fixed assets and stock, and a floating charge over the other assets of the company. |
| The hire purchase liabilities are secured upon the assets that they finance and are fully repayable by instalments within three years. They bear an interest rate of 8.31%. |
| Columbia Metals Limited (Registered number: 00700585) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 12. | FINANCIAL INSTRUMENTS |
| The company does not have significant exposure to liquidity and cash flow risks due to the nature of its trade and its cash reserves. Exposure to foreign currency, credit, market and interest rate risks arise in the normal course of the company's business. These risks are limited by the company's financial management policies and practices described below. |
| Foreign currency risk |
| The company is exposed to foreign currency risk as some of its customers are invoiced in currencies other than Sterling. The risk is mitigated by selling foreign currency as and when the exchange rate favours the company and buying in the foreign currencies wherever possible. |
| Credit risk |
| The company has exposure to credit risks predominately emanating from its customers. The company's exposure and its customers' credit worthiness is monitored so that any potential problems are detected at an early stage. Regular billing helps to ensure that the exposure to credit risk is minimised. |
| Market risk |
| There is a market risk associated with the fluctuation in demand for the products provided by the company. Most of this is mitigated by monitoring the markets to ensure that overheads and costs are tailored to the demand for the services offered. |
| Interest rate risk |
| The company is exposed to interest rate risk through the impact of rate changes on interest bearing borrowings. The invoice discounting facility and the hire purchase contract are liabilities impacted by this risk. The rates on these liabilities are negotiated on the best terms achievable at the time, and by fixing the hire purchase contract the sensitivity to a change in rates is removed. |
| The company holds no derivative financial instruments at the year end. |
| 13. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 84,040 | 84,660 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Release of deferred tax | (425 | ) |
| Credit to income statement | (195 | ) |
| Balance at 31 October 2024 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary £1 shares | 1 | 10,000 | 10,000 |
| Columbia Metals Limited (Registered number: 00700585) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2024 |
| 15. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 November 2023 | 7,437,145 |
| Profit for the year | - |
| Dividends | ( |
) | - | ( |
) |
| Release of deferred tax | (425 | ) | 425 | - |
| Depreciation on revaluations |
| written back | 3,583 | (3,583 | ) | - |
| At 31 October 2024 | 7,681,398 |
| 16. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified and signed by Mr Robert Dearing BEng FCA (Senior Statutory Auditor), for and on behalf of Clifford Roberts Chartered Accountants. |
| 17. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable to the fund and amounted to £45,190 (2023: £42,021). Contributions totalling £5,114 (2023: £4,745) were payable to the fund at the reporting date. |
| 18. | CONTINGENT LIABILITIES |
| There is a contingent liability in respect of a mortgage debenture in favour of the National Westminster Bank plc dated 3rd July, 1992, incorporating a fixed and floating charge over all current and future assets of the company. |
| 19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest of £9,818 was paid on the amounts advanced above. |
| 20. | ULTIMATE CONTROLLING PARTY |
| The immediate and ultimate parent company is Columbia Metals Holdings Limited whose registered address is Unit E Ronald Close Woburn Road Industrial Estate, Kempston, Bedford, England, MK42 7SH. Columbia Metals Holdings Limited is a company registered in England and is the parent company of a small group. |