Company registration number 11201441 (England and Wales)
STEELMIN SEE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
STEELMIN SEE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
STEELMIN SEE LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Current assets
Tangible assets
5
-
0
1,145,847
Investments
6
1
4,673,483
1
5,819,330
Creditors: amounts falling due within one year
8
(1,538,113)
(1,476,391)
Net current (liabilities)/assets
(1,538,112)
4,342,939
Capital and reserves
Called up share capital
9
-
0
-
0
Share premium account
4,673,483
4,673,483
Profit and loss reserves
(6,211,595)
(330,544)
Total equity
(1,538,112)
4,342,939

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 22 May 2025
Mr B Perisic
Director
Company registration number 11201441 (England and Wales)
STEELMIN SEE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2022
-
0
4,673,483
(262,759)
4,410,724
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(67,785)
(67,785)
Balance at 28 February 2023
-
0
4,673,483
(330,544)
4,342,939
Year ended 29 February 2024:
Loss and total comprehensive income
-
-
(5,881,051)
(5,881,051)
Balance at 29 February 2024
-
0
4,673,483
(6,211,595)
(1,538,112)
STEELMIN SEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Steelmin SEE Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O The Lowtax Group First Floor, 39 High Street, Billericay, Essex, CM12 9BA.

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
Basis other than going concern

The financial statements have been prepared on a basis other than that of a going concern as it is the intention of the director to liquidate the company following the sale of assets after the balance sheet date on the 2 October 2024. Accordingly both the property, plant and equipment and the investments in subsidiaries have been restated to the recoverable amount and reclassified to current assets, and all other current assets have been stated at recoverable amounts.

1.3
Tangible assets

Tangible assets have historically been initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold land and buildings
Land is not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

As the accounts have been prepared on a basis other than that of a going concern fixed assets have been reclassified to current assets and restated to the lower of carrying value and recoverable amount.

1.4
Investments

Interests in subsidiaries, associates and jointly controlled entities were initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

As the accounts have been prepared on a basis other than that of a going concern investments have been reclassified to current assets and restated to the lower of carrying value and recoverable amount.

STEELMIN SEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of tangible assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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 balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 company after deducting all of its liabilities.

STEELMIN SEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
STEELMIN SEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
5
1,145,847
-
0
Investments in subsidiaries
6
4,673,482
-
Recognised in:
Administrative expenses
1,145,847
-
Amounts written off investments
4,673,482
-

The impairment losses have been recognised to reduce the carrying value of both property, plant and equipment and investments in subsidiaries to the recoverable amount, being the amount realised on sale to the third party after the balance sheet date (see note 10).

5
Tangible assets
Land and buildings
£
Cost
At 1 March 2023 and 29 February 2024
1,145,847
Depreciation and impairment
At 1 March 2023
-
0
Impairment losses
1,145,847
At 29 February 2024
1,145,847
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
1,145,847

More information on impairment movements in the year is given in note 4.

The tangible assets shown above relate to freehold property. The tangible assets are classified as current assets as the accounts have been prepared on a basis other than that of a going concern, as explained further in note 1.2.

 

6
Current investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
4,673,483
STEELMIN SEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Current investments
(Continued)
- 7 -
Movements in current investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 & 29 February 2024
4,673,483
Impairment
At 1 March 2023
-
Impairment losses
4,673,482
At 29 February 2024
4,673,482
Carrying amount
At 29 February 2024
1
At 28 February 2023
4,673,483

More information on impairment movements in the period is given in note 4.

7
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Steelmin BH d.o.o.
Skela bb 70101, Jajce, Bosnia & Herzegovina
Steel Plant
Ordinary
100.00

The investment shown above is classified as a current asset, as the accounts have been prepared on a basis other than that of a going concern, as explained further in note 1.2.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,538,113
1,476,391
9
Called up share capital
2024
2023
2024
2023
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
2
2
-
0
-
0
STEELMIN SEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
10
Events after the reporting date

After the balance sheet date on 2 October 2024, the tangible assets were disposed of via a share capital increase in the company's subsidiary undertaking. The total share capital of the subsidiary was then sold to a third party for consideration of €1.

 

11
Parent company

The company's immediate parent company is Blue Carbon Capital AG (the registered office of the company is Gubelstrasse 15, 6300, Zug, Switzerland) and the company's ultimate parent company is Provetia Treuhand AG (the registered office of the company is Gubelstrasse 19, 6300, Zug, Switzerland).

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