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REGISTERED NUMBER: 07453211 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2024

for

S.A.R. Metals Limited

S.A.R. Metals Limited (Registered number: 07453211)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


S.A.R. Metals Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: Mr J Valentinas
Mr S I Barry
Mr D Kavleiskij
Mr M Marcinkevicius
Mrs R Poceviciene





REGISTERED OFFICE: RJA House
Manby Road
Immingham
N.E. Lincolnshire
DN40 2DW





REGISTERED NUMBER: 07453211 (England and Wales)





AUDITORS: S P Crowther & Co Limited Chartered Accountants
and Statutory Auditors
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

S.A.R. Metals Limited (Registered number: 07453211)

Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

During 2024, turnover increased by 7.68% from £28.8 million to £31.0 million following the previous years' decrease of 33.13%. Despite the increase in turnover the gross profit margin has decreased from 17.76% to 17.09%. Although the company has increased it's net profit by £90,063.

The director is pleased with the results for the year, despite the decrease in the gross profit margin and feels that the business is well placed to deal with challenges that may arise in the future.
The management accounts for the subsequent period showed that the company continues to trade at high levels of profitability and is forecasted to provide improved results on the current year.


PRINCIPAL RISKS AND UNCERTAINTIES

The Management of the business and the nature of the company's strategy are subject to a number of risks, of which the director sets out the principal risks below.

Precious metal prices
The sales price of precious metals is market led. This factor reduces the company's control over the level of income which it will receive for the sale of its products which contain precious metals. To help reduce this risk of fluctuations the company is selective over the products which it purchases for resale, so that it holds premium stock, which in turn should hold a higher value, should the market price begin to deteriorate.


Foreign currency fluctuation
Foreign currency fluctuations are governed by the global economy. They present risk to the company because it operates worldwide and trades in sterling, euros and US dollars. In order to reduce the level of risk associated with foreign currency fluctuations, the company observes exchange rates and transfers money from one currency to another at the point the rates of exchange are more favourable.

ON BEHALF OF THE BOARD:





Mr S I Barry - Director


2 July 2025

S.A.R. Metals Limited (Registered number: 07453211)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of collection of non-hazardous waste.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 will be £ 3,000,000 .

DIRECTOR
Mr J Valentinas held office during the whole of the period from 1 December 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr S I Barry , Mr D Kavleiskij , Mr M Marcinkevicius and Mrs R Poceviciene were appointed as directors after 30 November 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The director's review of the business and their consideration of the risks and uncertainties surrounding the business may be found in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

S.A.R. Metals Limited (Registered number: 07453211)

Report of the Directors
for the Year Ended 30 November 2024


AUDITORS
The auditors, S P Crowther & Co Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr S I Barry - Director


2 July 2025

Report of the Independent Auditors to the Members of
S.A.R. Metals Limited

Opinion
We have audited the financial statements of S.A.R. Metals Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
S.A.R. Metals Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Using our general commercial and sector experience and through discussions with the directors we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error.

We examined the company's regulatory and legal correspondence and discussed with the directors any known or suspected instances of fraud or non-compliance with laws and regulations.

We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.

There are inherent limitations in the audit procedures described above and the further removed we are from the non-compliance with laws and regulations in respect of events and transactions reflected in the financial statements, the less likely we would become aware of identifying issues. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve the deliberate concealment, for example, through forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
S.A.R. Metals Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Crowther FCA (Senior Statutory Auditor)
for and on behalf of S P Crowther & Co Limited Chartered Accountants
and Statutory Auditors
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

2 July 2025

S.A.R. Metals Limited (Registered number: 07453211)

Income Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £ £ £ £

TURNOVER 31,009,068 28,796,938

Cost of sales 25,711,146 23,682,043
GROSS PROFIT 5,297,922 5,114,895

Distribution costs 2,194,546 1,974,918
Administrative expenses 2,797,198 2,762,813
4,991,744 4,737,731
306,178 377,164

Other operating income - 8,477
OPERATING PROFIT 5 306,178 385,641

Interest receivable and similar income 230,543 61,036
536,721 446,677

Interest payable and similar expenses 8 3 22
PROFIT BEFORE TAXATION 536,718 446,655

Tax on profit 9 (11,773 ) (107,821 )
PROFIT FOR THE FINANCIAL YEAR 548,491 554,476

S.A.R. Metals Limited (Registered number: 07453211)

Other Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £ £

PROFIT FOR THE YEAR 548,491 554,476


OTHER COMPREHENSIVE INCOME
Property revaluation
Interest from group undertakings 15,075 22,475
Reversed interest from group undertaking (144,990 ) -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(129,915

)

22,475
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

418,576

576,951

S.A.R. Metals Limited (Registered number: 07453211)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 11 23,643 36,757
Tangible assets 12 558,215 624,158
Investments 13 122,157 123,613
704,015 784,528

CURRENT ASSETS
Stocks 14 634,481 1,795,364
Debtors 15 5,194,062 6,798,190
Cash at bank and in hand 1,621,912 941,100
7,450,455 9,534,654
CREDITORS
Amounts falling due within one year 16 2,875,042 2,446,557
NET CURRENT ASSETS 4,575,413 7,088,097
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,279,428

7,872,625

PROVISIONS FOR LIABILITIES 18 138,773 150,546
NET ASSETS 5,140,655 7,722,079

CAPITAL AND RESERVES
Called up share capital 19 17 17
Capital redemption reserve 20 83 83
Retained earnings 20 5,140,555 7,721,979
SHAREHOLDERS' FUNDS 5,140,655 7,722,079

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2025 and were signed on its behalf by:





Mr S I Barry - Director


S.A.R. Metals Limited (Registered number: 07453211)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 December 2022 17 8,583,166 83 8,583,266

Changes in equity
Dividends - (1,438,138 ) - (1,438,138 )
Total comprehensive income - 576,951 - 576,951
Balance at 30 November 2023 17 7,721,979 83 7,722,079

Changes in equity
Dividends - (3,000,000 ) - (3,000,000 )
Total comprehensive income - 418,576 - 418,576
Balance at 30 November 2024 17 5,140,555 83 5,140,655

S.A.R. Metals Limited (Registered number: 07453211)

Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 3,650,726 1,952,598
Interest paid (3 ) (22 )
Tax paid (102,769 ) (430,071 )
Taxation refund 277,769 -
Net cash from operating activities 3,825,723 1,522,505

Cash flows from investing activities
Purchase of intangible fixed assets (3,488 ) (16,560 )
Purchase of tangible fixed assets (242,839 ) (324,065 )
Sale of tangible fixed assets 36,390 22,500
Interest received 85,553 61,036
Loans to related undertakings (20,527 ) (86,907 )
Exchange difference on investments - 127
Net cash from investing activities (144,911 ) (343,869 )

Cash flows from financing activities
Equity dividends paid (3,000,000 ) (1,438,138 )
Net cash from financing activities (3,000,000 ) (1,438,138 )

Increase/(decrease) in cash and cash equivalents 680,812 (259,502 )
Cash and cash equivalents at beginning of
year

2

941,100

1,200,602

Cash and cash equivalents at end of year 2 1,621,912 941,100

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.11.24 30.11.23
£ £
Profit before taxation 536,718 446,655
Depreciation charges 230,214 195,176
Loss on disposal of fixed assets 57,779 13,729
Unrealised exchange rate variances 1,456 -
Finance costs 3 22
Finance income (230,543 ) (61,036 )
595,627 594,546
Decrease/(increase) in stocks 1,160,883 (36,894 )
Decrease in trade and other debtors 1,429,731 433,396
Increase in trade and other creditors 464,485 961,550
Cash generated from operations 3,650,726 1,952,598

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£ £
Cash and cash equivalents 1,621,912 941,100
Year ended 30 November 2023
30.11.23 1.12.22
£ £
Cash and cash equivalents 941,100 1,200,602


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£ £ £
Net cash
Cash at bank and in hand 941,100 680,812 1,621,912
941,100 680,812 1,621,912
Total 941,100 680,812 1,621,912

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

S.A.R. Metals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value.

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 £.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases it judgements, estimates and assumptions on historical experience and on various other factors, including expectations of future events, management believes this to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The following judgments have the most significant effect on the amounts recognised in the financial statements:

Investments

On a periodic basis of every three years the company director obtains a professional valuation of the investment properties and any adjustment to the fair value are reflected in the Income Statement. In the intervening years, assessment of fair value is made through observation of similar properties marketed in the local area.

Estimation of useful lives of assets

The company determines the estimated useful lives and related depreciation charges for its property, plant and equipment. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation charge will increase where the useful lives are less than previously estimated. Technically obsolete or non-strategic assets that have been abandoned or sold will be written off or impaired.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods or terms agreed with the customer), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

At each reporting date the company assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

No depreciation charge is provided in respect of freehold land, however, the depreciation charge for freehold property is assessed on an annual basis after taking into consideration the condition and value of the property. Subject to this assessment, depreciation is accounted for where deemed necessary.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is derived from the purchase price of materials.

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.

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 future receipts discounted at a market rate of interest. Financial assets classified as receivable in 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.

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

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 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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£ £
Wages and salaries 2,008,831 1,815,868
Social security costs 202,332 179,671
Other pension costs 38,005 34,001
2,249,168 2,029,540

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.11.24 30.11.23

Production and maintenance 41 37
Health and Safety 2 3
Administration 19 20
62 60

4. DIRECTORS' EMOLUMENTS
30.11.24 30.11.23
£ £
Director's remuneration 48,000 48,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging:

30.11.24 30.11.23
£ £
Depreciation - owned assets 214,613 182,127
Loss on disposal of fixed assets 57,779 13,729
Computer software amortisation 16,602 13,048
Foreign exchange differences 235,488 116,176

6. AUDITORS' REMUNERATION
30.11.24 30.11.23
£ £
Fees payable to the company's auditors for the audit of the company's
financial statements

8,350

7,914

7. EXCEPTIONAL ITEMS
30.11.24 30.11.23
£ £
Exceptional items (133,013 ) (570,583 )

Last year's exceptional items relate to the write off of a connected company loan in which the director owns 100% of the shares.

This year the exceptional items relate to the impairment loss of a connected company loan in which the director owns 100% of the shares.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£ £
Bank interest 3 22

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

9. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
30.11.24 30.11.23
£ £
Current tax:
P/y tax adjustment - (121,981 )

Deferred tax (11,773 ) 14,160
Tax on profit (11,773 ) (107,821 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.24 30.11.23
£ £
Profit before tax 536,718 446,655
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

134,180

84,864

Effects of:
Expenses not deductible for tax purposes 36,946 110,265
Income not taxable for tax purposes (36,247 ) (533 )
Depreciation in excess of capital allowances 11,027 3,940
Enhanced R&D - (166,750 )
Deferred tax charge/(credit) (11,773 ) 14,160
Adjustment to prior year tax - (121,981 )
Supertax deduction - (23,546 )


Utilisation of group tax losses (145,902 ) (8,240 )
Pension contribution not taxable (4 ) -
Total tax credit (11,773 ) (107,821 )

Tax effects relating to effects of other comprehensive income

30.11.24
Gross Tax Net
£ £ £
Property revaluation
Interest from group undertakings 15,075 - 15,075
Reversed interest from group undertaking (144,990 ) - (144,990 )
(129,915 ) - (129,915 )


S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

9. TAXATION - continued
30.11.23
Gross Tax Net
£ £ £
Property revaluation
Interest from group undertakings 22,475 - 22,475
22,475 - 22,475

Factors affecting future tax charge

Based on current capital investment plans, the company expects to continue to be able to claim capital allowances in excess of depreciation in future years and it also expects to be able to take tax advantage of the 100% allowances. The tax rate for the company remained at 19% until March 2023, following this it rose to 25%, from April 2023.

10. DIVIDENDS
30.11.24 30.11.23
£ £
Interim 3,000,000 1,438,138

11. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 December 2023 49,805
Additions 3,488
At 30 November 2024 53,293
AMORTISATION
At 1 December 2023 13,048
Amortisation for year 16,602
At 30 November 2024 29,650
NET BOOK VALUE
At 30 November 2024 23,643
At 30 November 2023 36,757

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

12. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 December 2023 469,370 53,270 412,522 6,216 941,378
Additions 169,383 2,915 70,541 - 242,839
Disposals (124,858 ) - (127,845 ) - (252,703 )
At 30 November 2024 513,895 56,185 355,218 6,216 931,514
DEPRECIATION
At 1 December 2023 139,063 44,172 129,332 4,653 317,220
Charge for year 109,103 7,539 97,315 656 214,613
Eliminated on disposal (72,550 ) - (85,984 ) - (158,534 )
At 30 November 2024 175,616 51,711 140,663 5,309 373,299
NET BOOK VALUE
At 30 November 2024 338,279 4,474 214,555 907 558,215
At 30 November 2023 330,307 9,098 283,190 1,563 624,158

13. FIXED ASSET INVESTMENTS

30.11.24 30.11.23
£ £
Loans to group undertakings 87,871 87,871
Other investments not loans 34,286 35,742
122,157 123,613

Additional information is as follows:
Unlisted
investments
£
COST
At 1 December 2023 35,742
Exchange differences (1,456 )
At 30 November 2024 34,286
NET BOOK VALUE
At 30 November 2024 34,286
At 30 November 2023 35,742

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

13. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

UAB Serius
Registered office: Siauliai, Rudes g. 27A, Lithuania
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 55.00
31.12.24 31.12.23
£ £
Aggregate capital and reserves (248,544 ) (149,320 )
Loss for the year (105,305 ) (207,479 )

The company has taken advantage of CA2006 405(2) whereby a subsidiary undertaking may be excluded from consolidation if its inclusion is not material for the purpose of giving a true and fair view.

It is considered that the results of UAB Serius are not material upon consolidation and have therefore not been consolidated into the financial statements of S.A.R. Metals Limited or the group financial statements of S.A.R. Corporate Limited during the year ended 30 November 2024.
Loans to
group
undertakings
£
At 1 December 2023
and 30 November 2024 87,871

14. STOCKS
30.11.24 30.11.23
£ £
Finished goods 634,481 1,795,364

15. DEBTORS
30.11.24 30.11.23
£ £
Amounts falling due within one year:
Trade debtors 954,032 1,243,076
Other debtors 1,658,615 4,114,963
Tax 5,000 180,000
VAT 363,583 141,103
Prepayments and accrued income 1,873,082 336,958
4,854,312 6,016,100

Amounts falling due after more than one year:
Amounts owed by group undertakings 339,750 339,147
Other debtors - 442,943
339,750 782,090

Aggregate amounts 5,194,062 6,798,190

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£ £
Trade creditors 308,652 677,405
Amounts owed to group undertakings - 36,000
Other creditors 1,811,517 1,013,018
Accruals 754,873 720,134
2,875,042 2,446,557

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.11.24 30.11.23
£ £
Within one year 13,176 13,176
Between one and five years 26,956 40,132
40,132 53,308

18. PROVISIONS FOR LIABILITIES

The deferred tax balance relates to £139,554 (2023 - £151,331) in respect of accelerated capital allowances, and £(781) (2023 - £(785)) in respect of short term timing differences.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £ £
17 Ordinary £1 17 17

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 December 2023 7,721,979 83 7,722,062
Profit for the year 548,491 548,491
Dividends (3,000,000 ) (3,000,000 )
Group undertakings interest (129,915 ) - (129,915 )
At 30 November 2024 5,140,555 83 5,140,638

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £38,005 (2023 - £34,001) during the year. The contributions accrued at the year end amounted to £7,607 (2023 - 7,325).

S.A.R. Metals Limited (Registered number: 07453211)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

22. ULTIMATE PARENT COMPANY

S.A.R. Corporate Limited is regarded by the directors as being the company's ultimate parent company.

The registered office of the parent company is RJA House, Manby Road, Immingham, North Lincolnshire, DN40 2DW.

23. RELATED PARTY DISCLOSURES

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.

UAB Serius
A company in which 55% of the share capital is owned by S.A.R. Metals Limited.

At the balance sheet date the company was owed £339,750 (2023 - £339,147) from UAB Serius.

24. ULTIMATE CONTROLLING PARTY

The controlling party is S.A.R.Corporate Limited.

The ultimate controlling party is Mr S Kavleiskij.