Registration number:
Sapphire Minmetals Corporation (UK) Limited
for the Year Ended 31 December 2024
Sapphire Minmetals Corporation (UK) Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Sapphire Minmetals Corporation (UK) Limited
Company Information
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Director |
Mr Rakesh Kumar Sethi |
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Registered office |
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Auditors |
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Sapphire Minmetals Corporation (UK) Limited
(Registration number: 12236120)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Trade & other receivables |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
123 |
123 |
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Retained earnings |
5,846 |
4,327 |
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Shareholders' funds |
5,969 |
4,450 |
Approved and authorised by the
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Sapphire Minmetals Corporation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The individual financial statements of the entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purposes of the financial statements, the results and financial position are presented in US Dollars ($).
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
transaction. At the end of each reporting period foreign currency monetary items are translated at the closing
rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Sapphire Minmetals Corporation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Auditors' remuneration |
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2024 |
2023 |
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Audit of the financial statements |
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Sapphire Minmetals Corporation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Trade and other receivable |
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Current |
2024 |
2023 |
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Trade debtors |
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Other receivables |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Payable to related party |
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Other creditors |
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- |
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Corporation tax payable |
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Amount due to director |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
$ |
No. |
$ |
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123 |
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123 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was $
Sapphire Minmetals Corporation (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Related party transactions |
Summary of transactions with parent
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Parent and ultimate parent undertaking |
The ultimate controlling party is