JSW Steel (UK) Limited 31/03/2020 iXBRL

JSW Steel (UK) Limited 31/03/2020 iXBRL

JSW STEEL (UK) LIMITED - Company Information

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Company registration number: 05974175
JSW Steel (UK) Limited
Filleted financial statements
31 March 2020
JSW Steel (UK) Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
JSW Steel (UK) Limited
Directors and other information
Directors Mr Kantilal Patel
Mr Max Frank
Mr Rajeev Pai
Company number 05974175
Registered office First Floor, Roxburghe House
273-287 Regent Street
London
W1B 2HA
Business address First Floor, Roxburghe House
273-287 Regent Street
London
W1B 2HA
Auditor King & King Chartered Accountants
First Floor, Roxburghe House
273-287 Regent Street
London
W1B 2HA
Bankers ICICI Bank UK Plc
2nd Floor
One Thomas More Square
London
E1W 1YN
JSW Steel (UK) Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 14,313,792 14,741,796
_______ _______
14,313,792 14,741,796
Current assets
Debtors 6 72,282 61,777
Cash at bank and in hand 18,073 76,628
_______ _______
90,355 138,405
Creditors: amounts falling due
within one year 7 ( 468,685) ( 607,756)
_______ _______
Net current liabilities ( 378,330) ( 469,351)
_______ _______
Total assets less current liabilities 13,935,462 14,272,445
Creditors: amounts falling due
after more than one year 8 ( 12,871,955) ( 11,949,606)
_______ _______
Net assets 1,063,507 2,322,839
_______ _______
Capital and reserves
Called up share capital 9 15,276,496 15,276,496
Revaluation reserve 573,381 573,381
Profit and loss account ( 14,786,370) ( 13,527,038)
_______ _______
Shareholders funds 1,063,507 2,322,839
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 May 2020 , and are signed on behalf of the board by:
Mr Kantilal Patel
Director
Company registration number: 05974175
JSW Steel (UK) Limited
Statement of changes in equity
Year ended 31 March 2020
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 April 2018 15,086,496 573,381 ( 12,064,586) 3,595,291
Loss for the year ( 1,462,452) ( 1,462,452)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 1,462,452) ( 1,462,452)
Issue of shares 190,000 190,000
_______ _______ _______ _______
Total investments by and distributions to owners 190,000 - - 190,000
_______ _______ _______ _______
At 31 March 2019 and 1 April 2019 15,276,496 573,381 ( 13,527,038) 2,322,839
Loss for the year ( 1,259,332) ( 1,259,332)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 1,259,332) ( 1,259,332)
_______ _______ _______ _______
At 31 March 2020 15,276,496 573,381 ( 14,786,370) 1,063,507
_______ _______ _______ _______
JSW Steel (UK) Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is First Floor, Roxburghe House, 273-287 Regent Street, London, W1B 2HA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 2 % straight line
Fittings fixtures and equipment - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2019 and 31 March 2020 16,434,268 993,209 17,427,477
_______ _______ _______
Depreciation
At 1 April 2019 2,054,443 631,238 2,685,681
Charge for the year 328,684 99,320 428,004
_______ _______ _______
At 31 March 2020 2,383,127 730,558 3,113,685
_______ _______ _______
Carrying amount
At 31 March 2020 14,051,141 262,651 14,313,792
_______ _______ _______
At 31 March 2019 14,379,825 361,971 14,741,796
_______ _______ _______
6. Debtors
2020 2019
£ £
Other debtors 72,282 61,777
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Other creditors 468,685 607,756
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 12,871,955 11,949,606
_______ _______
9. Called up share capital
Issued and called up
2020 2019
No £ No £
Ordinary shares shares of £ 1.00 each 11,104,000 11,104,000 11,104,000 11,104,000
Preference shares shares of £ 1.00 each 4,172,496 4,172,496 4,172,496 4,172,496
_______ _______ _______ _______
15,276,496 15,276,496 15,276,496 15,276,496
_______ _______ _______ _______
10. Summary audit opinion
The auditor's report for the year dated 04 May 2020 was unqualified.
The senior statutory auditor was Milankumar Patel for and on behalf of King & King Chartered Accountants
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2020 2019 2020 2019
£ £ £ £
JSW Steel (Netherlands) BV 560,956 586,423 ( 11,235,712) ( 10,674,756)
JSW Steel Limited, India 361,393 149,870 (1,636,243) ( 1,274,850)
_______ _______ _______ _______
During the year, interest of £560,956 (2019 - £559,423) was accrued on the loan payable to JSW Steel (Netherlands) BV, the immediate parent undertaking. The balance payable at the year end was £11,235,712 (2019 - £10,674,756). During the year, loans totalling £273,000 were received from JSW Steel Limited, India, the ultimate parent undertaking. Interest of £88,393 (2019 - £75,870) was accrued on this loan and the balance payable at the year end was £1,636,243 (2019 - £1,274,850).
12. Controlling party
The company is a 95% owned subsidiary of JSW Steel (Netherlands) BV. The ultimate controlling parent and ultimate parent undertaking of the company is JSW Steel Limited, Mumbai, India. The ultimate parent undertaking prepares consolidated accounts and are available at Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, India.