INFINITY METALS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10602545 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 1 FEBRUARY 2019 TO 30 JUNE 2020

FOR

INFINITY METALS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A P Brewster

SECRETARY:

I J Taylor FCCA

REGISTERED OFFICE:

3b Spur Road

Quarry Lane Ind Est

Chichester

West Sussex

PO19 8PR

REGISTERED NUMBER:

10602545 (England and Wales)

AUDITORS:

Gibson Whitter Limited

Statutory Auditors

Larch House, Parklands Business Park

Forest Road, Denmead

Waterlooville

Hampshire

PO7 6XP

FIXED ASSETS

Intangible assets

4

5

21,132

Tangible assets

5

277,411

214,653

277,416

235,785

CURRENT ASSETS

Stocks

883,523

835,477

Debtors

6

106,527

78,970

Cash at bank and in hand

1,761

4,223

991,811

918,670

CREDITORS

Amounts falling due within one year

7

1,106,172

1,308,590

NET CURRENT LIABILITIES

(114,361

)

(389,920

)

TOTAL ASSETS LESS CURRENT LIABILITIES

163,055

(154,135

)

CREDITORS

Amounts falling due after more than one year

8

400,000

-

NET LIABILITIES

(236,945

)

(154,135

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(236,947

)

(154,137

)

SHAREHOLDERS' FUNDS

(236,945

)

(154,135

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 April 2021 and were signed by:

A P Brewster - Director

1.	STATUTORY INFORMATION

INFINITY 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director feels it prudent to prepare the accounts on a going concern basis due to the ongoing support from

the director and connected entities.

The core focus of Infinity Metals is closed loop recycling and working with consumers of scrap metal being used

as a secondary raw material.

The Company, in its third year, had the obviously massive impact on business that the entire globe felt during the

early COVID pandemic. The assessment that the business would lose less money by staying open was one of the

most perverse decisions the director has ever had to make.

This decision to continue to operate through the pandemic and to look at the efficiencies of the company was

well founded and as the business moves forward it is felt that the elements of the business will produce our

targeted results.

The recovery after the most challenging of economic environments appears to be showing promise and it is felt

that the Company is cautiously optimistic of being on the right path. The path set and its focus is realistic and

agile.

The company will continue to look to evolve the site, invest in new processes and align ourselves with the

correct markets for profitability and sustainability through recycling. The future will not be without challenges,

but our approach to business should start to show the correct results in around years 5 to 6.

Significant judgements and estimates

In preparing these financial statements, the director has made the following judgements:

- To determine when risks and rewards have been transferred under contractual obligations and as a result the

period in which revenue is recognised. Revenue is recognised when title passes which the Company specifies as

once material has been loaded onto applicable transport.

- To determine the quantity of stocks. The quantity is determined by weighing and observation which includes

regular physical verification.

- To determine whether there are any indicators of impairment of the Company's tangible fixed assets. Factors

taken into consideration when reaching such a decision include the economic viability and expected future

financial performance of the asset.

Other key sources of estimation uncertainty:

Stock valuation

Stock is valued on the lower of cost or net realisable value. Cost is based on the average cost basis and includes

material cost and an appropriate value of variable overheads. Net realisable value is reviewed by the Director on

the basis of market conditions and struck contracts.

Tangible fixed assets

Tangible fixed assets are held at net book value, being depreciated over their useful lives taking into account

residual values, where appropriate. The actual lives of the assets and residual values are assessed at each

reporting date to include a review of technological innovation and the status of maintenance contracts.

Turnover

Turnover represents amounts in respect of sales of goods and services to customers in the course of ordinary

activities, net of value added tax and trade discounts.

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.

Other intangible assets are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

15% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost, using an average cost method, and net realisable value, after making due

allowances for obsolete and slow moving items.

Taxation

Taxation for the period 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 period 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.

Operating leasing commitments

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the

term of the lease.

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

The average number of employees during the period was 22 (2019 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2019

and 30 June 2020

59,904

AMORTISATION

At 1 February 2019

38,772

Charge for period

21,127

At 30 June 2020

59,899

NET BOOK VALUE

At 30 June 2020

5

At 31 January 2019

21,132

5.	TANGIBLE FIXED ASSETS

Fixtures

Improvements

Plant and

and

Computer

to property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 February 2019

86,305

204,965

8,148

2,233

301,651

Additions

35,159

119,966

7,664

8,437

171,226

At 30 June 2020

121,464

324,931

15,812

10,670

472,877

DEPRECIATION

At 1 February 2019

4,596

80,479

1,657

266

86,998

Charge for period

14,355

90,689

2,394

1,030

108,468

At 30 June 2020

18,951

171,168

4,051

1,296

195,466

NET BOOK VALUE

At 30 June 2020

102,513

153,763

11,761

9,374

277,411

At 31 January 2019

81,709

124,486

6,491

1,967

214,653

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

3,075

-

Other debtors

103,452

78,970

106,527

78,970

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

124,312

Trade creditors

319,945

187,008

Taxation and social security

98,889

30,709

Other creditors

687,338

966,561

1,106,172

1,308,590

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

400,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

400,000

124,312

The bank loans and overdrafts are secured by way of a debenture and fixed and floating charge over the

Company's book debt.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gavin Whitter (Senior Statutory Auditor)

for and on behalf of Gibson Whitter Limited

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 June 2020 and the year

ended 31 January 2019:

2020

2019

£

£

A P Brewster

Balance outstanding at start of period

5,002

5,002

Amounts repaid

(5,002

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

5,002

12.	ULTIMATE CONTROLLING PARTY

The controlling party is A P Brewster.