Abbreviated Company Accounts - SCANDIASTEEL LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery - Varying rates between 7.5% and 30% straight line
Other fixed assets - 15% and 25% straight line

Other accounting policies
Investments

Investments held as fixed assets are shown at cost less provision for impairment.

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into euros at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Profit and loss account.

Prior year adjustment

The comparative disclosures have been adjusted in respect of other debtors and listed investments to correct the presentation of these amounts.There has been no change in values and there is no impact on the proft and loss reserves.

3Fixed assets Investments
Cost or valuation
At 1 January 2015 and 31 December 2015: €2,624,500

Net book value
At 31 December 2015: €2,624,500
At 31 December 2014: €2,624,500

Subsidiary undertakings
The following were subsidiary undertakings of the company:

Name: Euronord SPA
Class of shares: Ordinary
Holding: 70%

Name: Intrasteel SA
Class of shares: Ordinary
Holding: 100%

Name: Euronord SPA
Business: Trading of iron & steel
Registered office: Italy

Name: Intrasteel SA
Business: Holding company
Registered office: Luxembourg

The aggregate of the share capital and reserves as at 31 December 2015 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name: Euronord SPA
Aggregate of share capital and reserves: €10,229,019
Profit/(loss): €34,696

Name: Intrasteel SA
Aggregate of share capital and reserves: €547,496
Profit/(loss): €(18,530)

Allotted, called up and fully paid
1,000 Ordinary shares of £1 each 2015: €1,534 2014: €1,534