Cronimet (London) Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 03436206 (England and Wales)

Financial Statements

for the Year Ended 31 December 2016

for

Cronimet (London) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J Reeve

T Ager

REGISTERED OFFICE:

Unit 14A Cannock Wood Industrial Estate

Cannock Wood Street

Cannock

Staffordshire

WS12 0PL

REGISTERED NUMBER:

03436206 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Steven Dale FCA

AUDITORS:

Rice & Co Limited

Chartered Accountants

Statutory Auditors

Harance House

Rumer Hill Road

Cannock

Staffordshire

WS11 0ET

FIXED ASSETS

Tangible assets

3

87,609

104,428

CURRENT ASSETS

Stocks

4

641,793

520,332

Debtors

5

835,458

1,118,056

Cash at bank

115,354

59,097

1,592,605

1,697,485

CREDITORS

Amounts falling due within one year

6

433,287

670,132

NET CURRENT ASSETS

1,159,318

1,027,353

TOTAL ASSETS LESS CURRENT LIABILITIES

1,246,927

1,131,781

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

1,146,927

1,031,781

SHAREHOLDERS' FUNDS

1,246,927

1,131,781

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 20 March 2017 and were signed on its behalf by:

T Ager - Director

1.	STATUTORY INFORMATION

Cronimet (London) 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 the provisions of Section 1A "Small Entities" of 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.

Turnover

Turnover represents net invoiced sales of scrap metals, excluding value added tax.

Tangible fixed assets

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

Improvements to property

-

1% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stock of scrap metal is stated at the lower of cost and net realisable value. Cost of scrap is determined by average

cost and is reviewed periodically to ensure that average cost approximates to actual cost.

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 that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period 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.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2016

38,906

294,634

38,482

102,812

474,834

Additions

-

-

366

-

366

At 31 December 2016

38,906

294,634

38,848

102,812

475,200

DEPRECIATION

At 1 January 2016

1,299

269,870

37,076

62,161

370,406

Charge for year

389

6,191

443

10,162

17,185

At 31 December 2016

1,688

276,061

37,519

72,323

387,591

NET BOOK VALUE

At 31 December 2016

37,218

18,573

1,329

30,489

87,609

At 31 December 2015

37,607

24,764

1,406

40,651

104,428

4.

STOCKS

2016

2015

£

£

Stocks

641,793

520,332

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

97,354

106,050

Amounts owed by group undertakings

717,805

972,020

Other debtors

20,299

39,986

835,458

1,118,056

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

408,626

640,822

Amounts owed to group undertakings

174

7,167

Taxation and social security

9,673

6,318

Other creditors

14,814

15,825

433,287

670,132

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

88,800

80,000

Between one and five years

355,200

320,000

In more than five years

177,600

240,000

621,600

640,000

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

The Report of the Auditors was unqualified.

Mr Steven Dale FCA (Senior Statutory Auditor)

for and on behalf of Rice & Co Limited

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

J Reeve

Balance outstanding at start of year

611

392

Amounts advanced

459

344

Amounts repaid

(242

)

(125

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

828

611

The maximum amount that Mr J Reeves loan account was overdrawn during the year was £828 (2015 £611).

10.	RELATED PARTY DISCLOSURES

Cronimet (Great Britain) Limited

The parent company of Cronimet (London) Limited

During the year the company purchased goods and services totalling £111,706 (2015 £138,400) from and made

sales totalling £6,691,908 (2015 £7,767,152) to Cronimet (Great Britain) Limited.

Amount due from Cronimet (Great Britain) Limited £714,685 (2015 £972,020).

Cronimet Holding GmbH

The ultimate parent company

During the year the company purchased services totalling £2,363 (2015 £1,828) from Cronimet Holding GmbH.

Amount due to Cronimet Holding GmbH £174 (2015 £104).

Cronifer UK Limited

A subsidiary of Cronimet Holding GmbH

During the year the company purchased goods and services totalling £83,332 (2015 £60,748) from and made

sales totalling £2,600 (2015 £nil) to Cronifer UK Limited.

Amount due to Cronifer UK Limited £3,120 (2015 £7,063).

Metalloy Metalle-Legierungen GmbH

A subsidiary of Cronimet Holdings GmbH

During the year the company made sales totalling £98,675 (2015 £nil) to Metalloy Metalle-Legierungen GmbH.

Directors

As at 31 December 2016 £1,245 (2015 £2,397) was owed to T Ager, a director of Cronimet (London) Limited.

11.	ULTIMATE CONTROLLING PARTY

The company's parent company is Cronimet (Great Britain) Limited, a company incorporated in Great Britain

which owns 80% of the issued share capital of the company.

Cronimet Holding GmbH, a company incorporated in Germany, owns 100% of the issued share capital of

Cronimet (Great Britain) Limited and therefore owns an effective 80% of the issued share capital of the

company. The ultimate controlling party of Cronimet Holding GmbH is Mr G Pilarsky and his family.

12.	CHANGE IN ACCOUNTING POLICY

During the year, the Company changed its accounting policy with respect to the valuation of stock. The Company

no longer makes a provision relating to unsaleable stock represented by contaminants identified in purchased

stock. The purchase price paid now reflects an element of expected contaminants and therefore no provision is

required.

The impact on this voluntary change in accounting policy was an increase in closing stock valuation as at 31

December 2016 of £32,090. Prior years contained a provision of £27,386 in 2015 and £28,677 in 2014.