Registered number: 4697270
ANGLO BASE METALS MARKETING LIMITED
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
ANGLO BASE METALS MARKETING LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
Anglo American Corporate Secretary Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANGLO BASE METALS MARKETING LIMITED
CONTENTS
|
|
|
|
Statement of comprehensive income
|
|
|
|
Statement of changes in equity
|
|
Notes to the financial statements
|
|
|
ANGLO BASE METALS MARKETING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Anglo Base Metals Marketing Limited (the "Company"), by virtue of qualifying as small under sections 415A of the Companies Act 2006, has taken advantage of the exemption from preparing a Strategic Report as permitted under section 414A(2) of the Companies Act 2006.
Directors' responsibilities statement
|
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 “Reduced Disclosure Framework”, and applicable law).
Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙state whether applicable United Kingdom Accounting Standards, comprising FRS 101 have been followed, subject to any material departures disclosed and explained in the financial statements;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006.
The Company is a wholly-owned indirect subsidiary of Anglo American plc, a company incorporated in England and Wales.
The Company's principal activity has been to supply Minera Loma de Niquel ("MLdN"), a fellow subsidiary of Anglo American plc incorporated in the Bolivarian Republic of Venezuela ("Venezuela"), with technical assistance and consulting services. On 10 November 2012, the term of certain remaining concessions of MLdN expired. The Government expropriated the processing assets at the same time. At that date, the mining and processing operations of that entity ceased permanently and as a result the Company's technical assistance and consulting activities were suspended. The directors have the current intention to liquidate the Company in the next year.
|
ANGLO BASE METALS MARKETING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors who served during the year and up to the date of signing the financial statements were:
Going concern
Considering that the directors have the current intention to liquidate the Company in the next year, the financial statements have been prepared on a basis other than that of a going concern, which includes, where appropriate, writing down the Company`s assets to net realisable value. The financial statements do not include any provision for the future costs of terminating the business of the Company except to the extent that such costs were committed at the balance date. Any future costs of terminating the business will be borne by Anglo American Services (UK) Ltd., a fellow group undertaking.
Financial risk management policies and objectives
|
Credit & Operational risk
On 27 December 2011, MLdN requested the renewal of its remaining concessions in Venezuela (i.e., Camedas N01, Camedas N03 and San Antonio N01) (the "Remaining Concessions") from the Oil and Mine Ministry (previously, the MIBAM). On 17 May 2012, this request was rejected. As a result, on 10 November 2012, the term of the Remaining Concessions expired and the mining and processing activities of MLdN ceased permanently.
In light of this, MLdN took action to terminate the employment of the majority of its employees and is in the process of winding up operations in an orderly manner. The Company's technical assistance and consulting activities are currently suspended in light of this although the Company continues to manage its receivable and payable balances and inter-company transactions while management assesses the Company's future prospects within the Anglo American plc group.
The Company's credit risk is concentrated in a receivable balance from MLdN. In light of the cessation of MLdN's mining and processing activities the current outstanding balance under the supply arrangement was fully provided for in 2012. The Company is therefore exposed to liquidity risk and cash flow risk, which is mitigated by a letter of support from Anglo American Services (UK) Ltd. in support of the Company.
Post balance sheet events
|
On 10 February 2023, the receivable balance due from MLdN was novated to Loma de Niquel Holdings Ltd, a
fellow group undertaking, for total consideration of $2.
Indemnities
To the extent permitted by law and the Articles, the Company has made qualifying third-party indemnity provisions for the benefit of its directors during the year through its ultimate parent company, which remain in force at the date of this report.
|
ANGLO BASE METALS MARKETING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
This report was approved by the board on 29 June 2023 and signed by its order.
J Callaway
For and on behalf of
Anglo American Corporate Secretary Limited
Secretary
|
|
ANGLO BASE METALS MARKETING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the financial year
|
|
|
|
|
|
|
|
Total comprehensive loss for the year
|
|
|
|
The notes on pages 8 to 12 form part of these financial statements.
The results relate to continuing operations of the Company.
|
|
ANGLO BASE METALS MARKETING LIMITED
REGISTERED NUMBER: 4697270
BALANCE SHEET
AS AT 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Company was entitled to exemption from the requirement to have an audit under section 480 of the
Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2023.
The notes on pages 8 to 12 form part of these financial statements.
|
ANGLO BASE METALS MARKETING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive profit for the year
|
|
|
|
|
|
|
|
|
|
The notes on pages 8 to 12 form part of these financial statements.
|
|
|
|
ANGLO BASE METALS MARKETING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss for the year
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the year
|
|
|
|
|
Shares issued during the year
|
|
|
|
|
Shares redeemed during the year
|
|
|
|
|
Transfer to/from profit and loss account
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANGLO BASE METALS MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Anglo Base Metals Marketing Limited is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales.
The nature of the Company’s operations and principal activities is set out in the Directors’ report.
The address of the registered office is given on the Company Information page.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
|
|
Changes in accounting policies and disclosures
|
The accounting policies applied are consistent with those adopted and disclosed in the financial statements for the year ended 31 December 2021.
|
|
Financial reporting standard 101 - reduced disclosure exemptions
|
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
The Company may take FRS 101 exemptions as it is a member of a group where the parent prepares publicly available consolidated financial statements which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss and the Company is included in that consolidation.
|
ANGLO BASE METALS MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Considering that the directors have the current intention to liquidate the Company in the next year, the financial statements have been prepared on a basis other than that of a going concern, which includes, where appropriate, writing down the Company`s assets to net realisable value. The financial statements do not include any provision for the future costs of terminating the business of the Company except to the extent that such costs were committed at the balance date. Any future costs of terminating the business will be borne by Anglo American Services (UK) Ltd., a fellow group undertaking.
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is United States Dollars (USD).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted by the balance sheet date in the countries where the Company operates and generates income.
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
There are no critical judgments made by the directors in applying the Company's accounting policies.
|
Audit fees for the audit of these financial statements of $19,479 (2021 - $19,384) have been borne by Anglo American Services (UK) Ltd.
|
|
ANGLO BASE METALS MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
The Company has no employees other than the directors, who did not receive any remuneration for their services to the Company (2021 - $NIL). The directors do not believe it is practicable to apportion their total remuneration between their services as the directors of the Company and as directors of fellow group companies.
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable on loans from group undertakings
|
|
|
|
|
|
|
|
Current tax on loss for the year
|
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for the year
|
|
The tax assessed for the year is the same as (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before tax multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
|
|
|
|
|
|
|
|
Group relief surrendered for nil consideration
|
|
|
|
|
|
|
|
ANGLO BASE METALS MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
7.Tax on loss (continued)
|
Factors that may affect future tax charges
|
The Finance Act 2021 included measures to increase the standard rate of UK corporation tax to 25% with effect from 1 April 2023. The Finance Act 2021 was enacted in June 2021 and accordingly, these rates are applicable to the measurements of deferred tax balances at 31 December 2022. No deferred tax has been recognised during the year.
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares classified as equity
Authorised
|
|
|
|
|
|
|
|
|
|
100 (2021 - 100) ordinary shares of $1.00 each
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
1 (2021 - 1) ordinary share of $1.00
|
|
|
|
The Company has one class of ordinary shares which carry no right to fixed income.
|
Profit and loss account
Profit and loss account reserve represents accumulated retained earnings or losses.
|
Post balance sheet events
|
On 10 February 2023, the receivable balance due from MLdN was novated to Loma de Niquel Holdings
Ltd, a fellow group undertaking, for total consideration of $2.
|
ANGLO BASE METALS MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
|
Ultimate parent undertaking and controlling party
|
|
The immediate parent company is Anglo American Finance (UK) Limited, a company incorporated in England and Wales.
The ultimate parent company and ultimate controlling company is Anglo American plc, a company incorporated in the United Kingdom and registered in England and Wales. Anglo American plc is the parent undertaking of the largest and smallest group which includes the Company and for which group financial statements are prepared.
The financial statements of both the immediate and ultimate parent companies may be obtained from the Company Secretary, 17 Charterhouse Street, London, EC1N 6RA, the registered office of both companies.
|
|