MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
METALS UK LIMITED |
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Registered Office : |
Units 10-11 Walker Ind Park, Guide, Blackburn, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18/09/2002 |
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Com. Reg. No.: |
04537901 |
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Legal Form : |
Private Limited |
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Line of Business : |
Steel Stockholder Service Centre |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on METALS UK LIMITED
Address UNITS 10-11
Telephone 01254 586 700
Email rpattenden@metalsuk.com
Web Address www.metalsuk.com
Creditline Recommendations
Monthly Credit
Guide GBP 32,000
Risk Category LOW NORMAL RISK
XSeption Details
The subjects Net Worth changed from
GBP 28 K to GBP 409 K in the period 2005-12-31 to 2006-12-31
Official Company Data
Legal Form Private Limited
Registration
Number 04537901
VAT Number GB799920457
Date of
Incorporation 18/09/2002
Registered Office UNITS 10-11
2QE.
History 5/01/2007 : The
Registered Office address changed from UNIT 1 LOWER
22/09/2004 : The
Registered Office address changed from UNIT 2 CRANFIELD
ROAD,
LOSTOCK INDUSTRIAL EST.
16/09/2004 : The
Registered Office address changed from UNIT 2 CRANFIELD
ROAD,
LOSTOCK INDUSTRIAL EST.
3/10/2002 : The
Registered Office address changed from 6-8 UNDERWOOD
STREET,
3/10/2002 : Change
of name from AMONWELL LIMITED.
Date of Last
Annual
Return to Registry
18/09/2006
Accounts The last filed
accounts at Companies House are those to 31/12/2006
Accounting
Reference
Date 31/12
Operations
Activities Steel Stockholder
Service Centre
Nace Code 5152
Premises Rented, Offices,
UNIT
Staff Employed 24
Import Countries ALL OVER THE WORLD
Export Countries ALL OVER THE WORLD
Bankers NATIONAL
WESTMINSTER BANK PLC
Address
Sort Code 013099
Auditors Cowgill Holloway
LLP
Branches UNIT 10 11
Public Record
Information
Summary of
CCJ's/Scottish Decrees
No CCJs/Scottish Decrees are recorded in our
file.
Summary of Mortgages,
Charges and
Satisfactions
Total Number of
Mortgages/Charges Registered 2
Number Outstanding
2
Number Partially
Satisfied 0
Number Satisfied 0
Date of Latest
Mortgage Created 29/07/2004
Details of most
recent Mortgages,
Charges and
Satisfactions
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Date Fully Satisfied |
Date |
Date |
Charge |
Form Type |
Lender |
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30/07/2004 |
29/07/2004 |
Fixed And Floating Charge |
395 |
Euro Sales Finance Plc |
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17/10/2002 |
11/10/2002 |
Debenture |
395 |
National Westminster Bank Plc |
It should be noted that there is no legal requirement to file
satisfaction details of mortgages/charges at Companies House.
Other Filings and
Notices
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Date |
Source |
Description |
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05/09/2006 |
Companies House Gazette |
Special resolutions passed under section
95 dis-application of pre-emption rights |
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06/01/2006 |
Companies House Gazette |
Change among the directors of a company |
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04/11/2005 |
Companies House Gazette |
Change among the directors of a company |
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09/01/2003 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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09/01/2003 |
Companies House Gazette |
Resolutions which give, vary, revoke or
renew an authority for the purposes of section 80 |
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18/12/2002 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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02/10/2002 |
Companies House Gazette |
Change among the directors of a company |
Company Secretary
Secretary MICHAEL JOHN HIGGINS
Address
Country of Origin UNITED KINGDOM
Date of Birth 30/04/1950
Appointment Date 31/07/2006
Directors
Director LEE DAVID NICKLIN
Address 17
FOXCROFT, BURNLEY,
Country of Origin UNITED KINGDOM
Date of Birth 17/08/1962
Appointment Date 03/01/2006
Director ROBERT
JONATHAN WHITEHOUSE
Address 28
ASH CLOSE, APPLEY BRIDGE, WIGAN,
Country of Origin UNITED KINGDOM
Date of Birth 09/07/1968
Appointment Date 31/10/2005
Director ROBERT
RAYMOND PATTENDEN
Address
Country of Origin UNITED KINGDOM
Date of Birth 05/11/1974
Appointment Date 18/09/2002
Director IAN
PETER GRIFFITHS
Address MOORSIDE
HOUSE,
0RY.
Country of Origin UNITED KINGDOM
Date of Birth 17/10/1968
Appointment Date 18/09/2002
Other Directorships E.HARDING & SONS LIMITED, MATCH RECRUITMENT UK LIMITED, LOKS PLASMA
SERVICES LIMITED, METALS UK GROUP LIMITED, K.K.S. (STAINLESS STEEL) CO.
LIMITED, METALS GROUP LIMITED
Share Capital
Shares Ordinary GBP 1.00
Issued Number 50,000
Shares Redeemable
Preference GBP 1.00
Issued Number 45,000
Principal
Shareholder 42,500 Ian Peter
Griffiths
40,000 Ian
Peter Griffiths
5,000 Robert
Raymond Pattenden
5,000 Robert
Raymond Pattenden
2,500 Lee
Nicklin
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Payment Analysis
(No Payment
Analysis Data is Available)
Financial Data
Profit and Loss
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 67
Accounts Date 31/12/2006 31/12/2005 31/12/2004 31/12/2003
Currency GBP GBP GBP GBP
GROSS PROFIT 2076 1012
Wages and Salaries 893 455
Directors
Emoluments 294 111
Auditors Fees 6 4
Trading Profit 730 229
Depreciation 48 47
OPERATING PROFIT 682 182
Interest Payable 109 58
PRE TAX PROFIT 573 124
Taxation 192 3
PROFIT AFTER TAX 381 121
RETAINED PROFITS 381 121
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 67
Accounts Date 31/12/2006 31/12/2005 31/12/2004 31/12/2003
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 692 85 230 241
Tangible Assets 692 85 230 241
Fixed Assets 682 85
Intermediate
assets 10
TOTAL CURRENT
ASSETS 5789 1839 1491 809
Trade debtors 2643 1112 914 559
Stocks 1798 613 576 240
Other Current
Assets 1348 114 1 10
Misc Current
Assets 829 51
Cash 519 63 1 10
TOTAL ASSETS 6481 1924 1721 1050
TOTAL CURRENT
LIABILITIES 5941 1828 1716 1040
Trade creditors 3813 892 1716 1040
Short Term Loans 1830 72
Other Finance 15 22
Due To Group 1813
Due To Directors 2 50
Other Liabilities 298 864
WORKING CAPITAL (152) 11 (225) (231)
TOTAL LONG TERM
LIABS 131 68 48 99
Long Term Loans 55 65
Other Finance 55 65
Other Liabilities 76 3
NET
ASSETS/(LIABILITIES) 409 28 (43) (89)
SHARE CAPITAL +
RESERVES 409 28 (43) (89)
Share Cap + Sundry
Res 55 50 100 100
Issued Share
Capital 50 50
Sundry Reserves 5
Profit and Loss
account 354 (22) (143) (189)
SHAREHOLDERS FUNDS 409 28 (43) (89)
CAPITAL EMPLOYED 540 96 5 10
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 52 52 67
Accounts Date 31/12/2006 31/12/2005 31/12/2004 31/12/2003
Currency GBP GBP GBP GBP
Net Cashflow from
Oper. 1233 428
Increase in Cash 456 399
Directors
Remuneration 294 111
Auditors Remuneration 6 4
Liquid Assets 3162 1175 915 569
Net Working
Capital (152) 11 (225) (231)
Long Term
Debt(>12 Months) 55 65
Other Deferred
Liabs 76 3 48 99
Tangible Net
Worth(T.N.W) 409 28 (43) (89)
Equity 409 28 (43) (89)
Number of Years
Trading 4 3 2 1
Number of
Employees 24 14
Profit per
Employee 23875 8857.1
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 31/12/2006 31/12/2005 31/12/2004 31/12/2003
Current Ratio 1 1 0.9 0.8
Long Term Debt/T.N.W 0.1 2.3
Quick Ratio 0.7 0.7 0.5 0.5
Return on
Investment% 28.8 108.3
Return on Assets% 8.8 6.4
T.N.W/Total
Assets% 6.3 1.5 (2.5) (8.5)
Return on Capital% 106.1 129.2
Rtn on
Shareholders Funds% 140.1 442.9
Borrowing Ratio% 460.9 489.3
Equity Gearing% 6.7 1.5 (2.4) (7.8)
Key Industry Sector
Trends
Year 2006 2005 2004 2003
Sample Size 3732 6717 6691 6419
Pre-Tax Profit
Margin 4.5 4.1 4.1 3.3
Current Ratio 1.5 1.5 1.4 1.4
Borrowing Ratio 85.8 98 94.5 105.6
Return on Capital 29.9 29.6 30.9 27.4
Creditors Days 51 49 68 62
Above figures
relate to companies in 1992 Standard Industry Classification (Nace) sector :
Wholesale of non-agricultural intermediate products, waste and scrap
Financial Summary
Auditors
Qualification
The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2006.
Operating Profit
Totalled GBP 682,000. In the year prior a Profit of GBP 182,000 was achieved.
Pre Tax Profit
The subject's profit increased by 362 % in the year.
Working Capital
The company's working capital position has reduced from a surplus and is now a deficiency of GBP 152,000.
Net Worth
Net worth has increased by 1,361 % and now stands at GBP 409,000.
Fixed Assets
The subject's fixed assets increased during the year by GBP 607,000 to GBP 692,000 and are now 10 % of total assets compared with 4 % in the previous year.
Long Term
Liabilities
The company's long term liabilities increased during the period by 92% and are now 32 % of net worth compared with 243 % in the previous period.
Long Term
Liabilities
Long term liabilities are now 2 % of total liabilities compared with 4 % in the previous period.
Long Term
Liabilities
Long term liabilities are 24 % of capital employed, a decrease of 47 % over the previous period.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)