KARA METALS LIMITED

Company Registration Number:
12305548 (England and Wales)

Unaudited abridged accounts for the year ended 30 November 2022

Period of accounts

Start date: 01 December 2021

End date: 30 November 2022

KARA METALS LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2022

Balance sheet
Notes

KARA METALS LIMITED

Balance sheet

As at 30 November 2022


Notes

2022

2021


£

£
Fixed assets
Intangible assets: 3 3,684,570 1,669,130
Total fixed assets: 3,684,570 1,669,130
Current assets
Creditors: amounts falling due within one year: 4 (1,017,570) (332,130)
Net current assets (liabilities): (1,017,570) (332,130)
Total assets less current liabilities: 2,667,000 1,337,000
Total net assets (liabilities): 2,667,000 1,337,000
Capital and reserves
Called up share capital: 2,667,000 1,337,000
Shareholders funds: 2,667,000 1,337,000

The notes form part of these financial statements

KARA METALS LIMITED

Balance sheet statements

For the year ending 30 November 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 29 September 2023
and signed on behalf of the board by:

Name: Dr Alexander Shadrin
Status: Director

The notes form part of these financial statements

KARA METALS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Other accounting policies

Development costs are capitalised as an intangible asset of the following criteria are met: a) the technical feasibility of completing the asset so that it will be available for use or sale; b) the intention to complete the asset and use or sell it; c) the ability to use or sell the asset; d) the asset will generate probable future economic benefits and demonstrate the existence of a market or the usefulness of the asset if it is to be used internally; e) the availability of adequate technical, financial and other resources to complete the development and to use or sell it; f) the ability to measure reliably the expenditure attributable to the intangible asset.

KARA METALS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

2. Employees

2022 2021
Average number of employees during the period 5 2

KARA METALS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

3. Intangible Assets

Total
Cost £
At 01 December 2021 1,669,130
Additions 2,015,440
At 30 November 2022 3,684,570
Net book value
At 30 November 2022 3,684,570
At 30 November 2021 1,669,130

KARA METALS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

4. Creditors: amounts falling due within one year note

Innogeo Lab provided geological analysis and engineering services in credit. The credit position is GBP 1,017,570.

KARA METALS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2022

5. Related party transactions

Name of the related party: Innogeo Ltd
Relationship:
Consultant
Description of the Transaction: Innogeo Lab provides geological analysis and engineering services.
£
Balance at 01 December 2021 332,130
Balance at 30 November 2022 1,017,570