Fumi Minerals Limited 06600261 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is providing services and support relating to natural oil and gas extraction and energy storage, as a joint venture company with Impact Fluid Solutions LLC, exploiting a range of novel drilling fluids. Digita Accounts Production Advanced 6.30.9574.0 true true 06600261 2022-01-01 2022-12-31 06600261 2022-12-31 06600261 bus:OrdinaryShareClass1 2022-12-31 06600261 bus:OrdinaryShareClass2 2022-12-31 06600261 core:RetainedEarningsAccumulatedLosses 2022-12-31 06600261 core:ShareCapital 2022-12-31 06600261 core:SharePremium 2022-12-31 06600261 core:CurrentFinancialInstruments 2022-12-31 06600261 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06600261 core:Non-currentFinancialInstruments 2022-12-31 06600261 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06600261 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06600261 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 06600261 core:OtherPropertyPlantEquipment 2022-12-31 06600261 bus:SmallEntities 2022-01-01 2022-12-31 06600261 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 06600261 bus:FullAccounts 2022-01-01 2022-12-31 06600261 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06600261 bus:RegisteredOffice 2022-01-01 2022-12-31 06600261 bus:Director1 2022-01-01 2022-12-31 06600261 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06600261 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 06600261 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06600261 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 06600261 core:PatentsTrademarksLicencesConcessionsSimilar 2022-01-01 2022-12-31 06600261 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 06600261 core:PlantMachinery 2022-01-01 2022-12-31 06600261 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-01-01 2022-12-31 06600261 countries:England 2022-01-01 2022-12-31 06600261 2021-12-31 06600261 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 06600261 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 06600261 core:OtherPropertyPlantEquipment 2021-12-31 06600261 2021-01-01 2021-12-31 06600261 2021-12-31 06600261 bus:OrdinaryShareClass1 2021-12-31 06600261 bus:OrdinaryShareClass2 2021-12-31 06600261 core:RetainedEarningsAccumulatedLosses 2021-12-31 06600261 core:ShareCapital 2021-12-31 06600261 core:SharePremium 2021-12-31 06600261 core:CurrentFinancialInstruments 2021-12-31 06600261 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 06600261 core:Non-currentFinancialInstruments 2021-12-31 06600261 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 06600261 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 06600261 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 06600261 core:OtherPropertyPlantEquipment 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Fumi Minerals Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2022

Registration number: 06600261

 

Fumi Minerals Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Fumi Minerals Limited

Balance Sheet

31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

460,979

458,449

Tangible assets

5

616

725

 

461,595

459,174

Current assets

 

Debtors

6

2,722

1,885

Creditors: Amounts falling due within one year

7

(190,298)

(185,852)

Net current liabilities

 

(187,576)

(183,967)

Total assets less current liabilities

 

274,019

275,207

Creditors: Amounts falling due after more than one year

7

(644,881)

(573,087)

Net liabilities

 

(370,862)

(297,880)

Capital and reserves

 

Called up share capital

9

1,000

1,000

Share premium reserve

149,650

149,650

Profit and loss account

(521,512)

(448,530)

Shareholders' deficit

 

(370,862)

(297,880)

 

Fumi Minerals Limited

Balance Sheet

31 December 2022

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr N J G Wilshaw
Director

Company Registration Number: 06600261

 

Fumi Minerals Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Grinding Solutions Limited
14 Tresillian Business Park
Tresillian
Truro
Cornwall
TR2 4HF

These financial statements were authorised for issue by the Board on 3 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors recognise that the balance sheet as at 31 December 2022 reports a net liability position but believe that the company remains a going concern with the support of the shareholders and directors.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

 

Fumi Minerals Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

 

Fumi Minerals Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

4

Intangible assets

Patents
 £

Development costs
 £

Total
£

Cost or valuation

At 1 January 2022

92,560

365,889

458,449

Additions acquired separately

2,530

-

2,530

At 31 December 2022

95,090

365,889

460,979

Carrying amount

At 31 December 2022

95,090

365,889

460,979

At 31 December 2021

92,560

365,889

458,449

Development costs relate to the cost of work undertaken on behalf of the company on laboratory work developing its range of novel drilling fluids. These costs will be written off over an as yet undefined period when the fluids are ready to be marketed.

 

Fumi Minerals Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2022

5,997

5,997

At 31 December 2022

5,997

5,997

Depreciation

At 1 January 2022

5,272

5,272

Charge for the year

109

109

At 31 December 2022

5,381

5,381

Carrying amount

At 31 December 2022

616

616

At 31 December 2021

725

725

6

Debtors

2022
£

2021
£

Other debtors

2,722

1,885

2,722

1,885

 

Fumi Minerals Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Other creditors

92,805

87,539

Accruals and deferred income

97,493

98,313

190,298

185,852

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

636,248

564,454

Deferred income

 

8,633

8,633

 

644,881

573,087

8

Loans and borrowings

2022
£

2021
£

Loans and borrowings due after one year

Other borrowings

636,248

564,454

The other borrowings are secured by a floating charge over all assets of the company.

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A shares of £1 each

590

590

590

590

Ordinary B shares of £1 each

410

410

410

410

 

1,000

1,000

1,000

1,000

 

Fumi Minerals Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

Impact Fluid Solutions LLC
A company which owns 100% of the issued ordinary B share capital of the company.

 During the year the company incurred interest of £71,794 (2021: £63,693) on a loan from the related party. The total balance of the loan at the year end amounted to £636,248 (2021: £564,454). The company also has amounts owing relating to accrued expenses. At the balance sheet date the amount due to the related party relating to accrued expenses was £75,461 (2021: £75,461).