Year Ended
Registration number:
Fumi Minerals Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Fumi Minerals Limited
Balance Sheet
31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Shareholders' deficit |
( |
( |
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:
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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
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Company Registration Number: 06600261
Fumi Minerals Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fumi Minerals Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2022
Intangible assets |
Patents |
Development costs |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions acquired separately |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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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
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2022 |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Debtors |
2022 |
2021 |
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Other debtors |
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Fumi Minerals Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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644,881 |
573,087 |
Loans and borrowings |
2022 |
2021 |
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Loans and borrowings due after one year |
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Other borrowings |
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The other borrowings are secured by a floating charge over all assets of the company.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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590 |
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590 |
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410 |
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410 |
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Fumi Minerals Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2022
Related party transactions |
Summary of transactions with entities with joint control or significant interest
A company which owns 100% of the issued ordinary B share capital of the company.