Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01falseNo description of principal activity55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06266437 2022-07-01 2023-06-30 06266437 2021-07-01 2022-06-30 06266437 2023-06-30 06266437 2022-06-30 06266437 c:Director1 2022-07-01 2023-06-30 06266437 d:CurrentFinancialInstruments 2023-06-30 06266437 d:CurrentFinancialInstruments 2022-06-30 06266437 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06266437 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 06266437 d:ShareCapital 2023-06-30 06266437 d:ShareCapital 2022-06-30 06266437 d:SharePremium 2023-06-30 06266437 d:SharePremium 2022-06-30 06266437 d:RetainedEarningsAccumulatedLosses 2023-06-30 06266437 d:RetainedEarningsAccumulatedLosses 2022-06-30 06266437 c:FRS102 2022-07-01 2023-06-30 06266437 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 06266437 c:FullAccounts 2022-07-01 2023-06-30 06266437 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06266437 6 2022-07-01 2023-06-30 06266437 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 06266437









URAMERICA LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
URAMERICA LIMITED
REGISTERED NUMBER: 06266437

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
18,765,415
18,765,415

  
18,765,415
18,765,415

Current assets
  

Debtors: amounts falling due within one year
 5 
14,022,313
13,753,270

Cash at bank and in hand
 6 
463,688
84,288

  
14,486,001
13,837,558

Creditors: amounts falling due within one year
 7 
(5,603,079)
(4,919,518)

Net current assets
  
 
 
8,882,922
 
 
8,918,040

Total assets less current liabilities
  
27,648,337
27,683,455

  

Net assets
  
27,648,337
27,683,455


Capital and reserves
  

Called up share capital 
  
326,213
319,096

Share premium account
  
31,167,273
30,296,554

Profit and loss account
  
(3,845,149)
(2,932,195)

  
27,648,337
27,683,455


Page 1

 
URAMERICA LIMITED
REGISTERED NUMBER: 06266437
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J O Adra
Director

Date: 30 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
URAMERICA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

UrAmerica Limited is a company incorporated in the United Kingdom, registered in England and Wales. The company's registered office is 2nd Floor, 201 Bishopsgate, London, EC2M 3AB.
The company's principal activity of the company in the year under review was that or uranium exploration.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is engaged in uranium exploration and its principal asset is a Joint Venture with Patagonia Resources Limited. 
The joint venture has made discoveries of significant uranium deposits and the directors are satisfied that the value of these deposits is significantly greater than the carrying value of the asset and is in the process of negotiating exploitation agreements with third parties. Consequently the directors consider that the carrying value is appropriate and the net asset position is appropriate.
During the process of negotiations, the company is relatively inactive and has few liabilities except for related parties who have provided funding as set out in note 8, each of whom has agreed to continue to support the company and not to require repayment for the foreseeable future.  As such, the directors are satisfied that the company has sufficient liquid resources to allow it to pay its debts as they fall due.
As a result, the directors consider the going concern basis, which assumes that the company can continue to operate for the foreseeable future, being a period of not less than 12 months from the date of this report, is appropriate for the preparation of the financial statements. 

Page 3

 
URAMERICA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Joint ventures

An entity is treated as a joint venture where the company is a party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control.
Investments in joint ventures are stated at the company's share of net assets. The company's share of the profits or losses of the joint ventures is included in the Statement of Income and Retained Earnings at cost less impairment.  

  
2.7

Exploration costs

Expenditure on exploration and certification of uranium and other mineral deposits is charged to the Statement of Income and Retained Earnings as it is incurred.  Until contractual arrangements are made for exploitation of the mineral reserves, it is considered prudent not to recognise the assets discovered.  Once the company has established arrangements ofr mineral extraction, these reserves are expected to be capitalised at fair value including a reversal of exploration costs in respect of the successful exploration activities.

Page 4

 
URAMERICA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Employees

2023
2022
£
£

Directors remuneration
539,822
261,844

539,822
261,844


The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Fixed asset investments





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation and net book value


At 1 July 2022
44,335
18,721,080
18,765,415



At 30 June 2023
44,335
18,721,080
18,765,415




Page 5

 
URAMERICA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
14,022,013
13,752,370

Other debtors
300
900

14,022,313
13,753,270



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
463,688
84,288

463,688
84,288



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
241,145
239,283

Amounts owed to a connected company
945,978
881,733

Other creditors
4,405,396
3,788,842

Accruals and deferred income
10,560
9,660

5,603,079
4,919,518


Page 6

 
URAMERICA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Related party transactions

Related parties include Argentina Power Mining SA, a company related by virtue of its directors and shareholders and UrAmerica Argentina SA, a wholly owned subsidiary. Patagonia Resources Limited is a shareholder and joint venture partner in respect of mining activities. J O Adra, N Herbert, J Stalker, A H Celorrio and D Hackett are all directors of the company. Fiducs Limited is a Trust managed by J Stalker. O Soriguren is the wife of N Herbert. Themis Mining and Financial Limited is a company in which D Hackett is also a director. J Hendrix and M Conrad are minority shareholders.
Details of the amounts due at the balance sheet date are set out below:


2023
2022
£
£

J O Adra
(2,723,337)
(2,382,592)
N Herbert
(352,500)
(287,500)
J Stalker
(352,500)
(287,500)
A H Celorrio
(352,500)
(287,500)
D Hackett
(115,000)
(50,000)
Patagonia Resources Limited
(782,810)
(724,691)
Argentina Power Mining Corporation SA
(163,168)
(157,042)
UrAmerica Argentine SA
14,022,014
13,752,371
Fiducs Limited
(64,815)
(60,931)
I O Soriguren
(65,001)
(61,104)
Themis Mining and Financial Limited
(235,000)
(235,000)
AG Holding Group
(51,170)
(51,170)
J Hendrix
(67,651)
(63,578)
M Conrad
(66,258)
(62,303)
8,630,304
9,041,460

During the year to 30th June 2023 J O Adra provided personal loans totalling $323,500 to UrAmerica Argentine SA for funding. This is now part of the intercompany balance owed from UrAmerica Argentine SA £14,188,607 (2022: £13,752,371).

 
Page 7