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REGISTERED NUMBER: 12826611 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2023

for

Kataman UK Limited

Kataman UK Limited (Registered number: 12826611)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Financial Statements 13


Kataman UK Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: T Hansen
J P Reinmann
J W L Young
K K W Hahm
M A Pope





REGISTERED OFFICE: 71-75 Shelton Street
Covent Garden
London
WC2H 9JQ





REGISTERED NUMBER: 12826611 (England and Wales)





AUDITORS: Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

Kataman UK Limited (Registered number: 12826611)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
The company continued trading in recycled metals. During the period the company achieved sales of $108,436,137 (2022:$117,228,958) and a gross profit of $1,742,059 (2022: $2,106,630). This has realised a loss before tax of $392,995 ( 2022:Profit of $435,291) and includes a net loss associated with the Kataman-Climate division of $512,734 (2022: Loss of $356,853).

The directors are confident that they can continue to grow the business over the coming year and that they can increase sales and net profit in future periods.

PRINCIPAL RISKS AND UNCERTAINTIES
Regulation and compliance
The company operates in a regulated activity and must comply with appropriate legislation and regulation. Failure to comply with legal and regulatory obligations or react appropriately where non-compliance is identified could result in enforcement action and / or result in a financial liability. The company is aware of its key legal and regulatory obligations and has systems and controls in place to ensure those obligations are met in full.

Key supplier and client relationships
The loss of key suppliers and / or clients could have a negative impact on the financial results of the company. Close commercial relationships exist with all our customers and suppliers and there is a focus on providing a professional value added service to them to maintain these relationships.

Macroeconomic environment
The demand for the company's goods and services is affected by the macro-economic environment in which it operates. The directors monitor the UK and global economies in order to ensure that risks to the company are minimised.

Credit risk
The performance of the company could be affected by clients failing to meet their obligations to settle outstanding liabilities to the company. The directors monitor credit risk exposure and maintain close relationships with the company's customers to actively manage and reduce the level of credit risk.

Foreign exchange risk
The company could be adversely affected by movements in foreign currencies where it has entered contracts to settle assets and liabilities in foreign currency amounts. The directors seek to minimise the risk of exposure to adverse movements in foreign currencies by entering in to forward foreign currency contracts.

Metal prices
The company could be adversely affected by movements in metal prices where it has entered contracts to settle assets and liabilities based on future prices. The directors seek to minimise the risk of exposure to adverse movements in metal prices by entering in to forward price contracts.

Liquidity risk
Failure to maintain adequate working capital could have an impact on the company's operations and its ability to continue as a going concern. The directors monitor the company's working capital needs and availability in order to ensure that the company has sufficient funds to maintain its operations and continues as a going concern.

Kataman UK Limited (Registered number: 12826611)

Strategic Report
for the Year Ended 31 October 2023

PRINCIPAL RISKS AND UNCERTAINTIES (continued)
Payment Practice
While the company does not follow any code or standard regarding the payment of suppliers the company aims to pay suppliers in accordance with their normal credit terms, or under terms agreed with individual suppliers.

ON BEHALF OF THE BOARD:



J W L Young - Director


30 July 2024

Kataman UK Limited (Registered number: 12826611)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of trading in scrap metals.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

T Hansen
J P Reinmann
J W L Young

Other changes in directors holding office are as follows:

K K W Hahm and M A Pope were appointed as directors after 31 October 2023 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The Company, as a result of its operating and financing activities, is exposed to changes in commodity prices and interest rates, which may adversely affect its results of operations and financial position. In seeking to minimize the risks and/or costs associated with such activities, the Company enters into derivative contracts. Derivative instruments be recorded on the balance sheet at fair value. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in the results of operations. The Company enters into fair value hedges with the objective of reducing their exposure to changes in the market value of commodities. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings.

The company has taken advantage of exemption, under the terms of Section 1.12 of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose on the basis that this information consolidated into the consolidated financial statements of Kataman Metals LLC.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Kataman UK Limited (Registered number: 12826611)

Report of the Directors
for the Year Ended 31 October 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J W L Young - Director


30 July 2024

Report of the Independent Auditors to the Members of
Kataman UK Limited

Opinion
We have audited the financial statements of Kataman UK Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Kataman UK Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.

- We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where it considered there was a susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage the results. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that
the financial statements were free from fraud and error.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Kataman UK Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Arber (Senior Statutory Auditor)
for and on behalf of Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

30 July 2024

Kataman UK Limited (Registered number: 12826611)

Statement of Comprehensive
Income
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes $    $   

TURNOVER 108,436,137 117,228,958

Cost of sales (106,694,078 ) (115,122,328 )
GROSS PROFIT 1,742,059 2,106,630

Administrative expenses (1,663,451 ) (1,119,365 )
78,608 987,265

Other operating income 48 -
OPERATING PROFIT 4 78,656 987,265


Interest payable and similar expenses 5 (471,651 ) (551,974 )
(LOSS)/PROFIT BEFORE TAXATION (392,995 ) 435,291

Tax on (loss)/profit 6 77,810 (69,645 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(315,185

)

365,646

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(315,185

)

365,646

Kataman UK Limited (Registered number: 12826611)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes $    $   
FIXED ASSETS
Tangible assets 7 2,183 18,623
Investments 8 110 110
2,293 18,733

CURRENT ASSETS
Stocks 9 59,051 324,238
Debtors 10 24,532,550 17,407,246
Cash at bank 112,041 1,748,369
24,703,642 19,479,853
CREDITORS
Amounts falling due within one year 11 (24,268,430 ) (18,745,896 )
NET CURRENT ASSETS 435,212 733,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

437,505

752,690

CAPITAL AND RESERVES
Called up share capital 13 128 128
Retained earnings 14 437,377 752,562
SHAREHOLDERS' FUNDS 437,505 752,690

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





J W L Young - Director


Kataman UK Limited (Registered number: 12826611)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
$    $    $   
Balance at 1 November 2021 128 386,916 387,044

Changes in equity
Total comprehensive income - 365,646 365,646
Balance at 31 October 2022 128 752,562 752,690

Changes in equity
Total comprehensive income - (315,185 ) (315,185 )
Balance at 31 October 2023 128 437,377 437,505

Kataman UK Limited (Registered number: 12826611)

Cash Flow Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes $    $   
Cash flows from operating activities
Cash generated from operations 17 (1,170,919 ) 1,912,982
Interest paid (471,651 ) (551,974 )
Tax paid (2,948 ) (80,887 )
Net cash from operating activities (1,645,518 ) 1,280,121

Cash flows from investing activities
Purchase of tangible fixed assets (678 ) (18,745 )
Purchase of fixed asset investments - (110 )
Sale of tangible fixed assets 9,868 -
Net cash from investing activities 9,190 (18,855 )

(Decrease)/increase in cash and cash equivalents (1,636,328 ) 1,261,266
Cash and cash equivalents at beginning of
year

18

1,748,369

487,103

Cash and cash equivalents at end of year 18 112,041 1,748,369

Kataman UK Limited (Registered number: 12826611)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Kataman UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is United States Dollars.

Turnover
Turnover is measured at the fair value of the consideration received or receivable from the sale of goods, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment 3 years straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Kataman UK Limited (Registered number: 12826611)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Group accounts
The company has taken advantage of the exemption offered by the Companies Act 2006 S402 from preparing group accounts on the basis that its only subsidiary is immaterial and qualifies under S405 to be excluded from the consolidation.

3. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
$    $   
Wages and salaries 980,551 499,916
Social security costs 196,515 76,538
Other pension costs 18,480 32,786
1,195,546 609,240

The average number of employees during the year was as follows:
31.10.23 31.10.22

Director 1 1
Trader 6 3
7 4

31.10.23 31.10.22
$    $   
Directors' remuneration 291,697 223,559
Directors' pension contributions to money purchase schemes 8,329 25,324

Information regarding the highest paid director is as follows:
31.10.23 31.10.22
$    $   
Emoluments etc 291,697 223,559
Pension contributions to money purchase schemes 8,329 25,324

Directors not on the company payroll may receive remuneration from other group companies by whom they are employed and provide services to.

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.23 31.10.22
$    $   
Other operating leases 95,078 47,440
Depreciation - owned assets 7,250 2,211
Auditors' remuneration 21,837 16,950
Foreign exchange differences (48 ) -

Kataman UK Limited (Registered number: 12826611)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
$    $   
Bank interest 428,380 542,250
Broker interest charges 43,271 9,724
471,651 551,974

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
31.10.23 31.10.22
$    $   
Current tax:
UK corporation tax - 69,645
Prior Year Tax Refund (77,810 ) -

Tax on (loss)/profit (77,810 ) 69,645

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.23 31.10.22
$    $   
(Loss)/profit before tax (392,995 ) 435,291
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

(74,669

)

82,705

Effects of:
Expenses not deductible for tax purposes - 1,226
Capital allowances in excess of depreciation - (3,172 )
Adjustments to tax charge in respect of previous periods (3,141 ) (11,114 )

Total tax (credit)/charge (77,810 ) 69,645

Kataman UK Limited (Registered number: 12826611)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. TANGIBLE FIXED ASSETS
Computer
equipment
$   
COST
At 1 November 2022 21,151
Additions 678
Disposals (16,608 )
At 31 October 2023 5,221
DEPRECIATION
At 1 November 2022 2,528
Charge for year 7,250
Eliminated on disposal (6,740 )
At 31 October 2023 3,038
NET BOOK VALUE
At 31 October 2023 2,183
At 31 October 2022 18,623

8. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
$   
COST
At 1 November 2022
and 31 October 2023 110
NET BOOK VALUE
At 31 October 2023 110
At 31 October 2022 110

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Kataman Ireland Limited
Registered office: Building 1, Swift Square, Northwood Park, Northwood, Dublin 9, Ireland
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
$    $   
Aggregate capital and reserves 110 110

The subsidiary remained dormant throughout the year and prior period, following its incorporation on 6 April 2022.

Kataman UK Limited (Registered number: 12826611)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. STOCKS
31.10.23 31.10.22
$    $   
Stocks 59,051 324,238

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
$    $   
Trade debtors 21,657,753 15,474,129
Tax Asset 77,810 -
Other debtors 387,127 58,555
Forward metal price contracts 820,000 360,000
Foreign currency forward
contracts - 238,556
VAT 1,589,860 1,254,107
Prepayments - 21,899
24,532,550 17,407,246

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
$    $   
Trade creditors 796,513 1,716,188
Amounts owed to group undertakings 23,362,691 16,611,252
Tax - 80,758
Foreign currency forward contracts 1,172 -
Accrued expenses 108,054 337,698
24,268,430 18,745,896

12. SECURED DEBTS

JP Morgan Chase Bank has a floating charge over the assets of the company in respect of liabilities to the bank by the parent company Kataman LLC (USA).

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: $    $   
100 Ordinary £1 128 128

14. RESERVES
Retained
earnings
$   

At 1 November 2022 752,562
Deficit for the year (315,185 )
At 31 October 2023 437,377

Kataman UK Limited (Registered number: 12826611)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J P Reinmann.

At 31 October 2023 the company was a wholly owned subsidiary of Kataman Metals LLC, incorporated in the
United States of America and under the control of J P Reinmann.

In April 2024 Kataman Metals LLC was acquired by Korea Zinc Company Limited, a company listed on Korea Exchange (KRX).

17. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.10.23 31.10.22
$    $   
(Loss)/profit before taxation (392,995 ) 435,291
Depreciation charges 7,250 2,050
Loss on disposal of fixed assets 2,674 -
Finance costs 471,651 551,974
88,580 989,315
Decrease/(increase) in stocks 265,187 (37,105 )
(Increase)/decrease in trade and other debtors (7,125,304 ) 1,165,052
Increase/(decrease) in trade and other creditors 5,600,618 (204,280 )
Cash generated from operations (1,170,919 ) 1,912,982

18. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
$    $   
Cash and cash equivalents 112,041 1,748,369
Year ended 31 October 2022
31.10.22 1.11.21
$    $   
Cash and cash equivalents 1,748,369 487,103


Kataman UK Limited (Registered number: 12826611)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

19. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
$    $    $   
Net cash
Cash at bank 1,748,369 (1,636,328 ) 112,041
1,748,369 (1,636,328 ) 112,041
Total 1,748,369 (1,636,328 ) 112,041