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REGISTERED NUMBER: 13473922 (England and Wales)
















Report of the Directors and

Financial Statements for the Period 1 July 2022 to 31 December 2023

for


Mkango Rare Earths UK Ltd


Mkango Rare Earths UK Ltd (Registered number: 13473922)







Contents of the Financial Statements

for the Period 1 July 2022 to 31 December 2023





Page



Company Information  

1



Report of the Directors  

2



Report of the Independent Auditors  

4



Statement of Comprehensive Income

8



Balance Sheet  

9



Statement of Changes in Equity  

10



Notes to the Financial Statements

11




Mkango Rare Earths UK Ltd


Company Information

for the Period 1 July 2022 to 31 December 2023









DIRECTORS:

William Drummond Dawes


Alexander Mark Lemon







REGISTERED OFFICE:

6th Floor


100 Liverpool Street


London


EC2M 2AT







REGISTERED NUMBER:

13473922 (England and Wales)







AUDITORS:

BDO LLP


55 Baker Street


London


W1U 7EU


Mkango Rare Earths UK Ltd (Registered number: 13473922)


Report of the Directors

for the Period 1 July 2022 to 31 December 2023


The directors present their report with the financial statements of the company for the period 1 July 2022 to 31 December 2023.  


DIRECTORS

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


William Drummond Dawes

Alexander Mark Lemon


GOING CONCERN

These financial statements have been prepared on the basis of accounting principles applicable to a going concern which assumes the Company will be able to continue in operation for the foreseeable future being a period of at least 12 months from the date of signing these financial statements and will be able to realise its assets and discharge its liabilities in the normal course of operations.


Mkango Rare Earths UK Limited ("Company") forms part of the Mkango Resources Limited Group ("Group") and is reliant on funding received from Mkango Resources Ltd, the wider Group, to continue as a going concern.


The Group is dependent on raising funds through either equity investment or an alternative financing structure, which is not guaranteed. Therefore the Group consolidated financial statements included a material uncertainty related to going concern which may have a direct impact on the Group's ability to provide required financial support to the Company and as a result this indicates that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.


The Directors consider that the funding will be forthcoming and therefore the going concern basis of preparation is deemed appropriate.


The financial statements do not include adjustments that would result if the Company was unable to continue as a going concern.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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.



Mkango Rare Earths UK Ltd (Registered number: 13473922)


Report of the Directors

for the Period 1 July 2022 to 31 December 2023


STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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.

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.

AUDITORS

The auditors,  BDO LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.


ON BEHALF OF THE BOARD:






Alexander Mark Lemon - Director



20 September 2024


Report of the Independent Auditors to the Members of

Mkango Rare Earths UK Ltd


Opinion

We have audited the financial statements of Mkango Rare Earths UK Ltd (the 'company') for the period ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 December 2023 and of its loss for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Independence

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.


Material uncertainty related to going concern

We draw attention to Note 2 to the financial statements, which indicates that the company is reliant on the wider Group for financial support. The Group consolidated financial statements included a material uncertainty related to going concern which may have a direct impact on the Group's ability to provide required financial support to the Company. As stated in Note 2, these events and conditions, along with other matters set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


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.


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


Report of the Independent Auditors to the Members of

Mkango Rare Earths UK Ltd



Other information

The Directors are responsible for the other information. The other information comprises the information included in the Report of the directors and financial statements, other than the financial statements and our auditor's report 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.


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 course of 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.


Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:


- the information given in the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the Directors' report has been prepared in accordance with applicable legal requirements.


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 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; or

-

the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.


Responsibilities of directors

As explained more fully in the Statement of Directors Responsibilities, 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 is 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.


Report of the Independent Auditors to the Members of

Mkango Rare Earths UK Ltd



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:


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Non-compliance with laws and regulations

Based on:

- Our understanding of the Company and the industry in which it operates;

- Discussion with management and those charged with governance; and

- Obtaining and understanding of the Company's policies and procedures regarding compliance with laws and regulations; and

we considered the significant laws and regulations to be the United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and the Companies Act 2006.


The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation and UK anti-money laundering and counter terrorist financing legislation.


Our procedures in respect of the above included:

- Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;

- Review of financial statement disclosures and agreeing to supporting documentation; and

- Review of legal expenditure accounts to understand the nature of expenditure incurred.


Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

- Obtaining an understanding of the Company's policies and procedures relating to:

       - Detecting and responding to the risks of fraud; and

       - Internal controls established to mitigate risks related to fraud.

- Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;

- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and


Report of the Independent Auditors to the Members of

Mkango Rare Earths UK Ltd


- Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.


Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls.


Our procedures in respect of the above included:

- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; and

- Assessing significant estimates made by management for bias.


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.


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.


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.





Jill MacRae (Senior Statutory Auditor)

for and on behalf of BDO LLP

55 Baker Street

London

W1U 7EU


20 September 2024



BDO LLP is a limited liability partnership registered in England and Wales (with

registered number OC305127).


Mkango Rare Earths UK Ltd (Registered number: 13473922)


Statement of Comprehensive Income

for the Period 1 July 2022 to 31 December 2023



Period


Period


1.7.22


23.6.21


to


to


31.12.23


30.6.22


Notes

£   

£   



TURNOVER

-


500




Administrative expenses

720,344


356,092



(720,344

)

(355,592

)



Other operating income

223,153


-



OPERATING LOSS

4

(497,191

)

(355,592

)




Interest payable and similar

expenses

5

45


-



LOSS BEFORE TAXATION

(497,236

)

(355,592

)



Tax on loss

6

-


-



LOSS FOR THE FINANCIAL

PERIOD

(497,236

)

(355,592

)



OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE PERIOD

(497,236

)

(355,592

)



Mkango Rare Earths UK Ltd (Registered number: 13473922)


Balance Sheet

31 December 2023



31/12/23

30/6/22



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

7

284,253


-




CURRENT ASSETS

Debtors

8

305,138


1,953



Cash at bank

1,406


152,154



306,544


154,107



CREDITORS

Amounts falling due within one year

9

1,442,625


508,699



NET CURRENT LIABILITIES

(1,136,081

)

(354,592

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(851,828

)

(354,592

)



CAPITAL AND RESERVES

Called up share capital

11

1,000


1,000



Retained earnings

12

(852,828

)

(355,592

)


SHAREHOLDERS' FUNDS

(851,828

)

(354,592

)



The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:






Alexander Mark Lemon - Director



Mkango Rare Earths UK Ltd (Registered number: 13473922)


Statement of Changes in Equity

for the Period 1 July 2022 to 31 December 2023



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   



Changes in equity

Issue of share capital

1,000


-


1,000



Total comprehensive income

-


(355,592

)

(355,592

)


Balance at 30 June 2022

1,000


(355,592

)

(354,592

)



Changes in equity

Total comprehensive income

-


(497,236

)

(497,236

)


Balance at 31 December 2023

1,000


(852,828

)

(851,828

)



Mkango Rare Earths UK Ltd (Registered number: 13473922)


Notes to the Financial Statements

for the Period 1 July 2022 to 31 December 2023


1.

STATUTORY INFORMATION



Mkango Rare Earths UK Ltd 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.    



Financial Reporting Standard 102 - reduced disclosure exemptions


The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":




the requirements of Section 7 Statement of Cash Flows.



Preparation of consolidated financial statements

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements.The company is consolidated in the financial statements of its parent, Mkango Resources Ltd, which may be obtained from https://www.mkango.ca/investors/financials/. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.


Related party exemption


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.



Significant judgements and estimates

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company's accounting policies with significant effect on the amounts recognised in the financial statements.


Mkango Rare Earths UK Ltd (Registered number: 13473922)


Notes to the Financial Statements - continued

for the Period 1 July 2022 to 31 December 2023


2.

ACCOUNTING POLICIES - continued



Going concern

These financial statements have been prepared on the basis of accounting principles applicable to a going concern which assumes the Company will be able to continue in operation for the foreseeable future being a period of at least 12 months from the date of signing these financial statements and will be able to realise its assets and discharge its liabilities in the normal course of operations.

Mkango Rare Earths UK Limited ("Company") forms part of the Mkango Resources Limited Group ("Group") and is reliant on funding received from Mkango Resources Ltd, the wider Group, to continue as a going concern.

The Group is dependent on raising funds through either equity investment or an alternative financing structure, which is not guaranteed. Therefore the Group consolidated financial statements included a material uncertainty related to going concern which may have a direct impact on the Group's ability to provide required financial support to the Company and as a result this indicates that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.

The Directors consider that the funding will be forthcoming and therefore the going concern basis of preparation is deemed appropriate.

The financial statements do not include adjustments that would result if the Company was unable to continue as a going concern.


Revenue recognition

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

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  



Government grants - other operating income

The company receives government grants from Innovate UK. These grants are recognised
when the claim has been received. They are disclosed within Other Operating Income.


Mkango Rare Earths UK Ltd (Registered number: 13473922)


Notes to the Financial Statements - continued

for the Period 1 July 2022 to 31 December 2023


2.

ACCOUNTING POLICIES - continued


Taxation

Taxation for the period 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 period 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.


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.


Cash and cash equivalents


Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.



Receivables


Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.


Receivables are recognised initially al the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.


Mkango Rare Earths UK Ltd (Registered number: 13473922)


Notes to the Financial Statements - continued

for the Period 1 July 2022 to 31 December 2023


2.

ACCOUNTING POLICIES - continued



Payables


Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.


Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.


3.

EMPLOYEES AND DIRECTORS


Period


Period


1.7.22


23.6.21


to


to


31.12.23


30.6.22

£   

£   



Wages and salaries

427,119


274,212




Social security costs

47,192


21,766




Other pension costs

19,737


446



494,048


296,424





The average number of employees during the period was as follows:


Period


Period


1.7.22


23.6.21


to


to


31.12.23


30.6.22



Directors

2


2




Administration and support

2


1



4


3





Period


Period


1.7.22


23.6.21


to


to


31.12.23


30.6.22

£   

£   



Directors' remuneration

255,000


245,000





Information regarding the highest paid director is as follows:


Period


Period


1.7.22


23.6.21


to


to


31.12.23


30.6.22

£   

£   



Emoluments etc

127,500


122,500




Mkango Rare Earths UK Ltd (Registered number: 13473922)


Notes to the Financial Statements - continued

for the Period 1 July 2022 to 31 December 2023


4.

OPERATING LOSS



The operating loss is stated after charging:



Period


Period


1.7.22


23.6.21


to


to


31.12.23


30.6.22

£   

£   



Other operating leases

8,000


-




Depreciation - owned assets

2,901


-




Auditors' remuneration

1,450


5,000




Foreign exchange differences

2,141


-




5.

INTEREST PAYABLE AND SIMILAR EXPENSES



Period


Period


1.7.22


23.6.21


to


to


31.12.23


30.6.22

£   

£   



Other Interest

45


-




6.

TAXATION



Analysis of the tax charge


No liability to UK corporation tax arose for the period ended 31 December 2023 nor for the period ended 30 June 2022.



Reconciliation of total tax charge included in profit and loss


The tax assessed for the period is different to the standard rate of corporation tax in the UK. The difference is explained below:



Period


Period


1.7.22


23.6.21


to


to


31.12.23


30.6.22

£   

£   



Loss before tax

(497,236

)

(355,592

)



Loss multiplied by the standard rate of corporation tax in the

UK of 19% (2022 - 19%)  

(94,475

)

(67,562

)




Effects of:


Capital allowances in excess of depreciation

(55,340

)

-




Losses carried forward  

149,815


67,562




Total tax charge

-


-




Mkango Rare Earths UK Ltd (Registered number: 13473922)


Notes to the Financial Statements - continued

for the Period 1 July 2022 to 31 December 2023


6.

TAXATION - continued


At Spring budget 2021, the government announced an increase in the Corporation Tax main rate from 19% to 25% for companies with profits over £250,000 together with the introduction of small profits rate of 19% with effect from 1 April 2023.


The company has a total of £1,144,045 (2022: £355,592) of taxable losses carried forward to offset against future profits. No deferred tax asset has been recognised in respect of the losses carried forward as it is not probable that future taxable profit will allow the deferred tax asset to be recovered.

7.

TANGIBLE FIXED ASSETS


Plant and


machinery

£   



COST


Additions

287,154




At 31 December 2023

287,154




DEPRECIATION


Charge for period

2,901




At 31 December 2023

2,901




NET BOOK VALUE


At 31 December 2023

284,253




8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31/12/23


30/6/22

£   

£   



Amounts owed by group undertakings

172,567


-




VAT

47,903


1,953




Prepayments and accrued income

84,668


-



305,138


1,953




9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31/12/23


30/6/22

£   

£   



Trade creditors

83,322


16,163




Amounts owed to group undertakings

1,350,705


404,015




Social security and other taxes

4,264


30,531




Wages Payable

-


25,229




Pensions payable

4,306


14,343




Accruals and deferred income

28


18,418



1,442,625


508,699




Mkango Rare Earths UK Ltd (Registered number: 13473922)


Notes to the Financial Statements - continued

for the Period 1 July 2022 to 31 December 2023


9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued


Amounts owed to group undertakings are payable on demand and are unsecured.

10.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:


31/12/23


30/6/22

£   

£   



Within one year

17,800


-




Between one and five years

71,200


-



89,000


-




11.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31/12/23


30/6/22


value:

£   

£   



1,000

Ordinary

£1

1,000


1,000




12.

RESERVES


Retained


earnings

£   




At 1 July 2022

(355,592

)



Deficit for the period

(497,236

)



At 31 December 2023

(852,828

)



13.

ULTIMATE CONTROLLING PARTY



The company's immediate parent is Mkango Resources Ltd, incorporated in Canada. These financial statements are available upon request from www.mkango.ca