Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Wayne Thomas Sydney Breeze 18/12/2019 James Joseph Goldburg 18/12/2019 Brett Peter Goodin 18/12/2019 Mark Edward John Riddiford 18/12/2019 14 November 2024 The principal activity of the Company during the financial year was to develop innovative extraction techniques for precious and rare metals for reintroduction to the circular economy. 12101162 2024-06-30 12101162 bus:Director1 2024-06-30 12101162 bus:Director2 2024-06-30 12101162 bus:Director3 2024-06-30 12101162 bus:Director4 2024-06-30 12101162 2023-06-30 12101162 core:CurrentFinancialInstruments 2024-06-30 12101162 core:CurrentFinancialInstruments 2023-06-30 12101162 core:ShareCapital 2024-06-30 12101162 core:ShareCapital 2023-06-30 12101162 core:RetainedEarningsAccumulatedLosses 2024-06-30 12101162 core:RetainedEarningsAccumulatedLosses 2023-06-30 12101162 core:PlantMachinery 2023-06-30 12101162 core:OfficeEquipment 2023-06-30 12101162 core:PlantMachinery 2024-06-30 12101162 core:OfficeEquipment 2024-06-30 12101162 core:ImmediateParent core:CurrentFinancialInstruments 2024-06-30 12101162 core:ImmediateParent core:CurrentFinancialInstruments 2023-06-30 12101162 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-06-30 12101162 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-06-30 12101162 core:WithinOneYear 2024-06-30 12101162 core:WithinOneYear 2023-06-30 12101162 core:BetweenOneFiveYears 2024-06-30 12101162 core:BetweenOneFiveYears 2023-06-30 12101162 core:MoreThanFiveYears 2024-06-30 12101162 core:MoreThanFiveYears 2023-06-30 12101162 2023-07-01 2024-06-30 12101162 bus:FilletedAccounts 2023-07-01 2024-06-30 12101162 bus:SmallEntities 2023-07-01 2024-06-30 12101162 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 12101162 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12101162 bus:Director1 2023-07-01 2024-06-30 12101162 bus:Director2 2023-07-01 2024-06-30 12101162 bus:Director3 2023-07-01 2024-06-30 12101162 bus:Director4 2023-07-01 2024-06-30 12101162 core:PlantMachinery core:TopRangeValue 2023-07-01 2024-06-30 12101162 core:OfficeEquipment core:TopRangeValue 2023-07-01 2024-06-30 12101162 2022-07-01 2023-06-30 12101162 core:PlantMachinery 1 2023-07-01 2024-06-30 12101162 core:OfficeEquipment 1 2023-07-01 2024-06-30 12101162 1 2023-07-01 2024-06-30 12101162 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 12101162 (England and Wales)

CR (NOT REQUIRED) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

CR (NOT REQUIRED) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

CR (NOT REQUIRED) LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
CR (NOT REQUIRED) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS Wayne Thomas Sydney Breeze
James Joseph Goldburg
Brett Peter Goodin
Mark Edward John Riddiford
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 12101162 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
CR (NOT REQUIRED) LIMITED

BALANCE SHEET

As at 30 June 2024
CR (NOT REQUIRED) LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 765,089
0 765,089
Current assets
Debtors 4 0 12,656
Cash at bank and in hand 2,608 6,095
2,608 18,751
Creditors: amounts falling due within one year 5 ( 4,855,020) ( 4,626,775)
Net current liabilities (4,852,412) (4,608,024)
Total assets less current liabilities (4,852,412) (3,842,935)
Net liabilities ( 4,852,412) ( 3,842,935)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 4,852,413 ) ( 3,842,936 )
Total shareholder's deficit ( 4,852,412) ( 3,842,935)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of CR (Not Required) Limited (registered number: 12101162) were approved and authorised for issue by the Board of Directors on 14 November 2024. They were signed on its behalf by:

Wayne Thomas Sydney Breeze
Director
CR (NOT REQUIRED) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
CR (NOT REQUIRED) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CR (Not Required) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. In the prior year the Company made the decision to reduce its UK operations for the foreseeable future. As a result the financial statements continue to be prepared on a basis other than the going concern basis of preparation. The Company is supported through loans from within the Group and the Group has sufficient funds to continue to support the Company, if required. The directors have also confirmed that repayment of the loan will not be requested within 12 months from the signing of the financial statements unless the Company has sufficient funds to do so.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Other operating income

Other operating income is recognised when the Company's right to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life.

Plant and machinery 10 years straight line
Office equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the Company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 July 2023 968,156 1,711 969,867
Transfers to group company ( 968,156) ( 1,711) ( 969,867)
At 30 June 2024 0 0 0
Accumulated depreciation
At 01 July 2023 204,575 203 204,778
Transfers to group company ( 204,575) ( 203) ( 204,778)
At 30 June 2024 0 0 0
Net book value
At 30 June 2024 0 0 0
At 30 June 2023 763,581 1,508 765,089

4. Debtors

2024 2023
£ £
Other taxation and social security 0 12,656

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 853,204 846,883
Amounts owed to Parent undertakings 3,987,466 3,686,716
Amounts owed to related parties 3,600 23,849
Other creditors 10,750 69,327
4,855,020 4,626,775

Amounts owed to Parent undertakings are unsecured, incur 10% interest per annum and are repayable on demand.

Amounts owed to Group undertakings are unsecured, interest free and repayable on demand.

Amounts owed to related parties please see Note 8 for further information.

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 159,000
between one and five years 0 636,000
after five years 0 530,000
0 1,325,000

The lease was mutually agreed to be terminated on 31 May 2023.

7. Related party transactions

No emoluments were paid to the directors in the current year. In the prior year the directors were remunerated at the prevalent market rate.

Included within creditors is a loan from Breeze Solutions Limited of £3,600 (2023: £23,849) a Company in which W T S Breeze is also a director. This loan is interest free and repayable on demand.

Included within creditors are directors' loans of £Nil (2023: £21,725). The loans are unsecured, interest free and repayable on demand.

In accordance with FRS 102 Section 33, the Company has not disclosed any related party transactions between this Company and other wholly-owned Group entities.

8. Ultimate controlling party

The Company's immediate parent and ultimate controlling party is Circular Resources PTE Ltd, a Company incorporated and registered in Singapore at 6 Shenton Way, #33-00 OUE Downtown, Singapore 068809. This is the smallest and largest group which the results of the Company are consolidated.