EL ORO LTD

Company Registration Number:
11991873 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 1 June 2023

End date: 31 May 2024

EL ORO LTD

Contents of the Financial Statements

for the Period Ended 31 May 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

EL ORO LTD

Directors' report period ended 31 May 2024

The directors present their report with the financial statements of the company for the period ended 31 May 2024

Principal activities of the company

The principal activity of the company in the year under review is that of investment for future capital growth and sustainable dividend flow.

Additional information

We applaud the dedication and success of the British Olympic Eight and other Gold Medal winners in the Paris Olympics. In our own arena, there have been a number of successes over the past year, not least Beazley which has benefitted, whilst many householders have suffered, from soaring insurance rates. Shanta Gold succumbed to a takeover approach, before Gold shares started to ascend significantly, although Tietto proved a more satisfactory purchase, being absorbed by Zhaojin. Solgold continues to struggle with the cost of developing its Cascabel project in Ecuador, as does Hummingbird with various mishaps in West Africa. Our toe in the Uranium sector via Paladin has been recently marred by the prospective takeover of Fission, but may well prove correct if reason ever prevails amongst governments needing to ensure energy supplies for their populace; likewise with Bannerman and Geiger Counter. Sumitomo Mitsui has risen along with the Japanese Banking sector, following the lead of the Maestro, whose early entry into the Japanese conglomerate sector has proved so prescient, and has resulted in the approach of Berkshire, led by its nonagerian Warren Buffet after the departure of Charlie Munger last November, to the 700,000 dollar level. Centamin has begun to reflect the improved price of Gold. Atalaya and Central Asia Metals have fallen back after a heady rise responding to the euphoria surrounding Copper and EVs, now suffering from doubts over the viability and durability of China’s economic miracle. Genesis Minerals and Firefly are starting to shine. Whilst the prices of Natural Resources have mostly improved over the last year, two of our holdings have been devalued by Government interference: First Quantum in Panama where the government has responded to local demonstrations by cancelling its Mining Permit, and holding its already-mined copper stocks despite accepting a tax and royalty payment of 500m dollars a few months previously. First Quantum has built the Cobre mine over nearly 10 years and at a cost in excess of 10 billion dollars, potentially supplying nearly 1 percent of world copper demand at the same time as employing thousands of locals and rewarding the economy of Panama to a substantial extent. Proverbs 21.v 24: Fear the Lord and the King and meddle not with them given to change. Contrast with Tony Blair’s Institute for Global Change. Such considerations never sit well in a left-leaning administration, as the Marxist-minion Ed Miliband is now demonstrating in the UK, with his attack on North Sea oil and Gas, forbidding further drilling licences and threatening the livelihood of many thousands in Aberdeen and elsewhere. Our Serica, formerly a star of the portfolio paying substantial dividends and producing 600,000 barrels of oil a year has been pummelled as has Jersey Oil and Gas which was to be its partner in the Buchan field. Serica has contributed 500m pounds to the Treasury since 2020 and Britain is now described as ‘worse than a war zone ‘for oil companies. Serica is considering investing in Norway, rather than the British North Sea. Miliband is following in Rishi’s footsteps, after the former’s banning of Fracking, raising taxes to 78 percent from the initial ‘windfall’ levy of 25 percent, increased to 35 percent, supposedly ‘until prices return to ‘historically more normal levels’. Those prices have indeed relapsed, but taxes remain cripplingly high and now allowances for investment are being withdrawn. At least the likes of Just Stop Oil can afford the orange paint with which to daub Stonehenge, Van Gogh’s paintings and other works of art, at the same time as blocking roads and mistakenly spraying a jet that did not belong to Taylor Swift. Such antics might once have elicited a wry smile of amusement and even indulgence in such childish protests, had it not now become Government policy to destroy the lifeblood of this nation. The CEO of RWE believes Germany will never fully recover from its energy crisis with structurally higher gas prices leaving it at a permanent disadvantage. Our new Prime Minister is currently conducting talks with that nation’s Chancellor, oblivious to the damage wreaked on its economy by its own leaders. Three scientists, Lindzen, Happer and Wijngaarden suggest that if the world eliminated net carbon dioxide emissions by 2050 it would avert warming by almost unmeasurable 0.07 degrees C. Perhaps the public should be subjected to compulsory viewing of Climate: The Movie. The newly elected government of Britain is devoid of anyone possessing an iota of Business experience, other than the Chancellor who apparently was an analyst at the Bank of England. Other than Mervyn King and Eddie George, it is a long time since any sense has emerged from that institution. Indeed many attribute the demise of Liz Truss’ administration to that institution’s actions in the Bond market. We are now run by a coterie of lawyers, whose approach to inflation is to award militant unions stonking pay increases without compensatory concessions of any kind. The snowball of pay inflation is gathering pace which will inevitably deter possible reductions in interest rates, and hence impact both business and the livelihood of mortgage holders. The threatened tax increases ‘due to a black hole’ in government finances will exacerbate the implications for the British economy, despite its current position at the forefront of Europe. These failings will be further fortified by the absence of so many from the work force, either through disability real or perceived and a reluctance to engage in paid employment. The Education sector, perhaps the only beneficiary of Michael Gove’s improvements is already suffering from Tony Blair’s expansion of the University sector beyond the bounds of reason; the ever-outperforming Private Sector is now to be subject to the imposition of VAT: undoubtedly cutting a swathe into the viability and affordability of that area and simultaneously damaging Sport, Music and the Arts and other extra-curricular activities at which Private Schools have excelled over many years. The ongoing outperformance of the private v state sector has recently been published: perhaps a reason for congratulations rather than denigration. None of these measures would seem to bear the imprimatur of enhancing or improving the State but reflect an ideological bent against a certain class within the country, whose impoverishment will only bring weeping and gnashing of teeth in its wake. Perhaps the holiday in a Communist country indulged in by the new Prime Minister as a young ideologue is bearing its final fruit, and hints at a deeper ideological core. There can be few accurate apologists for the dire performance of Conservative administrations over the past fourteen years, compounded by the ultimate folly of an election called for 4th. July when defeat was inevitable but unnecessarily precipitated. The consequences for the taxpayers of Britain will become apparent in a few weeks and are almost certain to pile more pain and suffering on any sector of society still retaining or generating wealth in this country. Having recently watched the film Oppenheimer, it is salutary to reflect that the founder of the Atom Bomb and mastermind of the Manhattan Project was driven out of the higher echelons of Science, humiliated and destroyed by mean midgets for questioning philosophies of humanity and life earlier in his career; despite loyalty and commitment to the United States. His nemesis Admiral Lewis Strauss found his comeuppance in the Senate rejecting his nomination for the Cabinet. JFK voted against him. At Yalta the President previous to Truman had handed Eastern Europe and especially Poland to the Marxist murderer and world ogre Stalin rather than prolong the British Empire and its Champion, Winston S Churchill. It will be interesting to see how the former second in command to the Marxist Jeremy Corbyn and acolyte of the legal profession manages the mercantile aspects of Britain with his coterie of party apparatchiks, mostly moulded in the apparatus of the State rather than the Private Sector. We observe reports of the removal from its position in 10 Downing Street of the painting of Lady Thatcher, commissioned by Gordon Brown, which he found ‘unsettling’: an opinion no doubt shared by many fellow travellers. Simpler just to ban outside smoking and eliminate another swathe of pubs and trample deeper on individual freedom. A hugely experienced and successful acquaintance recently recounted spending 200,000 pounds to achieve FCA clearance for a new project, only to give up in disgust due to continued obstruction. In recent days the makers of Mamod Steam engines have ceased production as clearance for their Energy capsules has been stopped due to security concerns. We read that due to ‘Dirty Power’ the provision of electricity via renewables will cause immense damage to our transmission system because of its variable and erratic supply, quite apart from the enormous cost and gigantic size of Wind Turbines, along with swathes of the countryside being covered in Solar panels for the benefit of a few landowners and subsidised energy providers. Psalm 104 v 14: He causeth the grass to grow for the cattle, and herb for the service of man: that he may bring forth food out of the earth. And 2 Timothy 4 v 4: and they shall turn away their ears from the truth and shall be turned unto fables. Mark Twain: It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so. Mao Zedong : ‘Man must conquer Nature’ 1958 to 1962: The Great Leap Forward killing flies and sparrows caused the death of 20 to 30 million people. Net Zero replicates many of these fantasies and follies, endorsed by so many with a vested interest in its implementation. The Electric Car Industry has been handed on a plate to the Chinese, extinguishing the once mainstay of British, European and American industry unable to compete with subsidised competitors reinforced by control of many rare earths and other essential components. More recent evidence shows cooling in Oceans, to the mystification of scientists and earlier predictions. Volcanoes continue to belch out emissions with heady abandon of modern regulations, whether it be Etna, Taal in the Philippines, Shiveluch in Kamchatka or numerous emissions elsewhere in the World. In the States we see the emergence of Sleepy Joe’s successor going from Zero to Hero in the space of a few weeks, despite her notable lack of accomplishment in restricting ingress of migrants via the Southern border, the only known task assigned to her. We fear for an America where the President is chosen by Hollywood and a few Silicon Valley billionaires. Her rival, endorsed by RFK although not John Bolton, wrestles with lawsuits, despite clearance on at least one by the Supreme Court: time will tell whether the American Electorate will prefer a woke, Left-Wing Californian party performer devoid of any electoral success over an erratic but nevertheless experienced public figure. In China President Xi continues crushing all opposition and creating an autocratic authoritarian state, subject to constant supervision by the latest technology. Ultimately the country will survive and thrive or wither on its economic prowess: should that fail which the decline in property prices is beginning to suggest is possible, an era of huge uncertainty is in prospect, not least for the Commodities markets especially metals. In Gaza the underground tunnel complex, booby-trapped in every approach shows where some of the 8,300 dollars of aid per head has disappeared, denied in its vast generosity to the people of Gaza. Parts of the 230m dollars pier built by the Americans to import food into Gaza have ended up in Tel Aviv, with only a couple of days supplies ever delivered.As Golda Meir said in 1973 ‘They say we must be dead and we say we want to be alive. Between life and death, I don’t know of a compromise’. The State of Victoria faces potential Bankruptcy due to debts incurred during its draconian lockdown in response to Covid; Britain’s debt has soared likewise as a result of enormous hand-outs given by Chancellor Rishi; interest payments in the US are now annualised at one trillion dollars, on a debt of thirty-five trillion dollars: these are the unspoken after-effects of a policy that even the faultless Zuckerberg has now said Meta should not have suppressed antagonistic opinions to policy, as requested by the President. No current candidate in the US, nor in the British campaign have mentioned the desultory deficit, as far as we are aware. The only leader in the World grappling with this nightmare is Xavier Milei in Argentina; thus far he has achieved an abatement of inflation and a reduction in the deficit. Such policies obviously have little appeal to the leaders of Western economies, and perhaps not to their electorates. Markets might take a different view. Quite possibly a weakening dollar presages a more questioning attitude to the continued strength of the US dollars. The recent sinking of the Sounion, a fully-loaded Suez Max oil tanker, by the Hou this has demonstrated the total ineffectiveness of the multi-billion dollar US fleet and air-force. Such incidents and the continuing destruction occurring in Ukraine and Russia demonstrate the weakness inherent in a cash and vision strapped Western world. The new British government seems to think tax rises will solve all such conundrums, whereas we are convinced, along with Mr.Laffer and other likeminded souls, that lower taxes will unleash an infinitely more prosperous and entrepreneurial society. As so often, sometimes prematurely and frequently forlornly we believe that Gold bears the hallmarks of safety. Whether our Insurance, Uranium and Gold Mines are the correct areas remains the 60,000 dollars question. We certainly live in ‘interesting times.’



Directors

The director shown below has held office during the whole of the period from
1 June 2023 to 31 May 2024

Clement Robin Woodbine Parish


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
12 September 2024

And signed on behalf of the board by:
Name: Clement Robin Woodbine Parish
Status: Director

EL ORO LTD

Profit And Loss Account

for the Period Ended 31 May 2024

2024 2023


£

£
Turnover: 32,741 (54,029)
Gross profit(or loss): 32,741 (54,029)
Administrative expenses: ( 11,618 ) ( 5,913 )
Operating profit(or loss): 21,123 (59,942)
Interest payable and similar charges: ( 48 ) ( 57 )
Profit(or loss) before tax: 21,075 (59,999)
Tax: ( 764 ) 4,594
Profit(or loss) for the financial year: 20,311 (55,405)

EL ORO LTD

Balance sheet

As at 31 May 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Investments: 3 490,249 478,802
Total fixed assets: 490,249 478,802
Current assets
Cash at bank and in hand: 13,653 6,529
Total current assets: 13,653 6,529
Net current assets (liabilities): 13,653 6,529
Total assets less current liabilities: 503,902 485,331
Creditors: amounts falling due after more than one year: 4 ( 1,000 ) ( 1,000 )
Provision for liabilities: ( 765 ) ( 2,505 )
Total net assets (liabilities): 502,137 481,826
Capital and reserves
Called up share capital: 509,400 509,400
Share premium account: 910 910
Profit and loss account: (8,173 ) (28,484 )
Total Shareholders' funds: 502,137 481,826

The notes form part of these financial statements

EL ORO LTD

Balance sheet statements

For the year ending 31 May 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 12 September 2024
and signed on behalf of the board by:

Name: Clement Robin Woodbine Parish
Status: Director

The notes form part of these financial statements

EL ORO LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

EL ORO LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

EL ORO LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Fixed assets investments note

0

EL ORO LTD

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 1,000 1,000
Total 1,000 1,000