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TECHMIN LIMITED

Registered Number
11822502
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

TECHMIN LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

KEMP, Lester
STANBURY, Alexander George Basil

Registered Address

18 Savile Row
London
W1S 3PW

Registered Number

11822502 (England and Wales)
TECHMIN LIMITED
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-162,815
Tangible assets42,2672,267
2,267165,082
Current assets
Cash at bank and on hand2,329277,364
2,329277,364
Creditors amounts falling due within one year(289)-
Net current assets (liabilities)2,040277,364
Total assets less current liabilities4,307442,446
Creditors amounts falling due after one year5(763,482)(1,020,157)
Net assets(759,175)(577,711)
Capital and reserves
Called up share capital55
Profit and loss account(759,180)(577,716)
Shareholders' funds(759,175)(577,711)
The financial statements were approved and authorised for issue by the Board of Directors on 2 June 2025, and are signed on its behalf by:
STANBURY, Alexander George Basil
Director
Registered Company No. 11822502
TECHMIN LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The Directors have a reasonable expectation that the Company will receive sufficient funds to operate for at least 12 months from the date of approval of these financial statements and therefore the financial statement have been prepared on a going concern basis. In reaching this conclusion, the Directors have considered the magnitude of potential impacts resulting from uncertain future events or changes in conditions, the likelihood of their occurrence and the likely effectiveness of mitigating actions that the Directors would consider undertaking. The Directors continue to monitor the impact of the Ukraine war on the ability of the Company to pursue its strategy and will make appropriate changes should they be required. There is not considered to be any material impacts on the financial position or results of the Group as a result of the Ukraine war at the reporting date. Material Uncertainty The Company’s ability to continue as a going concern is reliant on its parent company, TM1 raising additional finance. These conditions, create a material uncertainty that may cast significant doubt on the Company and the parent company’s ability to continue as a going concern.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees
Other than the directors there were no other employees

20242023
Average number of employees during the year11
3.Intangible assets
During the year £nil (2023: £432,935) of capitalised exploration expenditure was tranferred to another group undertaking. During the year £162,815 of capitalised exploration expenditure was impaired and shown under transfers.

Other

Total

££
Cost or valuation
At 01 July 23162,815162,815
Transfers(162,815)(162,815)
Net book value
At 30 June 24--
At 30 June 23162,815162,815
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 July 234,5344,534
At 30 June 244,5344,534
Depreciation and impairment
At 01 July 232,2672,267
At 30 June 242,2672,267
Net book value
At 30 June 242,2672,267
At 30 June 232,2672,267
5.Creditors: amounts due after one year

2024

2023

££
Amounts owed to related parties763,4821,020,157
Total763,4821,020,157
These are amounts due to the parent undertaking. The interest charged on the amount due is 2% per annum
6.Events after reporting date
There were no events after the reporting date
7.Related party transactions
As at 30 June 2024 amounts due to the parent undertaking, Technology Minerals plc was £763,482 (2023: £1,020,157). The interest rate charged on the loan was 2% per annum During the period Technology Minerals plc charged £nil (2023: £71,376) for the provision of management services
8.Controlling party
The company is a wholly owned subsidiary of Technology Minerals plc