INTERNATIONAL POTASH COMPANY (UK) LIMITED

REGISTERED NUMBER

03834701

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

INFORMATION FOR FILING WITH THE REGISTRAR

INTERNATIONAL POTASH COMPANY (UK) LIMITED
REGISTERED NUMBER:		03834701
BALANCE SHEET
As at 31 December 2024

Notes			2024			2023
$				$
Fixed assets
Investments	5		8,351,029			8,273,268

Current assets
Debtors	6	2,437,838			2,513,428
Investments held as current assets	7	1,431,141			-
Cash at bank and in hand	8	1,810,688			4,180,368
		5,679,667			6,693,796

Creditors: amounts falling due within one year	9	(21,690)			(64,484)

Net current assets			5,657,977			6,629,312

Total assets less current liabilities			14,009,006			14,902,580

Provisions for liabilities
Deferred tax	11		(552,381)			(544,938)


Net assets			13,456,625			14,357,642

Capital and reserves
Called up share capital			555,556			555,556
Profit and loss account			12,901,069			13,802,086

Shareholder's funds			13,456,625			14,357,642

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:





A V Svedberg
Director
Approved by the board on 13 August 2025

The notes on pages 2 to 6 form part of these financial statements.

INTERNATIONAL POTASH COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024


1	General information

	International Potash Company (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 03834701. The address of the registered office is 125 Sloane Street, London, SW1X 9AU. The principal activity of the Company continued to be that of undertaking investment based activities.


2	Accounting policies

	2.1 Basis of preparation of financial statements
	The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006. The following principal accounting policies have been applied:

	2.2 Going concern
	The financial statements have been prepared on a going concern basis. The Company has significant cash reserves and no indebtedness and is invested in a broad spread of securities which are likely to hold or increase their value in the longer term. The Director has a reasonable expectation that the Company will continue in operational existence for the next 12 months from the date of approval of these financial statements.

	2.3 Foreign currency translation


	Functional and presentation currency
	The Company's functional and presentational currency is USD.

	Transactions and balances
	Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

	2.4 Turnover
	Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover represents income receivable from fixed asset investments and is recognised when the Company becomes entitled to the income. All investment income is recognised on the earlier of the date of receipt or when approved by the paying entity.

2	Accounting policies (continued)

	2.5 Current and deferred taxation
	The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: • The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

	2.6 Exceptional Items
	Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

	2.7 Valuation of securities
	Investments in listed company shares are revalued to fair value, assessed as being market value, at each Balance Sheet date. Gains and losses on revaluation are recognised in the profit and loss for the reporting period. The fair value movement in listed securities is considered to be realised distributable profit, in accordance with company law, but is considered to be unrealised for UK taxation. Hence no tax is payable on the amounts resulting from revaluation. However, a deferred tax provision is required on the net gain from changes in fair value of stocks and this is reflected in the financial statements.

	2.8 Debtors
	Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

	2.9 Cash and cash equivalents
	Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

	2.10 Creditors
	Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2	Accounting policies (continued)

	2.11 Provisions for liabilities
	Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

	2.12 Financial instruments
	The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

3	Judgments and key sources of estimation uncertainty

	The director does not consider there to be any key judgments or key sources of estimation uncertainty in the preparation of these financial statements.


4	Employees	2024		2023
Number			Number

	Average number of persons employed by the company	1		1



5	Fixed asset investments

Listed
investments
$
	Cost or valuation
	At 1 January 2024			8,273,268
	Revaluation			77,761

	At 31 December 2024			8,351,029

6	Debtors	2024		2023
$			$

	Prepayments and accrued income	20,572		16,311
	Other debtors	2,417,266		2,497,117
		2,437,838		2,513,428


7	Investments held as current assets	2024		2023
$			$
	US Treasury notes recognised at fair value
	At 1 January	-		-
	Additions at cost	3,144,022		-
	Fair value movement recognised as interest	41,319		-
	Amounts received on redemption	(1,754,200)		-
	At 31 December	1,431,141		-

	The Company bought US Treasury notes during the year. They are shown separately given their short maturity period. The change in value of these notes has been recognised as interest received.


8	Cash and Cash equivalents	2024		2023
$			$

	Cash at bank and in hand	1,810,688		4,180,368
		1,810,688		4,180,368


9	Creditors: amounts falling due within one year	2024		2023
$			$

	Taxation and social security costs	1,840		32,414
	Other creditors	1,475		-
	Accruals and deferred income	18,375		32,070
		21,690		64,484





10	Financial Instruments	2024		2023
$			$

	Financial assets
	Financial assets measured at fair value through profit or loss	9,782,170		8,273,268

		9,782,170		8,273,268

	Financial assets measured at fair value through profit or loss are comprised of listed securities, including equity instruments, corporate bonds and US treasury notes.

11	Deferred taxation	2024		2023
$			$

	At beginning of year	(544,938)		(232,668)
	Released in year	-		26,965
	Charged to profit or loss	(7,443)		(339,235)
	At end of year	(552,381)		(544,938)

	The provision for deferred taxation is made up as follows:

		2024		2023
$			$

	Tax on the market value of securities	(607,431)		(583,574)
	Tax losses carried forward	55,050		38,636
		(552,381)		(544,938)

12	Related party transactions

	The loan to A Svedberg of $1,630,997 (2022: $1,630,997) carries an interest rate of 4.5% and had a repayment date in January 2025. The maturity date has been extended after the balance sheet date from January 2025 to January 2026. The parent company, with a 100% shareholding, is IPC (JSC International Potash Company). Its registered office is at Ostozhenka street, building 7/15, offices 64, 67, post box 486, 119034, Moscow, Russia.