The directors present the strategic report for the year ended 31 December 2024.

The company's principal activity during the year was trading in non-ferrous metals and commodities.

The major challenge for the company continued to be sourcing alternative supplies to facilitate its trading operations, as its main supplier in Guatemala had temporarily stopped production of Ferro nickel and Nickel ore and supply markets in Ukraine and Russia were closed due to the entrenched Ukrainian-Russian conflict.

The company began the year with an inventory book in Ferro Nickel, Nickel Ore and chrome, which it sold and continued to Trade Copper concentrates and Copper Cathodes. The Company additionally began trading in Chromium ore concentrates from the Philippines, which it sold in China. The expectation was to build up this trade significantly in 2024, but due to modernisation required and equipment enhancement at the producing plant, deliveries were curtailed in 2024. Additionally, trade in Nickel ore was depressed due to low prices and high freight costs to China and therefore the ramp-up of sales of Nickel ore expected was below expectations in 2024.

These factors contributed to a downturn in Turnover and the company has therefore reported a loss in the financial year to December 2024.

There was a scarcity of Ferro Nickel in the market, generally in the year. This was due to supply-related issues whereby some major producers have stopped producing Ferro Nickel; in New Caledonia due to difficult geopolitical issues and in Europe, due to high costs rendering production to become uneconomic. The market has had to evolve, and there has been a greater uptake of Nickel Pig Iron in Europe from China and Indonesia. The Company, therefore, expects Ferro Nickel supplies that will resume in late 2025 to have a strong demand.

Nickel prices in 2024 remained depressed; the LME Nickel contract started the year priced with an LME cash price of $16,574 beginning January 2024, ending the year at $ 15,238. This is considered a low price for Nickel. In the East in particular in China, which is the largest market for Nickel, all major consumers of Nickel demanded that Nickel was priced using the (Shanghai Metals Index) SMM price and would not consider the LME Nickel price as a contractual benchmark price to price Nickel. This continues to be the current state of affairs in respect of Nickel pricing in the Chinese and other Eastern markets. The company therefore, used the SMM index as a pricing benchmark and discounted deliveries to cash to sell its inventories in the Chinese market.

Global freight and logistics prices continued to stubbornly remain high influenced by Geopolitical uncertainties affecting international shipping routes and continued high energy costs worldwide. Disruptions and delays in shipping and logistics were a challenge for all shippers, however due to its long- standing relationships and expertise in the freight market the company was able to manage its shipping costs effectively and minimize increased rates and delays and deliver on time avoiding further penalties and losses. Despite the challenges, the company is able to ship at reasonable freight levels to ensure profitable trades.

At the year-end end the company had secured contracts to ensure all its inventories held at the year-end were sold and allocated to these contracts.

The company continues to enhance and strengthen its relationship with its existing customers in the Ferro Nickel market, and will be actively marketing the expected supply for Q1 2026. The Company supports customer’s fluctuating requests in demand due to the volatility in markets and is expanding its customer base in Ferro Nickel in Europe, Korea and in China. In particular, getting commitments for further sales for its product on the basis of the resumption of supply that is expected in future.

The company continues to trade in Nickel Ore; however volumes traded were significantly lower than expected in 2024 due to supply constraints and depressed prices. Anticipated supply in Q4 2025 is being met with good demand from the Company’s customers in China. The company is looking to diversify its supply of Nickel ore from other origins, and in 2025/2026, in particular from New Caledonia.

As referenced above the company has also started an active trade in Chromium ore concentrate and expects a significant upturn in trading this commodity in 2025 and beyond.

The company has maintained its Bank facilities and accounts with all of its Financing banks. All our banks are active in all regions traded in by the Company. The Company is now resuming the setting-up of TCF facilities with its Banking partners in anticipation of the Ferro Nickel supply expected. The company is confident it will have sufficient lines to finance its trading operations and also sufficient LME trading lines with LME brokers to secure its ability to hedge its products.

The company has been able to continue to trade as usual after the UK's exit from the European Union. The company has been able to market its products in the EU and the UK and has been able to register its product in both these jurisdictions. The impact of Brexit on the company has been limited. This is because LME is a global market for base metals, and the company has a geographically diverse client base.

The principal uncertainty is the evolution of commodity supply and the challenge that has created of securing supply given the market volatility and scarcity of supply available of Ferro Nickel. Additionally, the uncertain world market in light of significant injection of Nickel Pig iron into the Nickel market has led to a general decrease in demand for Nickel, particularly in the Eastern markets of China, Indonesia and Korea.

The Company has secured financing with a strategic partner and is working with its major supplier to finance the restart of Nickel ore mining and Ferro Nickel production. The expected resumption of supply of Ferro Nickel from its major supplier is expected prior to the year-end 2025. The Ferro Nickel marketed by the Company is extra low carbon Ferro Nickel with very minor ratios of contaminants and impurities and is sought out by the market and not significantly challenged by the influx of Nickel Pig Iron from China and Indonesia. We expect the product to be in good demand due to the scarcity of Ferro Nickel as a result of plant closures triggered by unworkable economic viability. In addition political uncertainties in Greece, Kosovo and New Caledonia due to political uncertainties and even in South America and the Dominican Republic will increase demand.

The nature, timing and Economic uncertainties of these market fluctuations make the quantum difficult to quantify. Further details to the principal risks and uncertainties are set out in note 13 to these financial statements.

Events after the end of the reporting period

As described, inflationary stress on many economies due to Geopolitical uncertainties and challenging economics continue to impact many markets worldwide and increased commodity, food and energy prices, leading to inflationary stress have had the effect of significantly increasing finance, storage and carry costs. Ferro Nickel in particular is scarce due to a significant reduction in its production. The company is monitoring the situation and trying to diversify its supply and enter into new markets. The company is exploring contracts for the purchase of Nickel, Nickel ores and other commodities from different markets in South America, New Caledonia and the Philippines. Given the non- supply from Ukrainian markets and difficulties in the current Guatemalan production, we are confident of securing further quantities of nickel ore and other non-ferrous metals from other markets.

The company has been closely monitoring its liquidity position to ensure it can continue to meet all obligations as they fall due. This includes the performance of adverse scenarios and stress testing is done weekly.

The company has been closely monitoring its counterparty risks and enhancing its credit risk mitigation techniques credit insurance policies have been maintained. It has recently worked with consultants and updated all its procedure and compliance codes.

The company will continue to trade in all the existing lines of business in 2025. The company is looking to develop and enhance its trade in Nickel Ore and other Non- ferrous metals and ores.

The company continues to use segmented turnover in US dollars, tonnage volumes traded and volumes off-taken together with detailed margin analysis including finance costs to monitor trading performance. Disclosure of these KPI's would be commercially sensitive to the interests of the company.

Non-financial indicators are also rigorously monitored by the company and these include on time deliveries, customer satisfaction, customer retention, customer service and in particular the monitoring of product quality. Additionally, we monitor corporate reputation, information and data security both in house and with our client base. We ascertain and ensure that our suppliers and customers are operating under recognized ESR regulations.

The director is satisfied with the results for the year and the state of affairs at the balance sheet date.

The Director of Raznoimport (UK) Limited considers that he has acted in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1) ( a-f) of the Companies Act 2006) in the decisions taken during the year ended 31st December 2024.

Our People

People are a key factor for our business to succeed. We are proud of the average length of service of our employees. We intend to retain people for the long term and our recruitment strategy is based on offering long careers in fairly paid and stable jobs.

We encourage our employees to have both fulfilling careers and balanced lives. We look to our employees to contribute ideas for our future growth, and share the rewards of the business where we are profitable, primarily through our discretionary annual bonus scheme.

We value long term relationships with our suppliers and customers and many of our relationships span years and some span decades. We employ robust "know your customer" and "know your supplier" processes across our operations, and we are typically cautious when entering into new relationships. We ensure compliance with the most up to date ESR standards required by the industries in which we operate.

We believe that a positive and strong culture is the best way to ensure a high level of professional conduct when it comes to health and safety, environment, regulations or business dealings.

Quarterly the director reviews the financial budgets, resource plans and investment decisions. In making decisions concerning the business plan and future strategy, the director has regard to a variety of matters including the interests of stakeholders, long term consequences of our capital allocation (such expenditure needed to ensure our long- term viability whilst maintaining adequate liquidity), and reputation.

Decisions on the level of dividend take into account the general profitability, liquidity and funding needs of the company.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of trading in non ferrous metals and commodities.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Energy and emissions data

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The auditor, Bright Grahame Murray, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the Annual Report 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Raznoimport (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 2024 and of its loss for the year 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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.

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 an auditor's report 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.

• We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, ESR Standards, International Maritime Standards and Enviornment.

• We enquired of the director, reviewed correspondence with HMRC and reviewed director meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the director has in place to ensure compliance.

• We gained an understanding of the controls that the director has in place to prevent and detect fraud. We enquired of the director about any incidences of fraud that had taken place during the accounting period.

• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, related parties outside normal course of business, management override, stocks and going concern.

• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

• We enquired of the director and third-party advisors about actual and potential litigation and claims.

• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Raznoimport (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 114a Cromwell Road, London, UK, SW7 4AG.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in US Dollars which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Consolidation

The company is exempt from the requirement to prepare group financial statements by virtue of section 405(2) of the Companies Act 2006, due to immateriality. In the opinion of the director, the company's subsidiaries are not material in relation to the financial statements and therefore these accounts present information about the company as an individual undertaking and not about its group.

The Directors believe the company is well placed to manage business risk successfully and, have a reasonable expectation that the company will be able to continue in operational existence for more than twelve months following the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. In coming to this conclusion, the Directors have considered the current market demand scenarios and LME price levels, the company's place in the market, the availability of liquidity facilities and ability to grow the business.true

Revenue is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts and customer returns. The company recognises revenue from sales when the goods are shipped or delivered and when the company has transferred to the buyer the significant risks and rewards of ownership of the goods.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Stocks consist entirely of commodities held for resale. Stock is valued at the lower of cost and estimated net realisable value. Cost includes purchase costs, delivery charges and other direct expenses.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including London Metal Exchange ("LME") and Shanghai Metal Exchange ("SME") forward contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

LME and SME forward contracts are valued at closing prices quoted by the London Metal Exchange and the Shanghai Metal Exchange.

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 liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company pays pension contributions on behalf of certain employees into separately administered employees' private pension funds. Contributions are charged to the profit and loss account as paid.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

The presentation currency and functional currency are both US dollars. Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are taken to the profit and loss account. Exchange differences arising on non-monetary items, carried at fair value, are included in the profit and loss account, except for the differences arising on the retranslation of non-monetary items in respect of which gains and losses are recorded in equity. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in equity.

Exceptional items

The company classifies certain one off charges and credits that have a material impact on the company's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company.

Trading in commodity metals

The overall position in each metal is valued at the prevailing market price and differences arising are included in the income statement, and within debtors and creditors as appropriate, with due allowance made for the costs of completing contracts.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors are required to identify the functional currency of the Company and each subsidiary undertaking. In making this judgement the directors have considered factors such as the currency which mainly influences both sales and cost prices, and the countries whose competitive forces and regulations affect those prices. Where the functional currency is not clearly identifiable, the directors use judgement to determine which currency most faithfully represents the economic effects of the underlying transactions, events and conditions.

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Inventories are valued at the lower cost and net realisable value. New realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

The amount recognised as a provision, including tax, legal, contractual and other exposures or obligations, is the best estimate of the consideration required to settle the related liability, including any related interest charges, taking into account the risks and uncertainties surrounding the obligation. The company assesses its liabilities and contingencies based upon the best information available, relevant tax laws and other appropriate requirements.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Raznoimport depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation and product life cycles.

Investments in associates and other investments, loans receivables and property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. If an asset’s recoverable amount is less than the asset’s carrying amount, an impairment loss is recognised. Loans and receivables are evaluated based on collectability. Changes in estimates could impact recoverable values of these assets.

An analysis of the company's turnover is as follows:

The director is of the opinion that disclosing an analysis of turnover by class of trade and geographical market, as well as disclosure of the profit or loss by class of trade would be unfairly prejudicial to the interests of the company. This information is therefore not disclosed.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

The key management of the company is the director therefore no additional disclosure of key management compensation has been provided.

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

Risk and risk management

Financial instruments of significance to the company comprise primary financial instruments (mainly cash, borrowings, debtors and creditors) and derivative financial instruments (mainly London Metal Exchange (“LME”) and Shanghai Metal Exchange ("SME") forward contracts).

In its business activities, the company is exposed to financial risk from a number of sources that can be categorised as market risk, counterparty risk and liquidity risk. Market risk is the risk that movements in metal prices will cause fluctuations in the values of, or cash flows arising from, financial assets and liabilities, and from other contracts for the future delivery of metal.

Exposures to metal price movements are restricted by the imposition of trading position limits by the director. Where appropriate, LME and SME forward contracts are used to offset the metal price exposure inherent in physical metal contracts. LME and SME forward contracts are also traded by the company, again within trading position limits. At pre-determined intervals, the actual positions are checked against the limits delegated.

The company is exposed to potential losses in the event that counterparties to financial instruments (and other contracts for the future delivery of metal) fail to meet their contractual obligations. Credit control policies, including the use of credit limits, credit insurance, guarantees and the managing of customers, are used to mitigate the risk of loss. The spread of the company’s businesses reduces its exposure to the risk of material loss due to significant concentrations of credit risk.

The risk that adequate funding is not available for the company to meet its commitments associated with financial instruments is liquidity risk. The company plans its future business in conjunction with its available borrowing facilities to avoid liquidity problems and maintains relationships with lenders to ensure that facility levels, including facilities for the derivatives noted above, are adequate and can be adjusted to address any changes in the company’s requirements. Cash is placed on deposit only with approved banks. There is a credit risk associated with balances held with banks, which is mitigated by holding them with highly rated financial institutions.

Credit risk

At 31 December, the company’s exposure to credit risk, without taking account of credit enhancements described in note above, is represented by trade and other debtors along with credit risks arising on the derivatives and other contracts for the future delivery of metal described above. The credit risk associated with banks is also set out in note above.

Capital

The company regards its capital as its share capital and profit and loss account. The company’s policy is to maintain its capital at a prudent level in order to be able to meet all its financial obligations.

Total trade debtors (net of allowances) held by the company at 31 December 2024 amounted to £38,292,871 (2023 - £25,117,614), comprising the amount presented above and trade debtors classified as held for sale amounting to £- (2023 - £-).

Included in other debtors is an amount of $83,705 (2023: $83,705) which is recoverable in more than one year.

All bank loans and overdrafts are fully secured on the company's holding of stocks and receivables.

Finance lease payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company has one class of ordinary shares which carry voting rights but no right to fixed income.

Operating lease payments represent rentals payable by the company for use of its properties and equipment. Property leases are negotiated for an average term of 3 years and rentals are fixed for an average of 5 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The post balance sheet events are covered in the strategic report.

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

There are no other related party transactions to disclose as required by FRS 102. The remuneration paid to key management personnel is disclosed in note 7.

The immediate parent undertaking is Raznoimport Holdings Limited, a company registered in St Vincent. The ultimate controlling party untill 9 April 2024 was Mr A. Seleznov.

At the balance sheet date the ultimate controlling party was Mr C Bronstein and Mr D Bronstein.

These financial statements are separate company financial statements for Raznoimport (UK) Limited.

The company owns 100% of the ordinary share capital of SARL Raznoimport NC, a logistics and service company incorporated in New Caledonia.

The above company made a loss of $40,607 for the year ended 30 June 2024 and had net liabilities of $30,359 at that date.