Tradebor Marketing Limited - Period Ending 2024-12-31

Registration number: 08428932

Tradebor Marketing Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Tradebor Marketing Limited

Contents

Company Information	1
Strategic Report	2
Director's Report	3
Statement of Director's Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 to 21

Tradebor Marketing Limited

Company Information

Director

M Z Ulgen

Registered office

114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Auditors

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Tradebor Marketing Limited

Strategic Report for the Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the Company is sales and marketing of borate products.

Fair review of the business

Within scope of this agreement, in 2024, Tradebor had marketed various borate products in South America.

Tradebor's marketing and sale activities had been successful and especially with some logistic and sourcing problems of its competitors (other origin borate suppliers), sales have gone up.

Economic circumstances such as inflation have affected the company, however, production of Turkish borates went on continuously without any interruptions which was an advantage over some competitors. Tradebor have not had to go through a rough challenge, and operations continued without any problems.

The Company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2024	2023
Turnover	$	37,358,907	26,025,525
Growth in turnover	%	44	(48)
Profit	$	1,146,965	(779,957)

Principal risks and uncertainties

Overall, customers mostly have paid within agreed payment terms, some with delays, but not major and were tolerable. Such delays have not affected Tradebor's cashflow. In this sense, with the history of our customers' payment performance, we do not see any risk in this field.

Due to low crop prices in South America some companies in the fertilizer segment possesses risks and there are certain companies declaring chapter 11. Tradebor implements certain operational processes and policies to address the Company's risks around bad debts. The Company reviews the creditworthiness of its customers before offering payment terms with good contacts in Brazil assessing customers continuously.

From financial point of view, with our standby LC in place as guarantee of our purchases and current sales/payment receipt scheme, we do not have any cashflow issues. After this year’s gains, Tradebor has achieved a healthy level of cash in the balance sheet.

With the good relations we have with the Suppliers, and their operating performance, as well as production capacities, we do not foresee any risks from supply point of view. Main risk can be the continuation of the agreement with the key supplier.

Approved and authorised by the director on 16 September 2025

.........................................
M Z Ulgen
Director

Tradebor Marketing Limited

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Directors of the Company

The directors who held office during the year were as follows:

M Z Ulgen

I E Algan (resigned 13 December 2024)

A K Yakal (resigned 13 December 2024)

S A Arkun (resigned 17 March 2025)

F A Alves (resigned 17 March 2025)

Information included in the Strategic Report

For the current year, the director has chosen to include disclosure relating to the exposure of the company to price risk, credit risk, liquidity risk and cash flow risk under the principal risks and uncertainties section of the Strategic Report.

Future developments

The directors expect to continue to trade and develop different businesses and promote their products.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The director confirms that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that he knows of and of which he knows the auditors are unaware.

Approved and authorised by the director on 16 September 2025

.........................................
M Z Ulgen
Director

Tradebor Marketing Limited

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Tradebor Marketing Limited

Independent Auditor's Report to the Members of Tradebor Marketing Limited

Opinion

We have audited the financial statements of Tradebor Marketing Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 profit 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Tradebor Marketing Limited

Independent Auditor's Report to the Members of Tradebor Marketing Limited

Opinion on other matter prescribed by the Companies Act 2006

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

•	the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions an enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

	The following laws and regulations were identified as being of significance to the entity:
•	Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation.

Tradebor Marketing Limited

Independent Auditor's Report to the Members of Tradebor Marketing Limited

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
David Wheeler (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

16 September 2025

Tradebor Marketing Limited

Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 $	2023 $
Turnover	4	37,358,907	26,025,525
Cost of sales		(34,923,121)	(24,338,468)
Gross profit		2,435,786	1,687,057
Administrative expenses		(977,117)	(2,204,046)
Operating profit/(loss)	5	1,458,669	(516,989)
Other interest receivable and similar income	6	46,014	73,025
Interest payable and similar expenses	7	(6,746)	(58,830)
		39,268	14,195
Profit/(loss) before tax		1,497,937	(502,794)
Tax on profit/(loss)	11	(350,972)	(277,163)
Profit/(loss) for the financial year		1,146,965	(779,957)

The above results were derived from continuing operations.

The Company has no recognised gains or losses for the year other than the results above.

Tradebor Marketing Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

	2024 $	2023 $
Profit/(loss) for the year	1,146,965	(779,957)
Total comprehensive income for the year	1,146,965	(779,957)

Tradebor Marketing Limited

(Registration number: 08428932)
Balance Sheet as at 31 December 2024

	Note	2024 $	2023 $
Fixed assets
Tangible assets	12	814	1,130
Investments	13	11,000	21,000
		11,814	22,130
Current assets
Debtors	14	7,768,626	6,112,688
Cash at bank and in hand		5,516,515	4,312,420
		13,285,141	10,425,108
Creditors: Amounts falling due within one year	15	(7,123,391)	(3,220,640)
Net current assets		6,161,750	7,204,468
Net assets		6,173,564	7,226,598
Capital and reserves
Called up share capital	16	13,088	26,176
Capital redemption reserve		13,088	-
Retained earnings		6,147,387	7,200,422
Shareholders' funds		6,173,563	7,226,598

Approved and authorised by the director on 16 September 2025

.........................................
M Z Ulgen
Director

Tradebor Marketing Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

	Share capital $	Capital redemption reserve $	Retained earnings $	Total $
At 1 January 2024	26,176	-	7,200,422	7,226,598
Profit for the year	-	-	1,146,965	1,146,965
Purchase of own share capital	(13,088)	-	(2,200,000)	(2,213,088)
Other capital redemption reserve movements	-	13,088	-	13,088
At 31 December 2024	13,088	13,088	6,147,387	6,173,563

Share capital
$

Capital redemption reserve
$

Retained earnings
$

Total
$

At 1 January 2023

26,176

-

7,980,379

8,006,555

Loss for the year

-

-

(779,957)

(779,957)

At 31 December 2023

26,176

-

7,200,422

7,226,598

Tradebor Marketing Limited

Statement of Cash Flows for the Year Ended 31 December 2024

	Note	2024 $	2023 $
Cash flows from operating activities
Profit/(loss) for the year		1,146,965	(779,957)
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	316	377
Loss from disposals of investments		10,000	-
Finance income	6	(46,014)	(73,025)
Income tax expense	11	350,972	277,163
		1,462,239	(575,442)
Working capital adjustments
Increase in trade debtors	14	(1,655,937)	(4,030,135)
Increase in trade creditors	15	3,859,192	502,665
Cash generated from operations		3,665,494	(4,102,912)
Income taxes paid	11	(307,413)	(1,190,143)
Net cash flow from operating activities		3,358,081	(5,293,055)
Cash flows from investing activities
Interest received	6	46,014	73,025
Acquisitions of tangible assets		-	(1,507)
Acquisitions of investments in joint ventures and associates	13	-	(11,000)
Net cash flows from investing activities		46,014	60,518
Cash flows from financing activities
Payments for purchase of own shares		(2,200,000)	-
Net increase/(decrease) in cash and cash equivalents		1,204,095	(5,232,537)
Cash and cash equivalents at 1 January		4,312,420	9,544,957
Cash and cash equivalents at 31 December		5,516,515	4,312,420

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
United Kingdom

Principal activity

The principal activity of the Company is sales and marketing of borate products.

These financial statements were authorised for issue by the director on 16 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

These financial statements have been prepared on the going concern basis, which assumes that the company will be able to meet its financial obligations as they fall due for payment for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	25% Straight line method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in joint ventures are measured cost less impairment.

Financial instruments

Classification
The Company only enters into basic financial instruments 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 non-puttable 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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Turnover

The analysis of the Company's Turnover for the year from continuing operations is as follows:

	2024 $	2023 $
Sale of goods	37,358,907	26,025,525

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The analysis of the Company's Turnover for the year by market is as follows:

	2024 $	2023 $
South America	37,306,793	25,934,118
Rest of world	52,114	91,407
	37,358,907	26,025,525

5	Operating profit/(loss)

Arrived at after charging/(crediting)

	2024 $	2023 $
Depreciation expense	316	377
Bad debts written off	417,381	1,668,192

6	Other interest receivable and similar income

	2024 $	2023 $
Interest income on bank deposits	46,014	73,025

7	Interest payable and similar expenses

	2024 $	2023 $
Foreign exchange losses	6,746	58,830

8	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2024 $	2023 $
Wages and salaries	259,065	276,849
Social security costs	16,581	4,733
	275,646	281,582

The average number of persons employed by the Company (including the director) during the year, analysed by category was as follows:

	2024 No.	2023 No.
Administration and support	5	5
	5	5

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9	Director's remuneration

The director's remuneration for the year was as follows:

	2024 $	2023 $
Remuneration	110,000	114,000

10	Auditors' remuneration

	2024 $	2023 $
Audit of the financial statements	19,681	13,266
Other fees to auditors
All other non-audit services	7,396	10,037

11

Taxation

Tax charged/(credited) in the profit and loss account

	2024 $	2023 $
Current taxation
UK corporation tax	350,972	277,163

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.5%).

The differences are reconciled below:

	2024 $	2023 $
Profit/(loss) before tax	1,497,937	(502,794)
Corporation tax at standard rate	374,484	(118,260)
Tax increase/(decrease) from effect of capital allowances and depreciation	79	(266)
Effect of expense not deductible in determining taxable profit (tax loss)	(23,591)	395,689
Total tax charge	350,972	277,163

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12	Tangible assets

Fixtures and fittings
$

Total
$

Cost or valuation

At 1 January 2024

1,507

1,507

At 31 December 2024

1,507

1,507

Depreciation

At 1 January 2024

377

377

Charge for the year

316

316

At 31 December 2024

693

693

Carrying amount

At 31 December 2024

814

814

At 31 December 2023

1,130

1,130

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13	Investments

	2024 $	2023 $
Investments in joint ventures	11,000	21,000

Joint ventures	$
Cost
At 1 January 2024	21,000
Disposals	(10,000)
At 31 December 2024	11,000
Carrying amount
At 31 December 2024	11,000
At 31 December 2023	21,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2024	2023
Joint ventures
Boron Source Ltda	Rua dos Andradas, No 809, Sala 1, Centro, Itu, Sp, Cep 13.300-90	Ordinary shares	0%	50%
	Brazil
Skychem Ltda	Avenida Maurilio Biagi, 800, Room 910, Santa Cruz do José Jacques, 14.020-750 Brazil	Ordinary shares	50%	50%
	Brazil

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

14

Debtors

Current	Note	2024 $	2023 $
Trade debtors		7,768,626	6,081,952
Amounts owed by related parties	18	-	30,736
		7,768,626	6,112,688

15

Creditors

Note

2024
$

2023
$

Due within one year

Trade creditors

4,487,654

2,739,997

Amounts due to related parties

18

95,323

181,000

Social security and other taxes

1,243

2,500

Other payables

12,200

13,731

Accruals

14,723

14,723

Income tax liability

11

312,248

268,689

Amounts owed to former shareholders

2,200,000

-

7,123,391

3,220,640

16

Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	$	No.	$
Ordinary shares of $1.30 each	10,050	13,088	20,100	26,176

During the year the company purchased 10,050 of it's ordinary shares from Cermin Minerals and Logistics, Pte Ltd. The consideration for this share buyback is shown as amounts owed to former shareholders under creditors as the payment of $2,200,000 was made in 2025.

Tradebor Marketing Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

17

Dividends

	2024	2023
	$	$
Interim dividend of $Nil (2023 - $Nil) per ordinary share	-	-

18	Related party transactions

Summary of transactions with joint ventures

Boron Source Ltda. During the year the company received $15,120 of the amount receivable from Boron Source Ltda. and a bad debt provision of $17,008 (2023: $48,192) was recognised against the remaining balance. At the year end the amount owed from Boron Source Ltda. was $nil (2023: $32,128).

Skychem Ltda. During the year the company loaned Skychem Ltda. $110,000 (2023: $1,631,000) and made sales with total value of $115,800 (2023: $nil). Furthermore, a bad debt provision of $225,800 (2023: $1,620,000) was recognised against the receivable balance. At the year end the amount owed from Skychem Ltda. was $nil (2023: $nil).

Summary of transactions with other related parties

Cermin Minerals and Logistics Pte Ltd Cermin Minerals and Logistics Pte Ltd is a former shareholder of the company.
During the year the company purchased goods from Cermin Minerals Logistics Pte Ltd amounting to $nil (2023: $233,199). At the year end the amount owed to Cermin Minerals and Logistics Pte Ltd was $nil (2023: $nil).

Hasat Foreign Trade and Representatives S.A. Hasat Foreign Trade and Representatives S.A. is a company under common control.
During the year the company received services from Hasat Foreign Trade and Representatives S.A. with total value of $311,953 (2023: $536,070). At the year end the amount owed to Hasat Foreign Trade and Representatives S.A. was $nil (2023: $nil).

19	Parent and ultimate parent undertaking

The ultimate controlling party is M.Zihni Ulgen.

	Fixtures and fittings $	Total $
Cost or valuation
At 1 January 2024	1,507	1,507
At 31 December 2024	1,507	1,507
Depreciation
At 1 January 2024	377	377
Charge for the year	316	316
At 31 December 2024	693	693
Carrying amount
At 31 December 2024	814	814
At 31 December 2023	1,130	1,130