REGISTERED NUMBER: 11084294 (England and Wales)

BELCORE GLOBAL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D R Hulme

J D Potter

J Spurling

REGISTERED OFFICE:

6 Brook Street

London

W1S 1BB

REGISTERED NUMBER:

11084294 (England and Wales)

FIXED ASSETS

Tangible assets

4

43,116

185,407

CURRENT ASSETS

Debtors

5

5,074,060

4,401,106

Cash at bank

42,182,590

26,518,635

47,256,650

30,919,741

CREDITORS

Amounts falling due within one year

6

43,826,137

28,184,310

NET CURRENT ASSETS

3,430,513

2,735,431

TOTAL ASSETS LESS CURRENT LIABILITIES

3,473,629

2,920,838

PROVISIONS FOR LIABILITIES

53,947

45,718

NET ASSETS

3,419,682

2,875,120

CAPITAL AND RESERVES

Called up share capital

8

1,003

1,003

Retained earnings

3,418,679

2,874,117

SHAREHOLDERS' FUNDS

3,419,682

2,875,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

J D Potter - Director

D R Hulme - Director

1.	STATUTORY INFORMATION

Belcore Global Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's operations revolve around the trade of goods and in particular raw materials and semi-finished products.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in accordance with FRS102 requires the use of certain critical accounting estimates and judgements. The directors consider there to be no critical estimates and judgements.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Determine whether there are indicators of impairment of the company’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Debtor recoverability

The directors assess the doubtful debt allowance at each reporting date. Key assumptions applied are the estimated debt recovery rates and the future market conditions that could affect recovery.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when the company has transferred significant risks and rewards of ownership to the buyer. This criteria is considered to be met when goods are loaded onto a shipping vessel booked upon the FOB contractual terms.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable in bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance

Motor vehicles - 25% on reducing balance

Computer equipment - 33% on reducing balance

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments

that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Functional and presentation currency

These financial statements are presented in Sterling, as this is the location of the entity, however the Company's functional currency is U.S. Dollars.

Dividend policy

The Directors consider the company's dividend policy at least twice a year and do so in the context of its ability to continue as a going concern and to allow it to invest in opportunities to grow the business and enhance shareholder value. The Directors will also consider the level of retained distributable reserves and the availability of cash resources.

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.

Going concern

The directors have prepared cash flow forecasts taking into account worst case scenarios, considering only contracted sales and the impacts of inflation on the anticipated trading performance of the business for a period of at least 12 months from the sign off date of these accounts. In addition, short term loan providers have confirmed to the directors that they will continue to make funds available for steel-based trades until 31 December 2025, ensuring sufficient working capital is available to facilitate contracted sales. The assumptions applied are subjective and judgment has been applied in estimating the probability, timing and value of underlying cash flows. The company continues to trade positively post year end and the cash flow forecasts reflect that the Company will have sufficient cash flow to meets its liabilities as they fall due for a period of at least 12 months from the sign off date of these accounts.

As a result of the above, the directors are satisfied that the Company will have sufficient cash reserves in order to continue to trade and meets its liabilities as they fall due for a period of at least twelve months from the signing of these financial statements. The financial statements have therefore been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixture &

Motor

Computer

Fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

25,304

421,087

32,577

478,968

Disposals

-

(334,409

)

-

(334,409

)

At 31 December 2024

25,304

86,678

32,577

144,559

DEPRECIATION

At 1 January 2024

17,645

250,416

25,500

293,561

Charge for year

1,914

10,877

2,336

15,127

Eliminated on disposal

-

(207,245

)

-

(207,245

)

At 31 December 2024

19,559

54,048

27,836

101,443

NET BOOK VALUE

At 31 December 2024

5,745

32,630

4,741

43,116

At 31 December 2023

7,659

170,671

7,077

185,407

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2024

334,409

Disposals

(334,409

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

207,245

Eliminated on disposal

(207,245

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

127,164

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

5,074,060

4,401,106

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

94,500

171,058

Taxation and social security

559,756

371,431

Other creditors

43,171,881

27,641,821

43,826,137

28,184,310

There are no amounts included under creditors in respect of which any security has been given by the company.

Short term loans are unsecured, interest free, have no fixed terms of repayment.

7.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Other loans

-

156,765

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

£1

1,000

1,000

3

Ordinary "B", "C" and "D"

£1

3

3

1,003

1,003

9.	COMMITMENTS

Land and Buildings non-cancellable lease rentals are payable as follows:

Less than one year £88,175 (2023: £134,145) and between one and five years £308,613 (2023: £402,435).

10.	RELATED PARTY DISCLOSURES

Spurling Cannon Limited provided the company accountancy services through the period to the value of £18,420 (period to 31.12.23: £28,384). Jonathan Spurling a director of Belcore Global Limited is also a shareholder and director of Spurling Cannon Limited. All transactions were conducted on an arm's length basis on normal trading terms. At 31 December 2023 £Nil (31.12.23: £3,480) was owed to Spurling Cannon Limited.

During the period to 31 December 2024, the company paid remuneration of £116,000 (Period to 31.12.23: £96,000) to close family members of the directors.

Paul Bright as at 31 December 2024 held 5% of the issued share capital, he owed the company a sum of £Nil (Period to 31.12.23: £310,707) as at 31 December 2023, the amount is shown as a short term loan in debtors due within one year.

11.	ULTIMATE CONTROLLING PARTY

No ultimate controlling party has been identified by the directors.