Lemu Global Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—5

1. General Information

Lemu 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 presentation and functional currency of the financial statements is the US Dollar ($).

As of 31 December 2024, Lemu Global Limited is controlled by Arauco Ventures Limited, a company incorporated in England and Wales with registered company number 14393813. Control is by virtue of 96.37% of Ordinary shares being owned by Arauco Ventures Limited.

The ultimate controlling parties are considered to be Mr Roberto Angelini Rossi and Mrs Patricia Angelini Rossi, both Chilean tax residents.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements contain information about Lemu Global Limited as an individual companny and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

ò the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

ò the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

ò the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

ò the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;

ò the requirements of IFRS 7 Financial Instruments: Disclosures;

ò the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

ò the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

the requirements of paragraph 58 of IFRS 16;

ò the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

ò the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

- paragraph 79(a)(iv) of IAS 1;

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

- paragraph 118(e) of IAS 38 Intangible Assets;

- paragraphs 76 and 79(d) of IAS 40 Investment Property; and

- paragraph 50 of IAS 41 Agriculture;

ò the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements;

ò the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;

ò the requirements of IAS 7 Statement of Cash Flows;

ò the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

ò the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

ò the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

ò the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

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Lemu Global Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.3. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.4. Foreign Currencies

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

2.5. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.6. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.

2.7. Investments in subsidiaries

Investments in subsidiaries are held at cost less accumulated impairment losses. Where investments in subsidiaries have been acquired as a result of a Group restructure and the subsidiary investments are under common control, then the assumed cost is the predecessor book values less accumulated impairment losses.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

4. Investments in subsidiaries

	Unlisted
	$
Cost
As at 1 January 2024	8,519,151

As at 31 December 2024	8,519,151

Provision
As at 1 January 2024	-

As at 31 December 2024	-

...CONTINUED

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Lemu Global Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	8,519,151

As at 1 January 2024	8,519,151

A controlling interest is held in the following companies during the period:

- Lemu Earth a company registered in Chile

- Lemu Inc a company registered in the USA

5. Amounts owed by group undertakings

	31 December 2024	31 December 2023
	$	$
Amounts owed by group undertakings	4,029,294	3,775,324

6. Debtors

	31 December 2024	31 December 2023
	$	$
Due within one year
Other debtors	3,947	93,071

7. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	$	$
Trade creditors	3,758	1,797
Other creditors	3,348	9,043
Taxation and social security	2,006	627

	9,112	11,467

8. Share Capital

	31 December 2024	31 December 2023
	$	$
Allotted, Called up and fully paid	31,218	27,557

3,660,322 Ordinary shares of $0.001 each were allotted as fully paid at an average premium of $1.0918 per share during the period.

9. Ultimate Parent Company

AntarChile S.A. (incorporated in Chile) is regarded by the directors as being the company's ultimate parent company.

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		31 December 2024		31 December 2023
	Notes	$	$	$	$
FIXED ASSETS
Investments in subsidiaries	4		8,519,151		8,519,151

			8,519,151		8,519,151
CURRENT ASSETS
Amounts owed by group undertakings	5	4,029,294		3,775,324
Debtors	6	3,947		93,071
Cash at bank and in hand		586,244		207,204

		4,619,485		4,075,599
Creditors: Amounts Falling Due Within One Year	7	(9,112 )		(11,467 )

NET CURRENT ASSETS (LIABILITIES)			4,610,373		4,064,132

TOTAL ASSETS LESS CURRENT LIABILITIES			13,129,524		12,583,283

NET ASSETS			13,129,524		12,583,283

CAPITAL AND RESERVES
Share capital	8		31,218		27,557
Share premium account			17,487,930		13,491,598
Income Statement			(4,389,624 )		(935,872 )

SHAREHOLDERS' FUNDS			13,129,524		12,583,283