REGISTERED NUMBER: 00430855 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

DMT Consulting Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

A Anwar

Dr V Roubos

P K Sinha

SECRETARY:

P Geoghegan

REGISTERED OFFICE:

Geneva-1 (Building D)

Unit 8 Lake View Drive

Annesley

Nottingham

Nottinghamshire

NG15 0ED

REGISTERED NUMBER:

00430855 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

DMT Consulting Limited is an international consultancy firm offering a broad spectrum of services in the environmental, mining, engineering and energy industries.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A Anwar

Dr V Roubos

P K Sinha

Other changes in directors holding office are as follows:

G N Thekken - resigned 3 December 2024

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The Company has arranged qualifying third party indemnity for all of its Directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

P Geoghegan - Secretary

30 September 2025

Disclaimer of opinion

We were engaged to audit the financial statements of DMT Consulting Limited (the ‘company’) for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matters described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

We were unable to obtain sufficient appropriate audit evidence in relation to the following material balances:

Amounts recoverable on contract: The Company has recognised amounts recoverable on contract of £987k as at 31st December 2024. The valuation of the amount is based on the level of completion and time allocations. However, the Company was unable to provide adequate documentation to support the carrying value and of recoverability amounts recoverable on contract, and we were unable to obtain sufficient appropriate audit evidence through alternative procedures.

Trade Debtors: Trade receivables of £927k were recorded as at the reporting date. The Company did not provide sufficient audit evidence to support the recoverability of a material portion of these balances, and direct confirmations or subsequent receipts were not available for key balances. As such, we were unable to determine whether any impairment was necessary.

Accruals: Accruals of £327k have been recognised as at the year-end. Through review of after date transactions, it has been identified that the accruals balance is overstated by £67k.

Due to the significance of the above matters, we were unable to determine whether adjustments might be necessary to Amounts recoverable on contract and Trade Debtors, and the corresponding elements in the Statement of Comprehensive Income and Balance Sheet, including tax effects and equity balances.

As a result of these matters, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the financial statements.

.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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

Notwithstanding our disclaimer of an opinion on the financial statements, in our opinion, based on the work undertaken in the course of the audit:

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

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the directors’ report.

Arising from the limitation of our work referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of audit; and

- we were unable to determine whether adequate accounting records have been kept.

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:

- 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

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.

However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

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.

Detecting irregularities

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

However, due to the limitations described in the Basis for Disclaimer of Opinion, we were unable to obtain sufficient appropriate audit evidence to determine the extent of any irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Mr Douglas Perry FCA (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

30 September 2025

TURNOVER

3

2,624

2,652

Cost of sales

1,787

1,677

GROSS PROFIT

837

975

Administrative expenses

1,038

979

OPERATING LOSS

(201

)

(4

)

Interest receivable and similar income

-

10

(201

)

6

Interest payable and similar expenses

5

13

4

(LOSS)/PROFIT BEFORE TAXATION

6

(214

)

2

Tax on (loss)/profit

7

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(214

)

2

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(214

)

2

FIXED ASSETS

Tangible assets

8

74

109

Investments

9

334

334

408

443

CURRENT ASSETS

Debtors

10

2,080

1,878

Cash at bank

49

16

2,129

1,894

CREDITORS

Amounts falling due within one year

11

2,115

1,862

NET CURRENT ASSETS

14

32

TOTAL ASSETS LESS CURRENT LIABILITIES

422

475

CREDITORS

Amounts falling due after more than one year

12

40

86

NET ASSETS

382

389

CAPITAL AND RESERVES

Called up share capital

15

640

433

Retained earnings

16

(258

)

(44

)

SHAREHOLDERS' FUNDS

382

389

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Dr V Roubos - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2023

433

(46

)

387

Changes in equity

Total comprehensive income

-

2

2

Balance at 31 December 2023

433

(44

)

389

Changes in equity

Issue of share capital

207

-

207

Total comprehensive income

-

(214

)

(214

)

Balance at 31 December 2024

640

(258

)

382

1.	STATUTORY INFORMATION

DMT Consulting 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.

2.	ACCOUNTING POLICIES

Basis of preparation

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

•

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

•

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;

•

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

•

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

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

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

•

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;

•

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;

•

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

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

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;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraph 74(b) of IAS 16;

•

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

•

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

•

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

Critical accounting judgements and key sources of estimation uncertainty

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year as set out below:

Investments

Investments are considered annually for impairment. Determining whether a fixed asset is impaired requires an estimation of the value in use of the cash generating investment, which requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate the present value. The carrying amount of fixed asset investments at the balance sheet date is considered appropriate with no impairment required.

Recoverability of trade debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. See note 10 for the net carrying amount of the receivables and associated impairment provision.

Lease liability interest on right of use assets

The weighted average incremental borrowing rate used to measure the lease liability at initial application was 1.84%. This rate has been used as being representative of current open market borrowing rates for the type of asset. A +/-1 % change in the weighted average incremental borrowing rate used to measure the initial lease liability would have an impact of+/- £2,000 on the total right of use asset value.

Tangible fixed assets

Determine whether there are indicators of impairment of the Company's tangible fixed 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.

Tangible fixed assets are depreciated over their useful lives taking into accounts residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles 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.

Turnover

Turnover represents the value of all activity undertaken during the period, including expenses, and excluding value added tax.

Turnover represents the total amounts receivable by the Company for services provided, excluding value added tax and trade discounts. In line with IFRS 15 Revenue from Contracts with Customers, the Company recognises revenue based on the application of a principles-based "five-step" model. Only when the five steps are satisfied is revenue recognised. In both of these cases the Company recognises revenue over time in line with IFRS 15, in proportion to the value of the consideration due for the work performed.

Contracts

Attributable profit on contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project.

Amounts recoverable on contracts represents the value of work down at the lower of cost plus attributable profit and net realisable value, for which no invoice has been raised, but which is reflected within activity in the Statement of comprehensive income.

Full provision is made for losses on all contracts in the period in which the loss is first foreseen.

When cumulative payments on account exceed work done for a contract, the excess is included in creditors as payments received on account.

The nature of the Company's contracts are:

(a) Consultancy services

The Company provides consultancy services to clients in the mining sector. In this instance, the client simultaneously receives and consumes the benefits provided by the Company as it performs the service.

(b) Reports

The Company produces reports for clients, including but not limited to due diligence reports and feasibility studies. In this case, the Company's performance creates an asset for which the Company does not have an alternative use, and the Company has an enforceable right to be paid for work completed to date.

Revenue represents the total amounts receivable by the Company for services provided, excluding value added tax and trade discounts. In line with IFRS 15 Revenue from Contracts with Customers the Company recognises revenue based on the application of a principles-based "five-step" model. Only when the five steps are satisfied is revenue recognised. In both of these cases the Company recognises revenue over time in line with IFRS 15, in proportion to the value of the consideration due for the work performed.

Tangible fixed assets

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

Right of use assets

-

equally over the period of the lease

Fixtures and fittings

-

33% on cost and 20% on cost

Computer equipment

-

50% on cost and 20% on cost

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Employee benefit costs

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

Operating leases

At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

When a lease is identified in a contract the Company recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease prepayments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right of use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those of property, plant and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain re­ measurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. The lease liability is subsequently measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.

The Company presents right of use assets and lease liabilities separately in the Statement of financial position. The Company has elected not to recognise right of use assets and lease liabilities for short term leases that have a lease term of 12 months or less and leases of low-value assets, including IT equipment. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Cash and cash equivalents

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

Trade and other receivables

Trade and other receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business, if longer), they are classified as current assets. If not, they are presented as non­ current assets.

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.

To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non­ monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Government grants

Government grants received on capital expenditure are initially recognised within deferred income on the Company's Statement of financial position and are subsequently recognised in the Statement of comprehensive income on a systematic basis over the useful life of the related capital expenditure.

Grants for revenue expenditure are presented as part of the Statement of comprehensive income in the periods in which the expenditure is recognised.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

3.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31/12/24

31/12/23

£'000

£'000

United Kingdom

54

21

Europe

17

53

Rest of the world

2,553

2,578

2,624

2,652

4.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£'000

£'000

Wages and salaries

825

823

Social security costs

84

87

Other pension costs

41

40

950

950

The average number of employees during the year was as follows:

31/12/24

31/12/23

Administration

4

4

Technical

9

9

13

13

31/12/24

31/12/23

£

£

Directors' remuneration

233,656

223,443

Directors' pension contributions to money purchase schemes

17,129

12,780

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

31/12/24

31/12/23

£

£

Emoluments etc

145,360

125,838

Pension contributions to money purchase schemes

11,549

7,200

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

£'000

£'000

Other interest

13

4

Other charges includes:

The fair value as at 31 December 2024 of the financial liability recognised during the year £Nil (2023 -£Nil).

The finance costs associated with the implementation of IFRS16 of £4,000 (2023 - £4,000).

6.	(LOSS)/PROFIT BEFORE TAXATION

The loss before taxation (2023 - profit before taxation) is stated after charging/(crediting):

31/12/24

31/12/23

£'000

£'000

Depreciation - owned assets

38

43

Auditors' remuneration

13

10

Foreign exchange differences

(35

)

42

Defined contribution pension cost

-

40

7.

TAXATION

Analysis of tax expense

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Factors affecting the tax expense

The tax assessed for the year is higher (2023 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/24

31/12/23

£'000

£'000

(Loss)/profit before income tax

(214

)

2

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

(54

)

1

Effects of:

Expenses not deductible for tax purposes

9

-

for changes in tax rates

Unrelieved tax losses carried forward

45

-

Utlisation of tax losses

-

(1

)

Tax expense

-

-

There are losses amounting to approximately £473,000 (2023 - £295,000) which are available

to be surrendered or carried forward and offset against future profits. No deferred tax asset is recognised in view of the uncertainty over its recovery.

If all of the deferred tax asset were to be recognised at the current tax rate of 25%, an unrecognised asset of £118,000 would be held.

8.	TANGIBLE FIXED ASSETS

Right of

Fixtures

use

and

Computer

assets

fittings

equipment

Totals

£'000

£'000

£'000

£'000

COST

At 1 January 2024

288

31

130

449

Additions

-

-

3

3

At 31 December 2024

288

31

133

452

DEPRECIATION

At 1 January 2024

189

31

120

340

Charge for year

32

-

6

38

At 31 December 2024

221

31

126

378

NET BOOK VALUE

At 31 December 2024

67

-

7

74

At 31 December 2023

99

-

10

109

9.	INVESTMENTS

Unlisted

investments

£'000

COST

At 1 January 2024

and 31 December 2024

334

NET BOOK VALUE

At 31 December 2024

334

At 31 December 2023

334

The company's investments at the Balance Sheet date in the share capital of companies include the following:

DMT Consulting (Private) Ltd

Registered office: Unit No-ESNT3B0203, 2nd Floor, Block-3B, Ecospace Business Park, Premises no-llF/11, Action Area II, New Town, Rajarhat, Kolkata - 700156 India.

Nature of business: Mining consultancy

%

Class of shares:

holding

Ordinary

51.00

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£'000

£'000

Trade debtors

927

633

Amounts owed by group undertakings

119

109

Amounts recoverable on contract

987

1,072

Other debtors

47

64

2,080

1,878

Trade debtors are shown net of a provision of Nil (2023 - £12,000). The movement of £12,000 offsets a similar amount within trade debtors that the Directors have now written off. There is no impact on the results for the year.

The amount recognised in the Statement of comprehensive income in respect of the provision against trade debtors was £Nil (2023 - £Nil).

Other classes of financial assets included within trade and other receivables do not contain impaired assets. The Company does not hold any collateral in respect of the above balances. They relate to customers with no default history. The carrying value of trade receivables classified at amortised cost approximates fair value.

The Company applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and ageing.

The expected loss rates are based on the Company's historical credit losses experienced over the three­ year period prior to the period end. The historical loss rates are then adjusted for current and forward­ looking information affecting the Company's customers.

At 31 December 2024 the lifetime expected credit loss provision for trade receivables and contract assets is as follows:

Past due by

Past due by

Past due by

30 days or

60 days or

120 days or

Total

Current

more

more

more

£

£

£

£

£

Expected loss rate (%)

0.0%

0.0%

0.0%

0.0%

Gross carrying amount

927

127

71

33

696

Loss provision

The comparative amounts for the prior period are as follows:

Past due by

Past due by

Past due by

30 days or

60 days or

120 days or

Total

Current

more

more

more

£

£

£

£

£

Expected loss rate (%)

0.0%

0.0%

0.0%

4.7%

Gross carrying amount

633

196

72

110

255

Loss provision

12

12