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Company No: 07130427 (England and Wales)

# ELEMENTAL RESOURCE MANAGEMENT LIMITED

### Annual Report and Financial Statements
For the financial year ended 31 December 2024

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## Annual Report and Financial Statements

For the financial year ended 31 December 2024

Contents

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## COMPANY INFORMATION

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024

DIRECTORS | Cristian Bortolotti
| Tomasz Gontarczyk (Appointed 27 February 2025)
| Krzysztof Spyra (Resigned 30 January 2025)

REGISTERED OFFICE | 5 Gelderd Trading Estate
| Leeds
| LS12 6BD
| United Kingdom

COMPANY NUMBER | 07130427 (England and Wales)

AUDITOR | Nuvo Audit Limited
| Statutory Auditor
| First Floor, Sterling House
| Outrams Wharf
| Little Eaton
| Derby
| DE21 5EL

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STRATEGIC REPORT

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STRATEGIC REPORT (continued)

For the financial year ended 31 December 2024

The directors present their Strategic Report for the financial year ended 31 December 2024.

REVIEW OF THE BUSINESS

Throughout the year 2024, consistent with the Elemental Group’s strategy, the Company focused on the consolidation of its performance in both the domestic market and international trade.
The market prices of Platinum Group Metals, the main focus of the Company, were relatively flat during 2024, with Platinum within 940.00-980.00 USD/oz, Palladium 920.00-980.00 USD/oz and Rhodium within 4,200.00-4,500.00 USD/oz.
No major improvements were recorded on the supply side. In 2024 approximately 1.9m new passenger cars were registered in the UK, a small 2.6% increase compared to 2023, confirming the slow replacement cycle of vehicles across the country at approximately 17 years.
The global macro-economic trends, the political landscape and the weakness of the automotive sector, major consumer of Platinum Group Metals, remain the major factors to drive the demand side.

RESULTS AND PERFORMANCE

Turnover for the financial year amounted to £19,537,117 (2023: £11,983,570). The gross margin was 8% (2023:22%).
Profit before interest, tax, depreciation, amortisation and write off investment in subsidiary £238,512 (2023: £1,428,197).
The Company made a loss after taxation totalling £803,369 (2023: profit £1,218,994).
The net current asset position of the Company as at the financial year end amounted to £4,289,486 (2023: net current liability £2,711,536).
The net asset position of the Company as at the financial year end amounted to £5,414,205 (2023: net asset £1,230,002).

KEY PERFORMANCE INDICATORS ('KPIS')

A number of KPIs are tracked at the Elemental Holding SA level to benchmark progress of key objectives. KPIs for the Company are turnover, gross profit and earnings before interest, tax, depreciation, amortisation and write off of the investment in subsidiary, and the number of employees. The financial results are shown in the results and performance section. Average number of employees 15 (2023:13).

PRINCIPAL RISKS AND UNCERTAINTIES

The Company trading activities expose it to Price Risk of underlining commodities prices, Foreign Exchange Risk on overseas transactions and Credit Risk primarily linked to trade receivables. The Company mitigates these risks by adopting dedicated policies and strategies set by the Elemental Group.
The main uncertainties are related to the fierce competition across the industry which has been pushing towards more aggressive pricing strategies and the consequent deterioration of trading margins, as well as the macro-economic uncertainties which influence the volatility of the Platinum Group Metal prices.

Approved by the Board of Directors and signed on its behalf by:

Cristian Bortolotti Director |

5 Gelderd Trading Estate
Leeds
LS12 6BD
United Kingdom

17 October 2025

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## DIRECTORS' REPORT

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2024

The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company in the year under review was that of recycling and refining of metals.

GOING CONCERN

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements. Further details regarding the adoption of the going concern basis can be found in note 1 to the financial statements.

DIVIDENDS

No interim or final dividends were paid or proposed in respect of the year (2023: £nil).

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Cristian Bortolotti |
Tomasz Gontarczyk | (Appointed 27 February 2025)
Krzysztof Spyra | (Resigned 30 January 2025)

DIRECTORS' INDEMNITIES

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the financial year and remain in force at the date of this report.

AUDITOR

Nuvo Audit Limited were appointed as the new statutory auditor with effect from 13 June 2025. The previous auditors, Morrell Middleton Auditors Limited, resigned with effect from 27 September 2024 as they chose to reduce the provision of audit services.
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Approved by the Board of Directors and signed on its behalf by:

Cristian Bortolotti Director |

5 Gelderd Trading Estate
Leeds
LS12 6BD
United Kingdom

17 October 2025

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 December 2024

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* 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. The directors 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.

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELEMENTAL RESOURCE MANAGEMENT LIMITED

For the financial year ended 31 December 2024

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ELEMENTAL RESOURCE MANAGEMENT LIMITED (continued)

For the financial year ended 31 December 2024

Opinion
We have audited the financial statements of Elemental Resource Management Limited for the financial year ended 31 December 2024, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 29, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements of Elemental Resource Management Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; 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)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of Matter
We draw attention to the fact that the financial statements do not include a transition adjustment (transition to FRS 102 Note 2) or disclosure relating to a prior period misstatement under IFRS. Specifically, the company did not correctly apply IFRS 16 “Leases” in respect of right-of-use assets and lease liabilities, and no adjustment has been made on transition to FRS 102. Although the directors consider the impact on equity to be immaterial, this matter is fundamental to users’ understanding of the transition to FRS 102. Our opinion is not modified in respect of this matter.

Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit;

Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•Enquiring of management of any known or suspected instances of fraud, as well as considering management's assessment of the susceptibility of the financial statements to fraud.
•Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
•Performing substantive testing over a selection of journal entries made in the period, to address the risk of fraud due to management override of controls. With a focus on entries made by unusual team members or entries made at unusual times or on unusual dates.
•Performing analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud, or management override.
•Assessing accounting estimates which have a material impact of the year end accounts, to determine if there is indication of management bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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.

Daniel Johnson FCCA (Senior Statutory Auditor)
For and on behalf of Nuvo Audit Limited
Statutory Auditor

First Floor, Sterling House
Outrams Wharf
Little Eaton
Derby
DE21 5EL

17 October 2025

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Turnover | 4 | 19,537,117 |  | 11,983,570
Cost of sales |  | ( 18,008,449) |  | ( 9,398,817)
Gross profit |  | 1,528,668 |  | 2,584,753
Administrative expenses |  | ( 2,418,759) |  | ( 1,220,793)
Other operating loss | 5 | ( 4,988,386) |  | 0
Operating (loss)/profit |  | ( 5,878,477) |  | 1,363,960
Income from shares in a Group undertaking |  | 5,300,999 |  | 0
(Loss)/profit before interest and taxation |  | (577,478) |  | 1,363,960
Interest receivable and similar income | 6 | 1,726 |  | 1,398
Interest payable and similar expenses | 6 | ( 263,091) |  | ( 112,471)
(Loss)/profit before taxation | 7 | ( 838,843) |  | 1,252,887
Tax on (loss)/profit | 11 | 35,474 |  | ( 33,893)
(Loss)/profit for the financial year |  | ( 803,369) |  | 1,218,994

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STATEMENT OF COMPREHENSIVE INCOME (continued)

For the financial year ended 31 December 2024

|  | 2024 |  | 2023
|  | £ |  | £
(Loss)/profit for the financial year |  | ( 803,369) |  | 1,218,994
Other comprehensive income |  | 0 |  | 0
Total comprehensive (loss)/income |  | ( 803,369) |  | 1,218,994

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 12 | 4,313,365 |  | 5,355,519
Tangible assets | 13 | 190,007 |  | 195,185
Investments | 14 | 0 |  | 4,988,387
|  | 4,503,372 |  | 10,539,091
Current assets |  |  |  |
Stocks | 15 | 2,863,165 |  | 1,017,229
Debtors |  |  |  |
- due within one year | 16 | 4,958,110 |  | 2,748,873
- due after more than one year | 16 | 41,342 |  | 35,322
Cash at bank and in hand | 17 | 115,513 |  | 197,371
|  | 7,978,130 |  | 3,998,795
Creditors: amounts falling due within one year | 18 | ( 3,688,644) |  | ( 6,710,331)
Net current assets/(liabilities) |  | 4,289,486 |  | (2,711,536)
Total assets less current liabilities |  | 8,792,858 |  | 7,827,555
Creditors: amounts falling due after more than one year | 19 | ( 3,336,529) |  | ( 6,564,816)
Provision for liabilities | 20 | ( 42,124) |  | ( 32,737)
Net assets |  | 5,414,205 |  | 1,230,002
Capital and reserves | 23 |  |  |
Called-up share capital |  | 10 |  | 1
Share premium account |  | 4,987,563 |  | 0
Profit and loss account |  | 426,632 |  | 1,230,001
Total shareholders' funds |  | 5,414,205 |  | 1,230,002

The financial statements of Elemental Resource Management Limited (registered number: 07130427) were approved and authorised for issue by the Board of Directors on 17 October 2025. They were signed on its behalf by:

Cristian Bortolotti Director |

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 December 2024

| Called-up share capital |  | Share premium account |  | Profit and loss account |  | Total
| £ |  | £ |  | £ |  | £
At 01 January 2023 | 1 |  | 0 |  | 11,007 |  | 11,008
Profit for the financial year | 0 |  | 0 |  | 1,218,994 |  | 1,218,994
Total comprehensive income | 0 |  | 0 |  | 1,218,994 |  | 1,218,994
At 31 December 2023 | 1 |  | 0 |  | 1,230,001 |  | 1,230,002
At 01 January 2024 | 1 |  | 0 |  | 1,230,001 |  | 1,230,002
Loss for the financial year | 0 |  | 0 |  | ( 803,369) |  | ( 803,369)
Total comprehensive loss | 0 |  | 0 |  | ( 803,369) |  | ( 803,369)
Issue of share capital | 9 |  | 4,987,563 |  | 0 |  | 4,987,572
At 31 December 2024 | 10 |  | 4,987,563 |  | 426,632 |  | 5,414,205

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STATEMENT OF CASH FLOWS

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## STATEMENT OF CASH FLOWS (continued)

For the financial year ended 31 December 2024

| 2024 |  | 2023
| £ |  | £
Net cash flows from operating activities (note 26) | ( 2,196,014) |  | 4,058,612
Cash flows from investing activities |  |  |
Proceeds from sale of plant and machinery | 8,833 |  | 22,500
Purchase of plant and machinery | ( 63,777) |  | ( 21,000)
Interest received | 469 |  | 1,384
Dividends received from associates | 5,300,999 |  | 0
Purchase of intangible assets | ( 36,138) |  | ( 5,349,228)
Purchase of fixed asset investments | 0 |  | (4,988,387)
Repayment of loans granted | 370,337 |  | 1,059,678
New loans granted | (487,870) |  | 0
Net cash flows from investing activities | 5,092,853 |  | ( 9,275,053)
Cash flows from financing activities |  |  |
Repayments of borrowings | ( 11,496,952) |  | ( 231,190)
Proceeds on issue of shares | 4,987,572 |  | 0
New loans proceeds | 3,530,879 |  | 6,935,225
Payment of lease liabilities | 0 |  | (22,793)
Net cash flows from financing activities | ( 2,978,501) |  | 6,681,242
Net (decrease)/increase in cash and cash equivalents | ( 81,662) |  | 1,464,801
Cash and cash equivalents at beginning of year | 197,175 |  | ( 1,267,626)
Cash and cash equivalents at end of year | 115,513 |  | 197,175
Reconciliation to cash at bank and in hand: |  |  |
Cash at bank and in hand at end of year | 115,513 |  | 197,175
Cash and cash equivalents at end of year | 115,513 |  | 197,175

ELEMENTAL RESOURCE MANAGEMENT LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ELEMENTAL RESOURCE MANAGEMENT LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Elemental Resource Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Gelderd Trading Estate, Leeds, LS12 6BD, United Kingdom.
The principal activities are set out in the Directors' Report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

Elemental Resource Management Limited depends on its existing bank facilities and ongoing financial support from Elemental Holding SA to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the whole of the foreseeable future. Accordingly, the Directors believe it is appropriate to prepare the financial statements on the going concern basis.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

###### Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

##### Employee benefits

Defined contribution schemes
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.

##### Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Statement of Financial Position date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

##### Intangible assets

Development costs are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided at rates to write off the cost or valuation of each asset over its expected useful life as follows:
Know-how is recognised at cost, and accounted for using the cost model. Amortisation is provided at rates calculated to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs | 25 % reducing balance
Other intangible assets | 5 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements | 25 % reducing balance
Plant and machinery etc. | 25 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

##### Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

##### Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Finance payments associated with financial liabilities are dealt with as part of finance expense.
Investments
Investments in subsidiaries and associates are measured at cost less impairment.
Loans and borrowings
All loans are initially recognised at their purchase price corresponding to the fair value of cash received. After initial recognition loans subject to interest are priced according to amortised cost with the use of the effective interest rate method.
Debt payable within 12 months of the balance sheet date is shown as current liabilities, the remaining carrying amount of debt is shown as long-term.

##### Provisions

Deferred tax liabilities are presented within provisions but are measured in accordance with the Company's accounting policy on taxation.

#### 2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 31 December 2024.

Reconciliation of equity

| Note | 01.01.2023 |  | 31.12.2023
|  | £ |  | £
Capital and reserves (as previously stated) |  | 11,007 |  | 1,230,002
| i | 0 |  | 0
Capital and reserves (as restated) |  | 11,007 |  | 1,230,002

Reconciliation of profit or loss

| Note |  |  | 31.12.2023
|  |  |  | £
Profit for the year (as previously stated) |  |  |  | 1,218,994
| i |  |  | 0
Profit for the year (as restated) |  |  |  | 1,218,994

Notes to the reconciliations

(i) | The date of transition from IFRS to FRS 102 is 1 January 2023. The end of the comparative period is 31 December 2023. No restatement arising from the adoption of FRS 102 compared with prior year prepared under IFRS.
| The £11,983,570 Revenue in 2023 under IFRS is the same as the value of Turnover under FRS 102. Under FRS 102 amortisation has been introduced on all other intangible assets. These assets were acquired on 31 December 2023. Therefore, there is no change in the amortisation for 2023 under FRS 102. There is no transition adjustment relating to right-of-use assets and lease liabilities as IFRS 16 leases was not applied in 2023.

#### 3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Company’s accounting policies
The following are the critical judgements or significant estimates that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Critical judgement - Impairment of debtors
The directors make an assessment at the end of each financial year of whether there is objective evidence that a debtor is impaired. When assessing impairment of debtors and other amounts receivable, the directors consider factors including the nature of the debtor, the age profile of outstanding amounts receivable, recent correspondence and historical experience in cash collected from debtors.

Critical judgement - Net realisable value of stock
The net realisable value of the Company's stock at 31 December 2024 is estimated.

Key source of estimation uncertainty – impairment of intangible assets
Determining whether intangible assets are impaired requires an estimation of their value in use to the Company. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate present value.

##### 4. Turnover

An analysis of turnover by class of business and geographical market is not given as, in the opinion of the directors, this would be seriously prejudicial to the Company's interest.

#### 5. Other operating loss

| 2024 |  | 2023
| £ |  | £
Write off investment in subsidiary. | ( 4,988,386) |  | 0

#### 6. Interest receivable and interest payable

| 2024 |  | 2023
| £ |  | £
Interest receivable and similar income | 1,726 |  | 1,398
Interest payable and similar expenses | ( 263,091) |  | ( 112,471)
| (261,365) |  | (111,073)

Interest receivable and similar income

| 2024 |  | 2023
| £ |  | £
Interest from group undertakings | 1,726 |  | 1,384

Interest payable and similar expenses

| 2024 |  | 2023
| £ |  | £
Bank loans and overdrafts | ( 1) |  | ( 27,833)
Loans from group undertakings | ( 263,090) |  | ( 84,638)
| ( 263,091) |  | ( 112,471)

#### 7. (Loss)/profit before taxation

(Loss)/profit before taxation is stated after charging/(crediting):

| 2024 |  | 2023
| £ |  | £
Depreciation of tangible fixed assets (note 13) | 50,311 |  | 61,409
Amortisation of intangible assets (note 12) | 1,078,292 |  | 2,826
Operating lease rentals | 91,348 |  | 85,345
Foreign exchange losses | 17,562 |  | 76,836
Loss/(gain) on disposal of fixed assets | 9,809 |  | ( 3,724)
Loss on disposal of fixed asset investments (note 5) | 4,988,386 |  | 0

#### 8. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

| 2024 |  | 2023
| £ |  | £
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 25,000 |  | 14,988
Total audit fees | 25,000 |  | 14,988

#### 9. Staff number and costs

| 2024 |  | 2023
| Number |  | Number
The average monthly number of employees (including directors) was: |  |  |
Directors | 2 |  | 2
Other | 13 |  | 11
| 15 |  | 13

Their aggregate remuneration comprised:

| 2024 |  | 2023
| £ |  | £
Wages and salaries | 524,950 |  | 366,909
Social security costs | 50,795 |  | 31,058
Other retirement benefit costs | 10,387 |  | 5,067
| 586,132 |  | 403,034

#### 10. Directors' remuneration

| 2024 |  | 2023
| £ |  | £
Directors' emoluments | 0 |  | 21,495

#### 11. Tax on (loss)/profit

| 2024 |  | 2023
| £ |  | £
Current tax on (loss)/profit |  |  |
UK corporation tax | ( 44,861) |  | 44,861
Total current tax | ( 44,861) |  | 44,861
Deferred tax |  |  |
Origination and reversal of timing differences | 9,387 |  | ( 10,968)
Total deferred tax | 9,387 |  | ( 10,968)
Total tax on (loss)/profit | ( 35,474) |  | 33,893

Tax reconciliation

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

| 2024 |  | 2023
| £ |  | £
(Loss)/profit before taxation | (838,843) |  | 1,252,887
Tax on (loss)/profit at standard UK corporation tax rate of 25% (2023: 25%) | ( 209,711) |  | 313,222
Effects of: |  |  |
Expenses not deductible for tax purposes | 1,250,046 |  | 6,095
Income not taxable in determining taxable profit | ( 1,325,250) |  | 0
Utilisation of tax losses not previously recognised | 0 |  | ( 274,456)
Adjustments in respect of prior years | ( 3,340) |  | 0
Deferred tax | 9,387 |  | (10,968)
Losses carry back at standard UK corporation tax rate of 25% vs 2023 hybrid rate | 3,445 |  | 0
Losses carry forward | 239,949 |  | 0
Total tax (credit)/charge for year | (35,474) |  | 33,893

#### 12. Intangible assets

| Development costs |  | Other intangible assets |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2024 | 56,020 |  | 5,313,478 |  | 5,369,498
Additions | 5,858 |  | 30,280 |  | 36,138
At 31 December 2024 | 61,878 |  | 5,343,758 |  | 5,405,636
Accumulated amortisation |  |  |  |  |
At 01 January 2024 | 13,979 |  | 0 |  | 13,979
Charge for the financial year | 11,471 |  | 1,066,821 |  | 1,078,292
At 31 December 2024 | 25,450 |  | 1,066,821 |  | 1,092,271
Net book value |  |  |  |  |
At 31 December 2024 | 36,428 |  | 4,276,937 |  | 4,313,365
At 31 December 2023 | 42,041 |  | 5,313,478 |  | 5,355,519

Amortisation of intangible fixed assets is included in administrative expenses.

#### 13. Tangible assets

| Leasehold improve- ments |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2024 | 23,635 |  | 572,277 |  | 595,912
Additions | 0 |  | 63,777 |  | 63,777
Disposals | 0 |  | ( 99,737) |  | ( 99,737)
At 31 December 2024 | 23,635 |  | 536,316 |  | 559,951
Accumulated depreciation |  |  |  |  |
At 01 January 2024 | 19,430 |  | 381,297 |  | 400,727
Charge for the financial year | 1,051 |  | 49,260 |  | 50,311
Disposals | 0 |  | ( 81,095) |  | ( 81,095)
At 31 December 2024 | 20,482 |  | 349,462 |  | 369,944
Net book value |  |  |  |  |
At 31 December 2024 | 3,153 |  | 186,854 |  | 190,007
At 31 December 2023 | 4,205 |  | 190,980 |  | 195,185

#### 14. Fixed asset investments

| 2024 |  | 2023
| £ |  | £
Subsidiary undertakings | 0 |  | 4,988,387

Investments in subsidiaries

| 2024
| £
Cost |
At 01 January 2024 | 4,988,387
Disposals | ( 4,988,387)
At 31 December 2024 | 0
Carrying value at 31 December 2024 | 0
Carrying value at 31 December 2023 | 4,988,387

The company held 100% of the ordinary shares in Lapuar Ltd, registered in England. The principal activity of Lapuar Ltd was the wholesale trade of motor vehicle parts. The investment was written off in 2024. In March 2025 Lapuar Ltd was dissolved.
Aggregate capital and reserves of Lapuar Ltd at 31 December 2023 £5,301,000.

#### 15. Stocks

| 2024 |  | 2023
| £ |  | £
Raw materials | 2,863,165 |  | 998,151
Finished goods | 0 |  | 19,078
| 2,863,165 |  | 1,017,229

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

#### 16. Debtors

| 2024 |  | 2023
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Trade debtors | 3,572,819 |  | 2,329,304
Amounts owed by Group undertakings (note 27) | 938,798 |  | 0
VAT recoverable | 609 |  | 28,303
Other debtors | 41,520 |  | 0
Prepayments and accrued income | 404,364 |  | 391,266
| 4,958,110 |  | 2,748,873
Debtors: amounts falling due after more than one year |  |  |
Prepayments | 41,342 |  | 35,322

#### 17. Cash and cash equivalents

| 2024 |  | 2023
| £ |  | £
Cash at bank and in hand | 115,513 |  | 197,371
Less: Bank overdrafts | 0 |  | ( 196)
| 115,513 |  | 197,175

#### 18. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank overdrafts | 0 |  | 196
Trade creditors | 34,773 |  | 84,381
Amounts owed to Group undertakings (note 27) | 3,202,583 |  | 6,379,106
Payroll taxes payable | 21,541 |  | 13,837
Taxation and social security | 0 |  | 44,861
VAT | 122,462 |  | 0
Accruals and deferred income | 304,343 |  | 186,909
Other creditors | 2,942 |  | 1,041
| 3,688,644 |  | 6,710,331

Bank overdrafts are repayable on demand and are secured by a charge over all assets. Elemental Global Services SA have provided the bank with a guarantee for the overdraft facility.
During the year, management identified that a balance of £5,300,000 due to a group undertaking had been incorrectly classified within trade payables in the prior year. This amount has now been correctly presented within amounts due to group undertakings in the current year.
The prior year comparative figures have been restated to reflect this reclassification. This adjustment has no impact on the reported net assets or the statement of comprehensive income for the prior year.

#### 19. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Amounts owed to Group undertakings (note 27) | 3,336,529 |  | 6,564,816

There are no amounts included above in respect of which any security has been given by the entity.

#### 20. Provision for liabilities

| Deferred taxation |  | Total
| £ |  | £
At 01 January 2024 | 32,737 |  | 32,737
Charged to the Profit and Loss Account | 9,387 |  | 9,387
At 31 December 2024 | 42,124 |  | 42,124

Deferred tax

| 2024 |  | 2023
| £ |  | £
Accelerated capital allowances | 42,124 |  | 32,737
Provision for deferred tax | 42,124 |  | 32,737

#### 21. Deferred tax

| 2024 |  | 2023
| £ |  | £
At the beginning of financial year | ( 32,737) |  | ( 43,705)
(Charged)/credited to the Profit and Loss Account | ( 9,387) |  | 10,968
At the end of financial year | ( 42,124) |  | ( 32,737)

#### 22. Financial instruments

The carrying values of the Company’s financial assets and liabilities are summarised by category below:

| 2024 |  | 2023
| £ |  | £
Financial assets |  |  |
Debt instruments measured at amortised cost |  |  |
Cash at bank and in hand | 115,513 |  | 197,176
Measured at undiscounted amount receivable |  |  |
Trade debtors (note 16) | 3,572,819 |  | 2,329,304
Other debtors (note 16) | 42,129 |  | 28,303
Amounts owed by Group undertakings (note 16) | 938,798 |  | 0
| 4,669,259 |  | 2,554,783
Financial liabilities |  |  |
Measured at undiscounted amount payable |  |  |
Bank overdraft (note 18) | 0 |  | ( 196)
Trade creditors (note 18) | ( 34,773) |  | ( 84,381)
Other payables | ( 451,288) |  | ( 246,649)
Amounts owed to Group undertakings (note 18 and note 19) | ( 6,539,112) |  | ( 12,943,922)
| (7,025,173) |  | (13,275,148)

Treasury and financial risk policies are set by the Board and have remained unchanged from the previous period. All instruments utilised by the company are for financing purposes. The day-to-day financial management and treasury function is controlled centrally for all operations. During the year the company had no derivative transactions.
The company's financial instruments comprise cash and liquid resources, and various items such as trade receivables, trade payables and obligations that arise directly from its operations. In the view of the Directors the fair value of financial assets and financial liabilities is not materially different to their carrying amounts.
The repayment terms and interest rates for the amounts owed by and to Group undertakings are set out in Note 27 Related Party transactions.
Credit risk
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. The company does not require collateral in respect of financial assets.
At the balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.
Currency risk
The company has not hedged any foreign currency transactions through forward contracts during the year.

Liquidity risk
The responsibility for liquidity risk management rests with the board of directors. The company manages liquidity risk
by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and
liabilities. The company has no external debt facilities except for the bank overdraft facility.

#### 23. Called-up share capital and reserves

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 0.01 each | 1 |  | 1
900 Preference shares of £ 0.01 each (2023: nil shares) | 9 |  | 0
| 10 |  | 1
Presented as follows: |  |  |
Called-up share capital presented as equity | 10 |  | 1

In the financial year 2024 900 Preference shares were allotted with an aggregate nominal value of £9 and consideration of £4,987,572, being £9 capital + £4,987,563 share premium, was received.

There are two classes of share: Ordinary and Preferred Ordinary.
Each ordinary share ranks equally in respect of dividends and ranks equally in the event of winding up. Each ordinary share carries one voting right. There are no restrictions on dividends and the repayment of capital.
Each preferred ordinary share ranks equally in respect of dividends and ranks equally in the event of winding up. Each preferred ordinary share carries one voting right. There are no restrictions on dividends and the repayment of capital.

The Company's other reserves are as follows:
The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses.
The profit and loss reserve represents cumulative profits or losses.

#### 24. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2024 |  | 2023
| £ |  | £
within one year | 101,507 |  | 70,056
between one and five years | 367,962 |  | 280,224
after five years | 17,514 |  | 87,570
| 486,983 |  | 437,850

The lease agreements are for buildings, equipment and motor vehicles.

#### 25. Net debt reconciliation

Net debt reconciliation

| Balance at 01 January 2024 |  | Cash flows |  | Acquisitions and disposals |  | Other non-cash changes |  | Changes in market value and exchange rates |  | Balance at 31 December 2024
| £ |  | £ |  | £ |  | £ |  | £ |  | £
Cash at bank and in hand | 197,371 |  | ( 81,859) |  | 0 |  | 0 |  | 0 |  | 115,512
| 197,175 |  | ( 81,663) |  | 0 |  | 0 |  | 0 |  | 115,512
Current borrowings from group undertakings | ( 6,379,105) |  | ( 2,106,656) |  | 0 |  | 5,273,407 |  | 9,770 |  | ( 3,202,584)
Non- Current borrowings from group undertakings | ( 6,564,816) |  | ( 1,536,922) |  | 0 |  | 4,751,075 |  | 14,134 |  | ( 3,336,529)
| ( 12,943,921) |  | ( 3,643,578) |  | 0 |  | 10,024,482 |  | 23,904 |  | ( 6,539,113)
Net debt | ( 12,746,746) |  | ( 3,725,241) |  | 0 |  | 10,024,482 |  | 23,904 |  | ( 6,423,601)

Other non-cash changes include interest expense.
£5,300,000 current borrowing from group undertaking was repaid by way of dividend income.
Non-Current Loan from group undertaking was capitalised into share capital: capital £4,987,386, interest £71,468.

#### 26. Statement of Cash Flows

| 2024 |  | 2023
| £ |  | £
Operating (loss)/profit | ( 5,878,477) |  | 1,363,960
Adjustment for: |  |  |
Depreciation and amortisation | 1,128,603 |  | 64,237
Loss/(profit) on sale of plant and equipment | 9,809 |  | ( 3,724)
Foreign exchange | ( 34,261) |  | 4,767
Loss on disposal of fixed asset investments | 4,988,386 |  | 0
Operating cash flows before movement in working capital | 214,060 |  | 1,429,240
Increase in stocks | ( 1,845,936) |  | ( 590,505)
Increase in debtors | ( 2,072,290) |  | ( 2,188,214)
Increase in creditors | 1,549,673 |  | 5,437,094
Cash generated by operations | ( 2,154,493) |  | 4,087,615
Income taxes paid | ( 41,520) |  | ( 717)
Interest paid | ( 1) |  | ( 28,286)
Net cash flows from operating activities | ( 2,196,014) |  | 4,058,612

#### 27. Related party transactions

The directors of the Company are deemed to be the key personnel of the Company as defined in Section 33 of FRS 102. Directors' remuneration paid during the current financial year was £Nil (2023: £21,495).

Transactions with group companies

Amounts owed by Group undertakings

| 2024 |  | 2023
| £ |  | £
Recat GmbH | 128,687 |  | 0
Elemental Asia Sdn Bhd | 809,650 |  | 0
Elemental Benelux BV | 461 |  | 0
Lapuar Ltd | 0 |  | 0
| 938,798 |  | 0

Recat GmbH, a company registered in Germany. This company is a related party by nature of being part of the same group.
Loans granted in 2024 £219,298 (2023 - £nil). Interest receivable £1,288 (2023 - £nil). Loans granted outstanding £128,687(2023 - £nil). The loans are due for repayment within one year. Interest is charged at 7.9% - 8.6%.
Services purchased £898 (2023 - £nil), plant purchased £4,222 (2023 - £nil). Balance outstanding £nil (2023 - £nil).
Elemental Asia Sdn Bhd, a company registered in Malaysia.
Sales £806,132 (2023 - £nil). Balance outstanding £809,650 (2023 - £nil).
Elemental Benelux BV, company registered in The Netherlands. This company is a related party by nature of being part of the same group.
Loans granted in 2024 £268,572 (2023 - £nil). Interest receivable £438 (2023 - £nil). Loans granted outstanding £461 (2023 - £nil). The loans are due for repayment within one year. Interest is charged at 8.3%.
Elemental Global Services SA, a company registered in Poland. This company is a related party by nature of being part of the same group.
Interest receivable £nil (2023 - £1,384).
Elemental Catalyst Recycling Spolka z.o.o., a company registered in Poland. This company is a related party by nature of being part of the same group.
Sales £1,278,094 (2023 - £nil). Balance outstanding £nil (2023 - £nil).

Amounts owed to Group undertakings

| 2024 |  | 2023
| £ |  | £
Finex Sicav SIF SA | 461,866 |  | 446,003
Elemental Global Services SA | 2,241,483 |  | 6,762,845
Elemental Benelux BV | 2,201,183 |  | 347,899
Recat GmbH | 0 |  | 87,174
Elemental Holding SA | 1,634,580 |  | 0
Lapuar Ltd | 0 |  | 5,300,000
| 6,539,112 |  | 12,943,922

Finex Sicav SIF SA, a company registered in Luxembourg This company is a related party by nature of its shareholding in Elemental Resource Management Limited.
Interest payable £15,863 (2023 - £15,319). Loans received outstanding £461,866 (2023 - £446,003). The loan has no fixed repayment date. Interest is charged at 3.5% (2023 - 3.5%).
Elemental Global Services SA, a company registered in Poland. This company is a related party by nature of being part of the same group.
Loans received in 2024 £1,164,876 (2023 - £ 6,505,267). Interest payable £181,332 (2023 - £64,283). Loans received outstanding £2,314,743 (2023 - £6,564,816). The loans are due for repayment as follows: within one year £1,136,069, within two years £51,165, within three years £1,127,509 (2023 - due within two years £1,576,938, due within five years £4,987,878). Interest is charged at 5.5% - 8.8% (2023 - 6.1% - 9.6%).
Purchases £117,514 (2023 - £198,029). Balance outstanding : Receivable for services credited £73,260 (2023 - £nil).
Elemental Benelux BV, a company registered in The Netherlands. This company is a related party by nature of being part of the same group.
Loans received in 2024 £514,211 (2023 - £344,230). Interest payable £31,490 (2023 - £1,104). Loans received outstanding £609,625 (2023 - £347,899). The loans are due for repayment as follows: within one year £84,393, within two years £525,232 (2023 - due within one year £217,547, due within three years £130,352). Interest is charged at 5.6% - 7.1% (2023 - 7.1%).
Commission expenses £2,242,966 (2023 - £nil). Balance outstanding £1,591,560 (2023 - £nil).
Elemental Holding SA a company registered in Luxembourg. This company is a related party by nature of being the controlling party of Elemental Global Services SA.
Loans received in 2024 £1,522,942 (2023 - £nil). Interest payable £33,773 (2023 - £nil). Loans received outstanding £1,632,623 (2023 - £nil). The loans are due for repayment as follows: within two years £820,512, within three years £812,111. Interest is charged at 7.3% - 8.0%.
Services £1,963 (2023 - £4,644). Balance outstanding £1,957 (2023 - £nil).
Recat GmbH, a company registered in Germany. This company is a related party by nature of being part of the same group.
Loans received in 2024 £171,491 (2023 - £85,729). Interest payable £633 (2023 - £331). Loans received outstanding £nil (2023 - £87,030). (2023 - loan due for payment within one year £87,030. Interest charged at 7.0%.)
Purchases £nil (2023 - £nil). Balance outstanding £nil (2023 - £144).
Kat-Metal OY, a company registered in Finland. This company is a related party by nature of being part of the same group.
Purchases £6,126 (2023 - £6,583). Balance outstanding £nil (2023 - £nil).
Elemental Catalyst Recycling Spolka z.o.o., a company registered in Poland. This company is a related party by nature of being part of the same group.
Loans received in 2024 £157,360 (2023 - £nil). Interest payable £nil (2023 - £nil). Loans received outstanding £nil (2023 - £nil).
Purchases £38,861 (2023 - £nil). Balance outstanding £nil (2023 - £nil).
Elemental Strategic Metals Spolka z.o.o., a company registered in Poland. This company is a related party by nature of being part of the same group.
Purchases £nil (2023 - £694). Balance outstanding £nil (2023 - £nil).
WGM1 sp. z o.o., a company registered in Poland. This company is a related party by nature of being part of the same group.
Interest payable £nil (2023 - £3,146).
Lapuar Ltd a company registered in England & Wales. This company is a related party by nature of being part of the same group. Purchases £nil (2023 - £5,300,000). Balance outstanding £nil (2023 - £5,300,000).

#### 28. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.

#### 29. Controlling party

Parent Company:

Finex Sicav SIF SA - Private Equity VII
25A Boulevard Royal, Luxembourg, L-2449, Luxembourg.

Ultimate controlling party:

Elemental Holding SA
20 Rue Eugène Ruppert, 2453 Cessange Luxembourg.

Parent of largest group for which group accounts are drawn up:

EFF Foundation
Austrasse 15, 9495 Triesen, Lichtenstein.

Parent of smallest group for which group accounts are drawn up:

Elemental Global Services S.A
ul. Traugutta 42a, 05-825 Grodzisk Mazowiecki, Poland.