REGISTERED NUMBER: OC306907 (England and Wales)

Chemex International LLP

Report of the Members and

Financial Statements

for the period

1 January 2023 to 30 June 2024

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Reconciliation of Members' Interests

12

Cash Flow Statement

14

Notes to the Financial Statements

15

DESIGNATED MEMBERS:

Chemex International Corp. Limited

Hayki Limited

REGISTERED OFFICE:

239-241 Kennington Lane

London

SE11 5QU

REGISTERED NUMBER:

OC306907 (England and Wales)

AUDITORS:

Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

The members present their report with the financial statements of the LLP for the period 1 January 2023 to 30 June 2024.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the period under review was that of export of chrome ore and agro chemical products.

REVIEW OF BUSINESS

The limited liability partnership's key financial and other performance indicators during the year were as

follows:

18 Months to June 2024

12 months to December 2023

$

$

Turnover

26,986

26,900

Gross profit

5,502

6,163

Net Profit

3,707

5,305

The members believe that other variables of performance indicators are marginal and are not the best indicators of the overall performance, development and position of the LLP.

PRINCIPAL RISKS AND UNCERTAINTIES

The LLP's operations expose it to a variety of risks that include the effects of changes in market risk, credit risk, interest rate risk and foreign currency risk.

The main risk affecting the LLP continues to be the fluctuating price of commodities and raw materials which impact both turnover and gross margins. The LLP's activities also expose it to the financial risks of changes in foreign currency exchange rates. In order to protect the LLP from adverse currency movements the members closely monitor exchange rates and forward purchase where necessary. The LLP has in place a risk management programme that seeks to limit the possible adverse impact on the financial performance of the LLP as a result of the above risks.

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of the bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdraft and trade finance facilities.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditor's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The LLPs ability to obtain bank guarantees to support its purchases is important to enable the LLP to buy on credit. This is managed by, ensuring that terms with the bank are adhered to.

POLICY ON PAYMENT OF CREDITORS

The policy of the company is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on a timely submission of invoices.

SOCIAL, ENVIRONMENT AND ETHICAL MATTERS

The members believe that by operating in an ethical and social aware manner they will help preserve the environment; that being an integral part of efficient and profitable business management. The members recognise that success in these areas depend on the involvement and commitment of everyone in the organisation.

FUTURE DEVELOPMENTS

The members have suspended trading activity at the date of signing the accounts. Once the legal dispute is resolved the members intend to continue trading with the LLP.

DESIGNATED MEMBERS

The designated members during the period under review were:

Chemex International Corp. Limited

Hayki Limited

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS

The profit for the period before members' remuneration and profit shares was $3,802,459 (2022 - $5,305,299 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members 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 LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP 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 members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Alton & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

Designated member

24 December 2025

Qualified opinion

We have audited the financial statements of Chemex International LLP (the 'LLP') for the period ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for matters described in the basis for qualified opinion, the financial statements:

- give a true and fair view of the state of the LLP's affairs as at 30 June 2024 and of its profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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. We draw attention to note 2 of the financial statement "Going concern" There was limited information to enable us assess the ability of the the beneficial owners to support the LLP remain in operational existence for the foreseeable future.

Conclusions relating to going concern

We draw attention to note 2 of the financial statement "Going concern" describing how the LLP is dependent on financial support from the beneficial owners to enable them meet their obligations as and when they fall due. Information to assess the beneficial owners ability to support this LLP is very limited so we cannot confirm their ability to support this LLP or otherwise.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, 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.

Last year's financial statements was audited by Thomas Alexander & Co Ltd, and their opinion was qualified.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page three, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

We obtained an understanding of the legal and regulatory framework that are applicable to the company and determined that the most significant are the money laundering regulation and anti bribery regulations. We understand how the company is complying with those regulations by making enquiries of management and key personel; we also reviewed correspondence files. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements using our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated those identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Altan Kemal, FCA, FCCA (Senior Statutory Auditor)

for and on behalf of Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

29 December 2025

REVENUE

27,723,625

26,900,413

Cost of sales

22,222,098

20,737,452

GROSS PROFIT

5,501,527

6,162,961

Administrative expenses

1,023,870

977,737

4,477,657

5,185,224

Other operating income

483,882

427,751

OPERATING PROFIT

4

4,961,539

5,612,975

Interest payable and similar expenses

5

1,159,080

307,676

PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

3,802,459

5,305,299

PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

3,802,459

5,305,299

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

3,802,459

5,305,299

CURRENT ASSETS

Inventories

7

1,873,666

4,516,306

Debtors

8

8,999,716

18,075,554

Cash at bank

15,095

875,686

10,888,477

23,467,546

CREDITORS

Amounts falling due within one year

9

6,455,195

9,056,279

NET CURRENT ASSETS

4,433,282

14,411,267

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

4,433,282

14,411,267

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

1,433,282

11,411,267

MEMBERS' OTHER INTERESTS

Capital accounts

3,000,000

3,000,000

4,433,282

14,411,267

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

1,433,282

11,411,267

Members' other interests

3,000,000

3,000,000

4,433,282

14,411,267

The financial statements were approved by the members of the LLP and authorised for issue on 24 December 2025 and were signed by:

Chemex International Corp. Limited - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

$

$

$

Balance at 1 January 2023

3,000,000

-

3,000,000

Profit for the financial period available for discretionary division among members

-

3,802,459

3,802,459

Members' interests after profit for the period

3,000,000

3,802,459

6,802,459

Other divisions of profit

-

(3,802,459

)

(3,802,459

)

Drawings on account and distributions of profit

-

-

-

Balance at 30 June 2024

3,000,000

-

3,000,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

$

$

Amount due to members

11,411,267

Amount due from members

-

Balance at 1 January 2023

11,411,267

14,411,267

Profit for the financial period available for discretionary division among members

-

3,802,459

Members' interests after profit for the period

11,411,267

18,213,726

Other divisions of profit

3,802,459

-

Drawings on account and distributions of profit

(13,780,444

)

(13,780,444

)

Amount due to members

1,433,282

Amount due from members

-

Balance at 30 June 2024

1,433,282

4,433,282

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

$

$

$

Balance at 1 January 2022

3,000,000

-

3,000,000

Profit for the financial period available for discretionary division among members

-

5,305,299

5,305,299

Members' interests after profit for the period

3,000,000

5,305,299

8,305,299

Other divisions of profit

-

(5,305,299

)

(5,305,299

)

Drawings on account and distributions of profit

-

-

-

Balance at 31 December 2022

3,000,000

-

3,000,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

$

$

Amount due to members

11,859,614

Amount due from members

-

Balance at 1 January 2022

11,859,614

14,859,614

Profit for the financial period available for discretionary division among members

-

5,305,299

Members' interests after profit for the period

11,859,614

20,164,913

Other divisions of profit

5,305,299

-

Drawings on account and distributions of profit

(5,753,646

)

(5,753,646

)

Amount due to members

11,411,267

Amount due from members

-

Balance at 31 December 2022

11,411,267

14,411,267

Cash flows from operating activities

Cash generated from operations

14

16,046,341

5,831,845

Interest paid

(1,159,080

)

(307,676

)

Net cash from operating activities

14,887,261

5,524,169

Transactions with members and former

members

Payments to members

(13,780,444

)

(5,753,646

)

Cash flows from other financing activities

New loans in year

-

90,572

Loan repayments in year

(1,967,408

)

-

(1,967,408

)

90,572

Net cash from financing activities

(15,747,852

)

(5,663,074

)

Decrease in cash and cash equivalents

(860,591

)

(138,905

)

Cash and cash equivalents at beginning of period

15

875,686

1,014,591

Cash and cash equivalents at end of period

15

15,095

875,686

1.	STATUTORY INFORMATION

Chemex International LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the customer takes delivery of their goods and is derived from the ordinary activities of the business.

Stocks

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

Cost is on first in first out basis and net realisable value is the sales value of the stock less any additional cost to sell.

Foreign currencies

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

Classification of share of profits in the cash flow statement

The share of profit from the LLP is accounted for on an accrual basis in the Statement of Profit and Loss. As this represents a non-cash item, it is adjusted in the cash flow statement under operating activities when using the indirect method. Any actual cash distributions received from the LLP are classified under investing activities, representing a return on investment.

Taxation

The taxation payable on the LLP's profits is the liability of the members, Although payment of such liabilities may be administered by the partnership on behalf of its members. Consequently, neither partnership taxation or relate, deferred taxation are accounted for in these financial statements. Sums set aside in respect of members' tax, obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Going concern

The LLP is dependent on financial support from their beneficial owners to meet all its obligations as and when they fall due. The designated members have guaranteed to support the LLP meet all their obligations for the forseeable future. The accounts does not include an adjustment that may be required should this support be withdrawn.

3.	EMPLOYEE INFORMATION

There were no staff costs for the period ended 30 June 2024 nor for the year ended 31 December 2022.

The average number of employees during the period was NIL (2022 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging:

period

1/1/23

to

year ended

30/6/24

31/12/22

$

$

Auditors' remuneration

16,124

15,059

Foreign exchange differences

114,638

144,845

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

period

1/1/23

to

year ended

30/6/24

31/12/22

$

$

Bank interest

1,159,080

307,676

6.	INFORMATION IN RELATION TO MEMBERS

period

1/1/23

to

year ended

30/6/24

31/12/22

$

$

The amount of profit attributable to the member with the largest entitlement was

1,901,230

2,652,650

period

1/1/23

to

year ended

30/6/24

31/12/22

The average number of members during the period was

2

2

7.	INVENTORIES

2024

2022

$

$

Finished goods

1,873,666

4,516,306

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2022

$

$

Trade debtors

8,894,237

12,055,318

Other debtors

105,479

6,020,236

8,999,716

18,075,554

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2022

$

$

Bank loans and overdrafts (see note 10)

1,822,790

3,790,198

Trade creditors

4,603,347

5,156,049

Other creditors

-

3,074

Accruals and deferred income

-

79,850

Accrued expenses

29,058

27,108

6,455,195

9,056,279

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2022

$

$

Amounts falling due within one year or on demand:

Bank loans - less than 1 yr

1,751,019

3,790,198

Bank loans - less than 1 yr

71,771

-

1,822,790

3,790,198

11.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2024

2022

$

$

Amounts owed to members in respect of profits

1,433,282

11,411,267

Falling due within one year

1,433,282

11,411,267

12.	CONTINGENT LIABILITIES

The company is in a legal dispute with a bank over a loan balance in the accounts at 30 June 2024 of $1.82 Million. The outcome of this dispute is unclear. This balance is likely to increase slightly should there be an unfavourable outcome.

13.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

2024

2022

$

$

Sales

24,871,962

23,434,491

Purchases

25,841,432

1,327,715

Transfers

5,500,000

-

Trade debtors

8,894,236

11,522,268

Trade creditors

772,224

-

Amount due to related party

-

5,500,000

14.	RECONCILIATION OF PROFIT FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

period

1/1/23

to

year ended

30/6/24

31/12/22

$

$

Profit for the financial period before members' remuneration and profit shares available for discretionary division among members

3,802,459

5,305,299

Finance costs

1,159,080

307,676

4,961,539

5,612,975

Decrease/(increase) in inventories

2,642,640

(968,686

)

Decrease/(increase) in trade and other debtors

9,075,838

(116,800

)

(Decrease)/increase in trade and other creditors

(633,676

)

1,304,356

Cash generated from operations

16,046,341

5,831,845

15.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 June 2024

30/6/24

1/1/23

$

$

Cash and cash equivalents

15,095

875,686

Year ended 31 December 2022

31/12/22

1/1/22

$

$

Cash and cash equivalents

875,686

1,014,591

16.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/1/23

Cash flow

changes

At 30/6/24

$

$

$

$

Net cash

Cash at bank

875,686

(860,591

)

15,095

875,686

(860,591

)

15,095

Debt

Debts falling due

within 1 year

(3,790,198

)

1,967,408

-

(1,822,790

)

(3,790,198

)

1,967,408

-

(1,822,790

)

Net debt (before

members' debt)

(2,914,512

)

1,106,817

-

(1,807,695

)

Loans and other debts

due to members

Other amounts

due to members

(11,411,267

)

13,780,444

(3,802,459

)

(1,433,282

)

Net debt

(14,325,779

)

14,887,261

(3,802,459

)

(3,240,977

)