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Registered number: 14922773 IGI INEX RESOURCES (UK) LTD FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
IGI INEX RESOURCES (UK) LTD REGISTERED NUMBER: 14922773 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | $ |  | $
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 4 | 1,297,825 |  | 1,250,000 |
|  | 1,297,825 |  | 1,250,000 |
Creditors: amounts falling due within one year | 5 | (149,851) |  | (106,131) |
Net current assets |  |  | 1,147,974 |  | 1,143,869
Net assets |  |  | 1,147,974 |  | 1,143,869
Capital and reserves |  |  |  |  |
Called up share capital | 6 |  | 1,250,000 |  | 1,250,000
Profit and loss account |  |  | (102,026) |  | (106,131)
|  |  | 1,147,974 |  | 1,143,869
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
L De Abreu Santos
Director
Date: 6 May 2026
The notes on pages 2 to 5 form part of these financial statements. Page 1
IGI INEX RESOURCES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
1. | General information
IGI Inex Resources (UK) Ltd is a company limited by shares and registered in England and Wales. Its registered office is Tower 42 - Level 20, 25 Old Broad Street, London, EC2N 1HQ. The comparative figures cover the period from incorporation on 8 June 2023 to 31 December 2023. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared on a basis other than going concern. Subsequent to the reporting date, the directors resolved that IGI Inex Resources (UK) Ltd will cease trading and be placed into liquidation. The Company has no employees and no ongoing operational activity. Accordingly, the Directors do not intend to continue trading or realise assets and settle liabilities in the normal course of business. Where management intends to liquidate the entity or cease trading, the financial statements should not be prepared on a going concern basis. The financial statements have therefore been prepared on an alternative basis reflecting the planned liquidation. Assets have been stated at amounts expected to be realised and liabilities at amounts expected to be settled. The Directors have considered the recoverability of intercompany receivables and the settlement of third-party liabilities, including support from IGI Inex Holding (UK) Ltd where appropriate. No material adjustments were required to the carrying values of assets and liabilities as a result of the change in basis of preparation. The financial statements are presented in USD, the functional currency, rounded to the nearest $. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is USD. 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 2
IGI INEX RESOURCES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue represents amounts receivable for mining consultancy and advisory services provided to related and external counterparties. Revenue is recognised when the Company satisfies its performance obligations, which is typically at the point in time when the agreed services have been completed and the associated deliverables have been provided to the customer. Revenue is measured at the fair value of consideration receivable, excluding value added tax and other sales-related taxes.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | Pensions
Defined contribution pension plan 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.8 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 3
IGI INEX RESOURCES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
3. | Employees
The average monthly number of employees, including directors, during the period was 3 (2023 - 3).
4. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | $ | $
| Amounts owed by group undertakings | 1,147,825 | 1,250,000
| Amounts owed by related parties | 150,000 | -
|  | 1,297,825 | 1,250,000
5. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | $ | $
| Trade creditors | 25,436 | 34,769
| Amounts owed to other participating interests | 18,966 | 18,966
| Corporation tax | 1,001 | -
| Other taxation and social security | 24,397 | 13,676
| Other creditors | 42,443 | 23,621
| Accruals and deferred income | 37,608 | 15,099
|  | 149,851 | 106,131
6. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | $ | $
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of $12,500.00 each | 1,250,000 | 1,250,000
7. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to $697 (2023: $140). Contributions totalling $nil (2023: $327) were payable to the fund at the balance sheet date and are included in creditors. Page 4
IGI INEX RESOURCES (UK) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
8. | Related party transactions
| In accordance with the exemption contained in FRS 102, transactions with fellow 100% group members have not been disclosed. During the year, IGI Inex Resources (UK) Ltd sold services amounting to $150,000 (2023: $Nil) to Mantovani International Trading Ltda, a company in which Mr Werner Schmidt, the ultimate controlling party of the Group, has an interest. At the balance sheet date, IGI Inex Resources (UK) Ltd was owed $150,000 (2023: $nil) by Mantovani International Trading Ltda. The balance is unsecured, interest-free, and repayable on demand. At the balance sheet date, an amount of $18,966 (2023: $18,966) was owed to Mr Werner Schmidt, a director of the IGI Inex Resources (UK) Ltd. The balance is unsecured, interest-free and payable on demand.
9. | Controlling party
The Company’s immediate parent undertaking is IGI Inex Holding (UK) Ltd. The ultimate parent undertaking is W.S Intimorato Capital Limited, a company incorporated in England and Wales. The ultimate controlling party of the Group is Mr Werner Schmidt. The ultimate parent undertaking prepares consolidated financial statements which are publicly available from its registered office at Tower 42 - Level 20, 25 Old Broad Street, London, EC2N 1HQ.
10. | Auditor's information
The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified.
| In their report, the auditor emphasised the following matter without qualifying their report: We draw attention to Note 2.1 to the financial statements which explains that, subsequent to the reporting date, the Directors resolved to cease trading and place the Company into liquidation and, accordingly, the financial statements have been prepared on a basis other than going concern. Assets have been stated at amounts expected to be realised and liabilities at amounts expected to be settled. Our opinion is not modified in respect of this matter.
The audit report was signed on 7 May 2026 by Stephen Poleykett BA (Hons) FCA (Senior Statutory Auditor) on behalf of MHA.
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