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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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IGI INEX TRADING (UK) LTD
COMPANY INFORMATION
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IGI INEX TRADING (UK) LTD
CONTENTS
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IGI INEX TRADING (UK) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their strategic report for the year ended 31 December 2024.
During the year to 31 December 2024, IGI Inex Trading (UK) Ltd (the “Company”) performed as management expected, with revenues of $131,847k (2023: $107,013k).
Operating profit amounted to $6,425k (2023: $2,089k) and profit after tax was $4,819k (2023: $1,567k).
Key financial performance indicators include:
• Revenue was $131,847k (2023: $107,013k) in the year. • Gross profit margin was 8.3% (2023: 4.5%) in the year. • Operating profit margin was 4.9% (2023: 2.0%) in the year. • Working capital and cash: the Company closely monitors its working capital position, with $6,167k (2023: $1,567k) in net current assets at 31 December 2024. The Company has no third-party external debt in either year.
Strategy
The Company operates as an international trading entity focused on the sourcing and sale of high-value commodities, principally precious and semi-precious stones. The Company’s strategy is centred on disciplined transaction execution, strong counterparty relationships and robust compliance oversight, with the objective of generating sustainable margins while maintaining controlled risk exposure. The Company’s business model is based on intermediating documented commodities with qualified buyers and sellers. This involves diligent management of products and counterparties, alongside a prudent financial approach. The long-term objective of the Company is to establish a scalable and reputable international trading platform, underpinned by disciplined risk management, regulatory integrity, market reputation and sustainable profitability.
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IGI INEX TRADING (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Board of Directors is committed to the effective management of risks that could impact the Company’s ability to achieve its strategic objectives. Recognising the increasing complexity of the Company and the economic and operating environment, during the period management strengthened its risk management oversight, to ensure a more consistent and robust approach to risk identification, assessment and mitigation across a wider range of business risks.
Key actions included: • Identifying Principal Risks: Identification and evaluation of the principal strategic, operational, financial and compliance risks facing the group. This process involves an analysis of both internal and external factors and is regularly reviewed by senior management. • Monitoring Risk Exposure: Monitoring the Company's exposure to identified risks and evaluating the effectiveness of existing controls and mitigation measures. Monitoring includes regular consideration of key topics. Discussion of key risks Operational risks. The Company adopts the risk identification and risk management principles, including regulatory and supply risks, set by its parent holding company, IGI Inex Holding (UK) Ltd, which sets risk management policy across the IGI Inex Group. Counterparty risks. The Company adopts the risk identification and risk management principles, including anti-bribery and anti-corruption matters, set by IGI Inex Holding (UK) Ltd, which sets risk management policy across the Group. Financial risks. The Company adopts the risk identification and risk management principles, including credit, liquidity, price and foreign exchange risks, set by IGI Inex Holding (UK) Ltd, which sets risk management policy across the Group. Market risks. Economic conditions remain uncertain. The Company continues to closely monitor this and the impact it will have on business performance, revenues and profitability and will take actions available to align the business cost structure and working capital. Financial risk management The Company’s activities expose it to a variety of financial risks including credit risk, liquidity risk, price risk and foreign exchange risk. The Board monitors these risks on an ongoing basis as part of its overall risk management framework. Credit risk arises primarily from trade receivables and amounts due from related parties. The Company manages this risk through regular monitoring of outstanding balances and maintaining close working relationships with counterparties within the Group and key trading partners. Liquidity and cash flow risk are managed through active monitoring of working capital requirements and the preparation of cash flow forecasts. The Company seeks to ensure that sufficient funding is available to meet its liabilities as they fall due. Funding flexibility is supported by related party balances and, where required, shareholder support. Price risk arises from fluctuations in the value of gemstones and related commodities traded by the Company. The Board monitors market conditions closely and seeks to manage exposure through disciplined purchasing and sales strategies. Foreign exchange risk arises on transactions denominated in currencies other than the Company’s functional
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IGI INEX TRADING (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
currency. The Company monitors exchange rate movements and manages exposure where practicable through the timing of settlements and matching of currency inflows and outflows.
The Company monitors its performance primarily through financial results as presented in the financial statements. The Directors do not consider additional non-financial key performance indicators to be necessary for an understanding of the development, performance or position of the business
During the year, the Directors have complied with their duty to act in a way most likely to promote the success of the Company, as per section 172(1) of the Companies Act 2006. In doing so they have had regard to:
The likely consequences of any decision in the long term In considering the likely long-term consequences of its decisions, the Company, whose principal activity is gemstone trading, serving the wider gemstone-related trading activities of the IGI Inex Group, continues to expand its operations within its areas of expertise. Activities related to gemstone trading remain central to the Company’s remit, which is expected to become increasingly sophisticated as trading volumes and market presence grow. The Company’s long-term strategy continues to evolve in response to emerging opportunities, industry developments and market conditions, supporting sustainable growth and value creation for all stakeholders. The interest of the Company’s employees The Directors believe that employees serve an integral part in carrying out the strategic direction of the Company. The focus remains on maintaining a culture that supports and encourages wellbeing and provides a high-quality and valued working environment. The need to foster the Company’s business relations with suppliers, customers and others The Company promotes clear and regular communication with suppliers and aims to develop open and collaborative relationships through long-term partnerships where appropriate. The Company uses trusted organisations and maintains long-term relationships to ensure value for money and provide clarity to customers over the pricing of goods and services. The impact of the Company’s operations on the community and environment The Company recognises the importance of conducting its activities responsibly and with consideration for the communities and environments in which it operates. The Company seeks to promote ethical and sustainable practices across the gemstone supply chain and engage with reputable partners adhering to recognised environmental and social standards. The desirability of the Company maintaining a reputation for high standards of business conduct The Company recognises the importance of maintaining high standards of business conduct across all areas of its operations. It is committed to integrity, transparency and sound governance in its business dealings. The need to act fairly as between members of the Company The Directors make decisions based on all relevant information, seeking to act fairly between members and in the best interests of the Company as a whole.
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IGI INEX TRADING (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 6 May 2026 and signed on its behalf.
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IGI INEX TRADING (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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;
∙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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to $4,818,919 (2023 - $1,567,007).
No dividends were paid or proposed.
The Directors who served during the year were:
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IGI INEX TRADING (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Looking ahead, the Directors expect 2025 to be a year of further expansion and operational integration. The Company plans to continue building on its trading activities, particularly in the commodities and gemstones sectors, while pursuing new strategic contracts with institutional clients and fund partners. The management will also focus on strengthening compliance and governance frameworks to ensure adherence to UK and international regulations, as the scale and complexity of its operations continue to grow.
The Directors remain confident that the strategy in place will sustain growth and position the Company for long-term success within its market segment.
When making decisions, the Directors consider what is likely to lead to the success of the company and to be of benefit to the members as a whole over the long term. When making such decisions, the Directors also consider the interests of other key stakeholders and seek to arrive at conclusions which do not adversely impact those groups as a whole. For the purposes of decision making, the Directors have identified key stakeholder groups, evaluated their interests, and responded to them. This demonstrates the board's commitment to maintaining high standards of business conduct and professionalism.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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IGI INEX TRADING (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IGI INEX TRADING (UK) LTD
We have audited the financial statements of IGI Inex Trading (UK) Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 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.
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IGI INEX TRADING (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IGI INEX TRADING (UK) LTD (CONTINUED)
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.
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 the Directors' Report have been prepared in accordance with applicable legal requirements.
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 or the Directors' Report.
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IGI INEX TRADING (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IGI INEX TRADING (UK) LTD (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and
claims;
∙Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred.
∙Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Performing audit work over the risk of management override, including testing of journal entries and other
adjustments for appropriateness;
∙Evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias;
∙Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Discussions with management over any potential or suspected fraud.
∙Performing audit work over the recognition of revenue on deliveries of services occurring at the year end to provide assurance over cut-off;
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
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IGI INEX TRADING (UK) LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IGI INEX TRADING (UK) LTD (CONTINUED)
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.
for and on behalf of
Statutory Auditor
London, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542.)7 May 2026
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IGI INEX TRADING (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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IGI INEX TRADING (UK) LTD
REGISTERED NUMBER: 13814961
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 23 form part of these financial statements.
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IGI INEX TRADING (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
IGI Inex Trading (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.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in USD, the functional currency, rounded to the nearest $.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of IGI Inex Holding (UK) Ltd as at 31 December 2024 and these financial statements may be obtained from the Company's registered office.
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. In making this assessment, the Directors have considered the Company’s financial position, including significant liabilities which are contractually repayable on demand, and the expected timing of cash inflows from trade and related party receivables.
The Directors have obtained written confirmation from a principal counterparty, representing a significant proportion of these balances, that it does not intend to call upon the outstanding amounts in the short term and will allow settlement in line with the Company’s expected cash inflows. The Directors have also considered the recoverability of amounts due from related parties, including expected settlement through a combination of cash and non-cash arrangements, and the timing of such receipts. In addition, the Company has access to financial support from its Ultimate Beneficial Owner, Werner Schmidt, to enable it to meet its obligations as they fall due. The Directors have also considered post balance sheet events, including the partial settlement of liabilities and developments in relation to funding arrangements, which further support the Company’s liquidity position. Based on the above, the Directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due and therefore consider it appropriate to prepare the financial statements on a going concern basis
Functional and presentation currency
Transactions and balances
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Key judgements Revenue recognition The Company recognises revenue from the sale of gemstones when control and the significant risks and rewards of ownership are transferred to the customer. Judgement is applied in determining the point at which these criteria are met, particularly in relation to contractual terms and delivery conditions. Recoverability of related party receivables The Company has significant balances due from related parties amounting to $238,843,000 at the year end. Judgement is applied in assessing the recoverability of these balances, including consideration of the financial position of the counterparties and their ability to settle amounts due. The Directors consider that the carrying value of these balances is appropriate based on the information available at the reporting date. Key sources of estimation uncertainty The Directors do not consider there to be any significant sources of estimation uncertainty that would result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year
Analysis of turnover by country of destination:
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8.Taxation (continued)
The rate of corporation tax was increased to 25% from 1 April 2023 and this will apply in full from the year ended 31 December 2024.
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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IGI INEX TRADING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company’s shareholder, IGI Inex Holding (UK) Ltd, resolved to increase the Company’s capitalisation by approximately US$10 million. The Company’s accumulated receivables of $150.8 million from 3 Sigma Capital Ltd as of 31 December 2024 were reduced in November 2025 by $131.8 million, resulting in a residual receivable of $19.0 million. 3 Sigma Capital has confirmed in writing that it fully honours the amount owed and that it has the means and intent to satisfy this remaining amount in 2026. The Company’s accumulated payables of $223.1 million to Mantovani International Trading LTDA as of 31 December 2024 were reduced in December 2025 by $102.1 million, resulting in a residual payable of $120.9 million. Mantovani International Trading has confirmed in writing that it is satisfied with its understanding of the process by which it will be paid and does not intend to enforce this payable until the means for repayment are established
The Company's immediate parent undertaking is IGI Inex Holding (UK) Ltd. The ultimate parent undertaking is W.S Intimorato Capital Limited. Both of these companies are registered in England and Wales and prepare consolidated accounts which are publicly available and have a registered office of Tower 42 - Level 20, 25 Old Broad Street, London, EC2N 1HQ.
The ultimate controlling party of the Company is Mr Werner Schmidt.
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