Contents of the Financial Statements

for the Period Ended 31 July 2025

Directors' report period ended 31 July 2025

The directors present their report with the financial statements of the company for the period ended 31 July 2025

Directors

The director shown below has held office during the whole of the period from
28 July 2024 to 31 July 2025

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
26 March 2026

And signed on behalf of the board by:
Name: Arthur Jac Williams
Status: Director

Profit And Loss Account

for the Period Ended 31 July 2025

Balance sheet

As at 31 July 2025

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 July 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 July 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  Turnover represents the fair value of consideration receivable from the sale and trading of gold, precious metals and related products, net of value added tax, discounts and rebates. Revenue is recognised when control of the goods has passed to the customer, the amount of revenue can be measured reliably, and it is probable that economic benefits associated with the transaction will flow to the company. Any provisional pricing adjustments are recognised when the relevant amounts can be determined with reasonable accuracy. Revenue from export and trading transactions is recognised in accordance with the contractual terms agreed with customers, including delivery and shipment conditions where applicable. Where the company acts as an intermediary or agent, only commission income earned is recognised as turnover. Transactions denominated in foreign currencies are translated into Pounds Sterling at the exchange rate prevailing on the transaction date, with exchange differences recognised in the profit and loss account.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are recorded at historical cost less depreciation and impairment and include expenditure directly related to mining infrastructure, machinery, transportation and operational facilities. The management regularly reviews the value of these assets to identify any potential impairment arising from operational, commercial or geopolitical factors affecting the international mining industry. Depreciation is charged so as to systematically amortise the appreciable amount of tangible fixed assets over their estimated useful economic lives on a straight-line basis, reflecting the pattern in which the assets’ future economic benefits are expected to be consumed by the company. Mining plant and heavy extraction machinery are depreciated at rates deemed appropriate to their operational utilisation and anticipated productive capacity, whilst motor vehicles, refining equipment and office apparatus are depreciated over their respective useful lives. Residual values, useful economic lives and depreciation methodologies are reviewed annually by management to ensure continued appropriateness and compliance with applicable financial reporting standards.

  Intangible fixed assets amortisation policy

  Intangible assets including but not limited to mining rights, goodwill and licences are initially recorded at cost and subsequently measured at cost less accumulated amortisation and impairment losses. Amortisation of mining property is calculated over the estimated life of the mineable reserves using the unit of production method. The assessment of mineable inventory is based on management’s judgement regarding the recoverability of measured, indicated and inferred resources, taking into account operational performance, historical data and future forecasted mine development expenditure.

  Valuation information and policy

  Assets and liabilities are recorded at historical cost unless otherwise stated in the financial statements and are reviewed periodically to ensure that their carrying values do not materially differ from their recoverable or realisable amounts. Gold inventories, trading balances and other applicable financial assets are valued in accordance with prevailing international market conditions and recognised accounting principles, whilst foreign currency transactions are translated into Pounds Sterling at the exchange rates prevailing on the dates of the transactions, with monetary assets and liabilities re-translated at the balance sheet date and any resulting foreign exchange gains or losses recognised within the profit and loss account.

  Other accounting policies

  The company maintains a comprehensive risk management framework designed to identify, evaluate and mitigate operational, financial, regulatory and strategic risks associated with international mining and precious metals trading activities. The Board of Directors retains ultimate responsibility for the oversight of risk management and internal control systems and ensures that appropriate governance structures, compliance procedures and reporting mechanisms are implemented throughout the organisation. Day-to-day responsibility for the assessment and management of risk is delegated to management, with regular reviews conducted by the Audit and Risk Committee to evaluate the effectiveness of the company’s internal controls, financial safeguards and regulatory compliance procedures. The company continually monitors market conditions, geopolitical developments, foreign exchange exposure and operational performance to ensure that risk management processes remain robust, effective and aligned with the long-term objectives of the business.

Notes to the Financial Statements

for the Period Ended 31 July 2025

• 2. Employees

  	2025
  Average number of employees during the period	43

  Employees are kept regularly informed of internal and external developments, corporate updates and compliance matters, including the Company’s share dealing policy and opportunities to participate in the Company’s performance.