FBC Mining (BA) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09090405 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

FOR

FBC MINING (BA) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

J M Macpherson

J Matusevicius

Registered office:

1 Merus Court

Meridian Business Park

Leicester

LE19 1RJ

Registered number:

09090405 (England and Wales)

Fixed assets

Intangible assets

4

-

3,156,757

Tangible assets

5

-

Investments

6

12,352,764

1,509,129

12,352,764

4,665,886

Current assets

Debtors

7

21,066

2,834,816

Creditors

Amounts falling due within one year

8

(314,106

)

(1,282,571

)

Net current (liabilities)/assets

(293,040

)

1,552,245

Total assets less current liabilities

12,059,724

6,218,131

Capital and reserves

Called up share capital

9,957,387

Retained earnings

2,102,337

(3,739,256

)

12,059,724

6,218,131

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2026 and were signed on its behalf by:

J Matusevicius - Director

1.	STATUTORY INFORMATION

FBC Mining (BA) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the US Dollar ($).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

After reviewing the company's projections and forecasts, the directors have a reasonable expectation that the company has adequate resources and support to continue in operational existence for the foreseeable future. Group members have confirmed their intention to support FBC Mining (BA) Limited for a period of 12 months from the signing of the financial statements, however this may change depending on the shareholders' commitments to the company. The company therefore continues to adopt the going concern basis in preparing its financial information.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Exploration license are being amortised evenly over their estimated useful life of nil years.

Exploration & evaluation costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Exploration and development costs

Expenditure on the acquisition cost, exploration and evaluation of interests in licences including related overheads is capitalised. Such costs are carried forward in the Balance Sheet under tangible and intangible fixed assets where such costs are expected to be recouped through successful development and exploration of the area of interest or alternatively by its sale.

Project development costs include costs directly attributable to the construction of a mine and the related infrastructure, and are depreciated commencing when the assets are avaliable for use over the estimated life of the reserves on a unit of production basis, as defined in the Bankable Feasibility Study. Development properties are tested for impairment as discussed below.

The assets are not considered avaliable for use until the project reaches and sustains commercial production. Commercial production is calculated as 70% of the target production for the project once it is fully operational. Any sales revenue recognised during the period prior to commercial production is ofset against expenditure during the same period.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2025 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Exploration

& evaluation

license

costs

Totals

$

Cost

At 1 March 2025

150,000

3,006,757

3,156,757

Disposals

(150,000

)

(3,006,757

)

(3,156,757

)

At 28 February 2026

-

Net book value

At 28 February 2026

-

At 28 February 2025

150,000

3,006,757

3,156,757

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

Equipment

Totals

$

Cost

At 1 March 2025

3,948

11,291

15,239

Disposals

(3,948

)

(11,291

)

(15,239

)

At 28 February 2026

-

Depreciation

At 1 March 2025

3,948

11,291

15,239

Eliminated on disposal

(3,948

)

(11,291

)

(15,239

)

At 28 February 2026

-

Net book value

At 28 February 2026

-

At 28 February 2025

-

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

$

Cost or valuation

At 1 March 2025

8,479,953

-

8,479,953

Additions

-

10,000,000

Disposals

(8,479,953

)

-

(8,479,953

)

Revaluations

-

2,352,764

At 28 February 2026

-

12,352,764

Provisions

At 1 March 2025

6,970,824

-

6,970,824

Eliminated on disposal

(6,970,824

)

-

(6,970,824

)

At 28 February 2026

-

Net book value

At 28 February 2026

-

12,352,764

At 28 February 2025

1,509,129

-

1,509,129

Cost or valuation at 28 February 2026 is represented by:

Other

investments

$

Valuation in 0

12,352,764

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

$

Amounts owed by group undertakings

-

2,816,360

Other debtors

18,206

14,124

VAT

2,860

4,332

21,066

2,834,816

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

$

Trade creditors

4,104

22,228

Amounts owed to group undertakings

287,018

1,237,999

Other creditors

15,100

14,460

Accruals and deferred income

7,884

314,106

1,282,571

9.	RELATED PARTY DISCLOSURES

Amounts owed from other related parties at the year end amounted to $0 (2025 - $2,816,360). Amounts owed to other related parties at the year end amounted to $287,018 (2025 - $1,237,999).

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The directors do not consider there to be an ultimate controlling party.