Mines Corporation Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

Mines Corporation Ltd

Company Information

Director

J S P Mines

Registered Office

Suite 5 Corum 2 Corum Office Park Crown Way Warmley Bristol BS30 8FJ

Registered Number

12968332

Accountants

Verinder Powell Associates Limited Suite 5 Corum 2 Corum Office Park Crown Way Warmley Bristol BS30 8FJ

Mines Corporation Ltd

(Registration number: 12968332)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Investment property	4	328,500	328,500
Current assets
Debtors	5	24,235	79
Cash at bank and in hand		5	30
		24,240	109
Creditors: Amounts falling due within one year	6	(274,693)	(258,435)
Net current liabilities		(250,453)	(258,326)
Total assets less current liabilities		78,047	70,174
Provisions for liabilities		(13,261)	(13,261)
Net assets		64,786	56,913
Capital and reserves
Called up share capital		1	1
Retained earnings		64,785	56,912
Shareholders' funds		64,786	56,913

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

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 July 2026
 

......................................... J S P Mines Director

Mines Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 5 Corum 2
Corum Office Park
Crown Way
Warmley
Bristol
BS30 8FJ

These financial statements were authorised for issue by the director on 17 July 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). There have been no material departures from the Financial Reporting Standard 102 1A.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in Pounds Sterling (£), and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis following confirmation that the
director will continue to financially support the company in order to maintain its operations as necessary
for the foreseeable future and at least 12 months from the date of signing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Mines Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting dare in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Mines Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

4	Investment properties

	2025 £
At 1 November 2024	328,500
At 31 October 2025	328,500

The fair value of the investment property has been arrived at by a valuation by the director at the open market value at 31 October 2025 based on similar properties.

The historical cost of the fixed asset investment property is £275,455 (2024 - £275,455).

5

Debtors

	2025 £	2024 £
Prepayments	24,235	79
	24,235	79

6

Creditors

Due within one year	Note	2025 £	2024 £
Trade creditors		34	34
Amounts owed to related parties	7	269,535	253,701
Taxation and social security		2,160	2,095
Accruals and deferred income		2,964	2,605
		274,693	258,435

 

Mines Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

7	Related party transactions

Loans from related parties

2025	Key management £	Total £
At start of period	253,701	253,701
Advanced	30,415	30,415
Repaid	(14,581)	(14,581)
At end of period	269,535	269,535

2024	Key management £	Total £
At start of period	265,880	265,880
Advanced	5,309	5,309
Repaid	(17,488)	(17,488)
At end of period	253,701	253,701

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.