Company No:
Contents
| DIRECTORS | Cristian Bortolotti (Resigned 15 January 2026) |
| Tomasz Gontarczyk (Appointed 27 February 2025, Resigned 15 October 2025) | |
| Justin Pritchett (Appointed 23 March 2026) | |
| Dariusz Slawek (Appointed 15 October 2025) | |
| Krzysztof Spyra (Resigned 30 January 2025) |
| REGISTERED OFFICE | 5 Gelderd Trading Estate |
| Leeds | |
| LS12 6BD | |
| United Kingdom |
| COMPANY NUMBER | 07130427 (England and Wales) |
| AUDITOR | Nuvo Audit Limited |
| Statutory Auditor | |
| First Floor, Sterling House | |
| Outrams Wharf | |
| Little Eaton | |
| Derby | |
| DE21 5EL |
The directors present their Strategic Report for the financial year ended 31 December 2025.
REVIEW OF THE BUSINESS
Throughout the year 2025, consistent with the Elemental Group's strategy, the Company continued efforts focused on increasing procured volumes both on domestic and international markets. Introduction of first stage in diversified revenue stream coming from new product groups, such as PCBs (printed circuit boards) with ongoing process of acquiring dedicated waste license.
In 2025, the Platinum Group Metals (PGM) market shifted from a period of range-bound stability into a year of significant volatility and price recovery. While the year began with prices near multi-year lows, geopolitical factors -particularly U.S. tariff announcements and supply disruptions in South Africa - triggered a major rally in the second half of the year. By the end of 2025, Platinum and Rhodium outperformed expectations, while Palladium staged a dramatic recovery from its April "tariff shock" lows.
Metal Annual variation:
Platinum $950 Early 2025 : $2,150 December 2025 (+120%)
Palladium $900 Early 2025 : $1,700 December 2025 (+87%)
Rhodium $4,650 Early 2025 : $11,800 December 2025 (+150%)
(Source: own analysis based on data from Trading Economics.)
Despite sharp drop in domestic production (15.5% as per SMMT), new car registrations grew for the third consecutive year, reaching 2.02 million units - a 3.5% increase compared to 2024. This marks the first time the market has surpassed the two-million mark since the pandemic. However, the average age of a car on UK roads reached a record high of nine years and ten months, indicating that while the market is recovering, the vehicle replacement cycle remains significantly elongated compared to historical norms. The forecast for 2025 is 10 years and one month.
(Source: Department for Transport (DfT) and Driver and Vehicle Licensing Agency (DVLA), UK Office for Statistics, VEH1107. 2025 forecast as per RAC Foundation.)
Despite these challenges on the course of 2025 we were able to increase volumes by 26% from 23.7 tonnes per month in first half of the year to 32.1 tonnes of monthly volume in second part of 2025.
RESULTS AND PERFORMANCE
Turnover for the financial year amounted to £28,282,840 (2024: £19,537,117). The gross margin was 4.7% (2024:8%).
(Loss)/Profit before interest, tax, depreciation, amortisation, impairment and write off investment in subsidiary (£220,057) (2024 Profit: £238,512).
The fall in operating profit was partly caused by an impairment of intangible fixed assets of £3,208,186.
The Company made a loss after taxation totalling £5,034,874 (2024: £803,369).
The net current asset position of the Company as at the financial year end amounted to £5,568,244 (2024: £4,289,486).
The net asset position of the Company as at the financial year end amounted to £379,331 (2024: £5,414,205).
KEY PERFORMANCE INDICATORS ('KPIS')
A number of KPIs are tracked at the Elemental Holding SA level to benchmark progress of key objectives. KPIs for the Company are turnover, gross profit and earnings before interest, tax, depreciation and amortisation, and the number of employees. The financial results are shown in the results and performance section. Average number of employees 17 (2024:15).
PRINCIPAL RISKS AND UNCERTAINTIES
The Company trading activities expose it to Price Risk of underlining commodities prices, Foreign Exchange Risk on overseas transactions and Credit Risk primarily linked to trade receivables. The Company mitigates these risks by adopting dedicated policies and strategies set by the Elemental Group.
The main uncertainties are related to the fierce competition across the industry which has been pushing towards more aggressive pricing strategies and the consequent deterioration of trading margins, as well as the macro-economic uncertainties which influence the volatility of the Platinum Group Metal prices.
FUTURE DEVELOPMENTS
Introduction
Elemental Resource Management Limited, as part of the Elemental Holding Group, continues to focus on strategic initiatives aimed at improving the Company’s financial performance in the coming years.
The primary objective for the current and future periods is to increase production efficiency. Planned operational improvements are expected to enable the processing capacity to reach approximately 40 tons of material per month 2026 and beyond, supporting the achievement of the Company’s budget targets and strengthening operational performance.
The Company also intends to place significant emphasis on the development of its human resources. This will include enhancing employee competencies through training and professional development programs, as well as implementing an attractive motivation and incentive system designed to improve employee engagement, productivity, and retention.
Another important area of future development will be the expansion of operational activities into additional waste streams within the WEEE segment. Initially, the Company plans to extend its operations to include PCB board processing, creating new growth opportunities and diversifying revenue streams. Furthermore, the Company is planning to open a new operational location in the south of the United Kingdom by 2027. This project will involve obtaining all required permits and regulatory approvals. In parallel, the Company intends to strengthen its commercial activities by increasing the number of sales representatives in order to support business growth and market expansion.
The Directors believe that these strategic initiatives will contribute to the long-term growth, operational stability, and continued success of the Company.
Expansion of Products and Services
The company plans to introduce new products and improve existing services in order to attract more customers. Investment in innovation and modern technology (improving the existing application and automating the identification and pricing of catalysts) will help increase efficiency and maintain competitiveness in the market.
Employee Development
Employees are one of the company’s most valuable assets. Future plans include training programs, professional development opportunities, and initiatives to improve workplace satisfaction and productivity.
Financial Outlook
The directors expect stable financial growth in the coming years. Investments in innovation and infrastructure, increasing purchasing power by freeing up funds tied up in currently high inventory levels are expected to generate higher profits and long-term success.
Conclusion
In conclusion, the company is focused on sustainable growth, innovation, expansion of the list of materials processed, customer and employee satisfaction. Through strategic investments and continuous improvement, the business aims to strengthen its position and achieve future success.
Approved by the Board of Directors and signed on its behalf by:
|
Dariusz Slawek
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2025.
PRINCIPAL ACTIVITIES
GOING CONCERN
DIVIDENDS
No interim or final dividends were paid or proposed in respect of the year (2024: £nil).
FUTURE DEVELOPMENTS
Details of future developments can be found in the Strategic Report.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Resigned 15 January 2026) |
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(Appointed 27 February 2025, Resigned 15 October 2025) |
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(Appointed 23 March 2026) |
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(Appointed 15 October 2025) |
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(Resigned 30 January 2025) |
DIRECTORS' INDEMNITIES
AUDITOR
Nuvo Audit Limited were reappointed as the statutory auditor with effect from 28 November 2025.
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Approved by the Board of Directors and signed on its behalf by:
|
Dariusz Slawek
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements 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; and
* 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 enable them to ensure that the financial statements comply with the Companies Act 2006. The directors 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.
We have audited the financial statements of Elemental Resource Management Limited for the financial year ended 31 December 2025, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 27, including 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 our opinion the financial statements of Elemental Resource Management Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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.
Other information
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.
Opinions on other matters prescribed by the Companies Act 2006
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 Directors' Report has 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 and the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
•Management bias in respect of accounting estimates and judgements made;
•Management override of control;
•Posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the Company's financial statements. Our procedures included, but were not limited to:
•Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud.
•Reviewing minutes of meetings of those charged with governance where available.
•Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud.
•Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
•Performing audit work over the risk of management override of controls, 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.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
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
Outrams Wharf
Little Eaton
Derby
DE21 5EL
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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(
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| Gross profit |
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| Administrative expenses | (
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(
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| Other operating loss | 4 |
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(
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| Impairment of intangible fixed assets | 7 | (
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| Operating loss | (
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(
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| Income from shares in a Group undertaking |
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| Loss before interest and taxation | (4,563,915) | (577,478) | ||
| Interest receivable and similar income | 5 |
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| Interest payable and similar expenses | 5 | (
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(
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| Loss before taxation | 6 | (
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(
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| Tax on loss | 10 | (
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| Loss for the financial year | (
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(
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| 2025 | 2024 | |||
| £ | £ | |||
| Loss for the financial year | (
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(
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| Other comprehensive income | 0 | 0 | ||
| Total comprehensive loss | (
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(
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 11 |
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| Tangible assets | 12 |
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| 262,028 | 4,503,372 | |||
| Current assets | ||||
| Stocks | 13 |
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| Debtors | ||||
| - due within one year | 14 |
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| - due after more than one year | 14 |
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| Cash at bank and in hand | 15 |
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| 7,285,132 | 7,978,130 | |||
| Creditors: amounts falling due within one year | 16 | (
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(
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| Net current assets | 5,568,244 | 4,289,486 | ||
| Total assets less current liabilities | 5,830,272 | 8,792,858 | ||
| Creditors: amounts falling due after more than one year | 17 | (
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(
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| Provision for liabilities | 18 | (
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(
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| Net assets | 379,331 | 5,414,205 | ||
| Capital and reserves | 21 | |||
| Called-up share capital |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' funds | 379,331 | 5,414,205 |
The financial statements of Elemental Resource Management Limited (registered number:
|
Dariusz Slawek
Director |
| Called-up share capital | Share premium account | Profit and loss account | Total | ||||
| £ | £ | £ | £ | ||||
| At 01 January 2024 |
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| Loss for the financial year |
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(
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(
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| Total comprehensive loss |
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(
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(
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| Issue of share capital |
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| At 31 December 2024 |
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| At 01 January 2025 |
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| Loss for the financial year |
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(
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(
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| Total comprehensive loss |
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(
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(
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| At 31 December 2025 |
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(
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| 2025 | 2024 | ||
| £ | £ | ||
| Net cash flows from operating activities (note 24) | (
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(
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| Cash flows from investing activities | |||
| Proceeds from sale of plant and machinery |
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| Purchase of plant and machinery | (
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(
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| Interest received |
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| Dividends received from associates |
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| Purchase of intangible assets |
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(
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| Repayment of loans granted | 599,926 | 370,337 | |
| New loans granted | (474,170) | (487,870) | |
| Net cash flows from investing activities |
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| Cash flows from financing activities | |||
| Repayments of borrowings | (
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(
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| Proceeds on issue of shares |
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| New loans proceeds | 5,866,191 | 3,530,879 | |
| Net cash flows from financing activities |
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(
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| Net increase/(decrease) in cash and cash equivalents |
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(
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| Cash and cash equivalents at beginning of year |
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| Cash and cash equivalents at end of year |
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| Reconciliation to cash at bank and in hand: | |||
| Cash at bank and in hand at end of year |
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| Cash and cash equivalents at end of year |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Elemental Resource Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Gelderd Trading Estate, Leeds, LS12 6BD, United Kingdom.
The principal activities are set out in the Director's Report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
After reviewing the Company forecasts, the directors anticipate that the Company will have adequate financial resources to continue in operational existence for the foreseeable future. The Company has experienced a significant increase in demand and activity after the year end resulting in profitable and cash generative trading and this is anticipated to continue moving forwards. In addition to this, the Company has received a letter of support from it’s ultimate parent Company - Elemental Holding S.A. which confirms that Elemental Holding S.A. undertakes to provide financial and other support required to enable the Company to continue to operate as a going concern for 12 months following the approval of these financial statements. As part of this support, after the year end fellow group Company Elemental Global Services S.A. has extended the repayment date of loans it was owed by Elemental Resource Management Ltd. These loans were originally due for repayment in full by Mar-27 & Jun-27 but are now due for repayment in full by Dec-28. As a result of the above, the Directors consider the going concern basis of preparing these financial statements to be appropriate.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.
Defined contribution schemes
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Statement of Financial Position date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Know-how is recognised at cost, and accounted for using the cost model. Amortisation is provided at rates calculated to write off the cost or valuation of each asset over its expected useful life as follows:
| Development costs |
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| Other intangible assets |
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| Leasehold improvements |
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| Plant and machinery etc. |
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The Company as lessee
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Finance payments associated with financial liabilities are dealt with as part of finance expense.
Loans and borrowings
All loans are initially recognised at their purchase price corresponding to the fair value of cash received. After initial recognition loans subject to interest are priced according to amortised cost with the use of the effective interest rate method.
Debt payable within 12 months of the balance sheet date is shown as current liabilities, the remaining carrying amount of debt is shown as long-term.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Company’s accounting policies
The following are the critical judgements or significant estimates that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
The directors make an assessment at the end of each financial year of whether there is objective evidence that a debtor is impaired. When assessing impairment of debtors and other amounts receivable, the directors consider factors including the nature of the debtor, the age profile of outstanding amounts receivable, recent correspondence and historical experience in cash collected from debtors.
The net realisable value of the Company's stock at 31 December 2025 is estimated.
Determining whether intangible assets are impaired requires an estimation of their value in use to the Company. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate present value.
| 2025 | 2024 | ||
| £ | £ | ||
| Write off investment in subsidiary. |
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(
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| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable and similar income |
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| Interest payable and similar expenses | (
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(
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| (452,632) | (261,365) |
Interest receivable and similar income
| 2025 | 2024 | ||
| £ | £ | ||
| Interest from group undertakings |
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| Other interest receivable and similar income |
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Interest payable and similar expenses
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans and overdrafts | (
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(
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| Loans from group undertakings | (
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(
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| Other interest payable and similar expense | (
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| (
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(
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Loss before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 12) |
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| Amortisation of intangible assets (note 11) |
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| Impairment of intangible assets (note 11) |
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| Operating lease rentals |
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| Foreign exchange losses |
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| Loss on disposal of fixed assets |
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| Loss on disposal of fixed asset investments (note 5) |
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| 2025 | 2024 | ||
| £ | £ | ||
| Exceptional item recognised in arriving at operating loss: Impairment of intangible fixed assets | 3,208,186 | 0 |
An analysis of the auditor's remuneration is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 26,000 | 25,000 | |
| Total audit fees |
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| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Directors |
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| Other |
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Their aggregate remuneration comprised:
| 2025 | 2024 | ||
| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other retirement benefit costs |
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| 700,949 | 586,132 |
| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on loss | |||
| UK corporation tax |
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(
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| Adjustments in respect of prior years | |||
| UK corporation tax |
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(
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| Total current tax |
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(
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| Deferred tax | |||
| Origination and reversal of timing differences |
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| Total deferred tax |
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| Total tax on loss |
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(
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The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Loss before taxation | (5,016,547) | (838,843) | |
| Tax on loss at standard UK corporation tax rate of 25% (2024: 25%) | (
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(
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| Effects of: | |||
| Expenses not deductible for tax purposes |
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| Income not taxable in determining taxable profit |
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(
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| Adjustments in respect of prior years |
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(
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| Losses carry back at standard UK corporation tax rate of 25% vs 2023 hybrid rate | 0 | 3,445 | |
| Losses carry forward | 1,262,391 | 239,949 | |
| Capital Allowances | 0 | 0 | |
| Total tax charge/(credit) for year | 18,327 | (35,474) |
The Company had tax losses of £6,009,359 at 31 December 2025 (2024:£959,795) to use against future taxable profits. No deferred tax asset has been introduced on the tax losses.
| Development costs | Other intangible assets | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2025 |
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| At 31 December 2025 |
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| Accumulated amortisation | |||||
| At 01 January 2025 |
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| Charge for the financial year |
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| Impairment losses |
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| At 31 December 2025 |
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| Net book value | |||||
| At 31 December 2025 |
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| At 31 December 2024 |
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The carrying value of the intangible know-how has been compared to its recoverable amount. This resulted in an impairment loss of £3,208,186 which was recognised as an exceptional item in the profit and loss account during the year. The value in use has been derived from discounted cash flow projections using a pre-tax discount rate of 15.6%. Cash flows have been projected over the years 2026-2031 based on the company’s budget.
| Leasehold improve- ments |
Plant and machinery etc. | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2025 |
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| Additions |
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| Disposals |
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(
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(
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| At 31 December 2025 |
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| Accumulated depreciation | |||||
| At 01 January 2025 |
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| Charge for the financial year |
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| Disposals |
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(
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(
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| At 31 December 2025 |
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| Net book value | |||||
| At 31 December 2025 | 2,365 | 232,342 | 234,707 | ||
| At 31 December 2024 | 3,153 | 186,854 | 190,007 |
| 2025 | 2024 | ||
| £ | £ | ||
| Raw materials |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Trade debtors |
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| Amounts owed by Group undertakings (note 25) |
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| VAT recoverable |
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| Other debtors |
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| Prepayments and accrued income |
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| Debtors: amounts falling due after more than one year | |||
| Prepayments |
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| 2025 | 2024 | ||
| £ | £ | ||
| Cash at bank and in hand |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Amounts owed to Group undertakings (note 25) |
|
|
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| Payroll taxes payable |
|
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| VAT |
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| Accruals and deferred income |
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| Other creditors |
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Bank overdrafts are repayable on demand and are secured by a charge over all assets. Elemental Global Services SA have provided the bank with a guarantee for the overdraft facility.
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed to Group undertakings (note 25) |
|
|
Further details regarding the terms and maturity of loans received from group entities can be found in note 25.
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 January 2025 |
|
42,124 | |
| Charged to the Profit and Loss Account |
|
18,327 | |
| At 31 December 2025 |
|
60,451 | |
Deferred tax
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Provision for deferred tax |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Charged to the Profit and Loss Account | (
|
(
|
|
| At the end of financial year | (
|
(
|
The reversal of deferred tax in the next 12 months is not expected to be material.
The carrying values of the Company’s financial assets and liabilities are summarised by category below:
| 2025 | 2024 | ||
| £ | £ | ||
| Financial assets | |||
| Debt instruments measured at amortised cost | |||
| Cash at bank and in hand | 374,400 | 115,513 | |
| Measured at undiscounted amount receivable | |||
| Trade debtors (note 14) |
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|
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| Other debtors (note 14) |
|
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| Amounts owed by Group undertakings (note 14) |
|
|
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| 732,511 | 4,669,259 | ||
| Financial liabilities | |||
| Measured at undiscounted amount payable | |||
| Trade creditors (note 16) | (
|
(
|
|
| Other payables | (
|
(
|
|
| Amounts owed to Group undertakings (note 16 and note 17) | (
|
(
|
|
| (6,781,464) | (7,025,173) |
Treasury and financial risk policies are set by the Board and have remained unchanged from the previous period. All instruments utilised by the company are for financing purposes. The day-to-day financial management and treasury function is controlled centrally for all operations. During the year the company had no derivative transactions.
The company's financial instruments comprise cash and liquid resources, and various items such as trade receivables, trade payables and obligations that arise directly from its operations. In the view of the Director the fair value of financial assets and financial liabilities is not materially different to their carrying amounts.
The repayment terms and interest rates for the amounts owed by and to Group undertakings are set out in Note 24 Related Party transactions.
Credit risk
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. The company does not require collateral in respect of financial assets.
At the balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.
Currency risk
The company has not hedged any foreign currency transactions through forward contracts during the year.
Liquidity risk
The responsibility for liquidity risk management rests with the board of directors. The company manages liquidity risk
by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and
liabilities. The company has no external debt facilities except for the bank overdraft facility.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
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|
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| 10 | 10 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 10 | 10 |
There are two classes of share: Ordinary and Preferred Ordinary.
Each ordinary share ranks equally in respect of dividends and ranks equally in the event of winding up. Each ordinary share carries one voting right. There are no restrictions on dividends and the repayment of capital.
Each preferred ordinary share ranks equally in respect of dividends and ranks equally in the event of winding up. Each preferred ordinary share carries one voting right. There are no restrictions on dividends and the repayment of capital.
The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses.
The profit and loss reserve represents cumulative profits or losses.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Within one year |
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| Between one and five years |
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| After five years |
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| Total future minimum lease payments under non-cancellable operating leases |
|
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The lease agreements are for buildings, equipment and motor vehicles.
| Balance at 01 January 2025 | Cash flows | Acquisitions and disposals | Other non-cash changes | Changes in market value and exchange rates | Balance at 31 December 2025 | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Cash at bank and in hand | 115,512 | 258,888 | 0 | 0 | 0 | 374,400 | |||||
| 115,512 | 258,888 | 0 | 0 | 0 | 374,400 | ||||||
| Current borrowings from group undertakings | ( 3,202,584) | 3,055,046 | 0 | ( 614,863) | 163,394 | ( 599,007) | |||||
| Non- Current borrowings from group undertakings | ( 3,336,529) | ( 2,306,513) | 0 | 159,496 | 93,056 | ( 5,390,490) | |||||
| ( 6,539,113) | 748,533 | 0 | ( 455,367) | 256,450 | ( 5,989,497) | ||||||
| Net debt | (
|
1,007,421 | 0 | ( 455,367) | 256,450 | (
|
Other non-cash changes include interest expense.
| 2025 | 2024 | ||
| £ | £ | ||
| Operating loss | (
|
(
|
|
| Adjustment for: | |||
| Impairment loss on intangible assets |
|
|
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| Depreciation and amortisation |
|
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| Loss on sale of plant and equipment |
|
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| Foreign exchange | (
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(
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| Loss on disposal of fixed asset investments |
|
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| Operating cash flows before movement in working capital | (
|
|
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| Increase in stocks | (
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(
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| Decrease/(increase) in debtors |
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(
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| (Decrease)/increase in creditors | (
|
|
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| Cash generated by operations | (
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(
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| Income taxes paid |
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(
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| Interest paid | (
|
(
|
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| Net cash flows from operating activities | (
|
(
|
The directors of the Company are deemed to be the key personnel of the Company as defined in Section 33 of FRS 102. No directors' remuneration was paid during the current or previous year.
Transactions with group companies
Amounts owed by Group undertakings
| 2025 | 2024 | ||
| £ | £ | ||
| Recat GmbH | 0 | 128,687 | |
| Elemental Asia Sdn Bhd | 0 | 809,650 | |
| Elemental Benelux BV | 0 | 461 | |
|
|
|
Recat GmbH, a company registered in Germany. This company is a related party by nature of being part of the same group.
Loans granted in 2025 £169,912 (2024: £219,298). Interest receivable £2,556 (2024:£1,288). Loans granted outstanding £nil (2024:£128,687). Interest is charged at 7.9% - 8.6%.
Elemental Asia Sdn Bhd, a company registered in Malaysia.
Sales £1,863,058 (2024:£806,132). Balance outstanding £nil (2024:£809,650).
Elemental Benelux BV, company registered in The Netherlands. This company is a related party by nature of being part of the same group.
Loans granted in 2025 £304,257 (2024:£268,572). Interest receivable £nil (2024:£438). Loans granted outstanding £nil (2024:£461). Interest is charged at 8.3% on loans not repaid within ten days.
Sales £480,200 (2024: £nil). Balance outstanding £nil (2024:£nil).
Services £17,126 (2024: £nil). Balance outstanding £nil (2024:£nil).
Elemental Catalyst Recycling Sp. z o.o., a company registered in Poland. This company is a related party by nature of being part of the same group.
Sales £3,018,322 (2024:£1,278,094). Balance outstanding £nil (2024:£nil).
Amounts owed to Group undertakings
| 2025 | 2024 | ||
| £ | £ | ||
| Finex Sicav SIF SA | 0 | 461,866 | |
| Elemental Global Services SA | 5,986,241 | 2,241,483 | |
| Elemental Benelux BV | 0 | 2,201,183 | |
| Elemental Holding SA | 3,256 | 1,634,580 | |
|
|
|
Finex Sicav SIF SA, a company registered in Luxembourg. This company is a related party by nature of its shareholding in Elemental Resource Management Limited until 23 December 2025.
Interest payable £16,428 (2024:£15,863). Loans received outstanding £nil (2024:£461,866). Interest was charged at 3.5% (2024:3.5%).
Elemental Global Services SA, a company registered in Poland. This company is a related party by nature of being part of the same group.
Loans received in 2025 £5,657,693 (2024:£1,164,876). Interest payable £365,250 (2024:£181,332). Loan transferred from Finex Sicav SIF SA £478,294, no fixed repayment date, included in loans due within one year. Loans received outstanding £5,868,784 (2024:£2,314,743). The other loans are due for repayment within two years. Interest is charged at 3.5 - 8.6% (2024: 5.5% - 8.8%).
Purchases £206,534 (2024:£117,514). Balance outstanding £117,456 (2024: Receivable for services credited £73,260).
Elemental Benelux BV, a company registered in The Netherlands. This company is a related party by nature of being part of the same group.
Loans received in 2025 £84,397 (2024:£514,211). Interest payable £11,041 (2024:£31,490). Loans received outstanding £nil (2024:£609,625). The loans were due for repayment in 2024 as follows: within one year £84,393, within two years £525,232. Interest is charged at 5.2% - 5.7% (2024: 5.6% - 7.1%).
Commission expenses £nil (2024:£2,242,966). Balance outstanding £nil (2024:£1,591,560).
Elemental Holding SA, a company registered in Luxembourg. This company is a related party by nature of its shareholding in Elemental Resource Management Limited from 23 December 2025 and being the controlling party of Elemental Global Services SA.
Loans received in 2025 £nil (2024:£1,522,942). Interest payable £62,268 (2024:£33,773). Loans received outstanding £nil (2024:£1,632,623). Interest is charged 2024:7.3%-8.0%.
Services £3,256 (2024:£1,963). Balance outstanding £3,256 (2024:£1,957).
Recat GmbH, a company registered in Germany. This company is a related party by nature of being part of the same group.
Loans received in 2025 £124,101 (2024:£171,491). Interest payable £380 (2024:£633). Loans received outstanding £nil (2024:£nil). Interest is charged at 5.9% - 8.7%.
Purchases of equipment £9,723, of services £1,397 (2024:£nil). Balance outstanding £nil (2024:£nil).
Kat-Metal OY, a company registered in Finland. This company is a related party by nature of being part of the same group.
Purchases £nil (2024:£6,126). Balance outstanding £nil (2024:£nil).
Elemental Catalyst Recycling Sp. z o.o., a company registered in Poland. This company is a related party by nature of being part of the same group.
Loans received in 2025 £nil (2024:£157,360). Interest payable £nil (2024:£nil). Loans received outstanding £nil (2024:£nil).
Purchases £339,940 (2024:£38,861). Balance outstanding £nil (2024:£nil).
Parent Company:
|
|
| 20 Rue Eugène Ruppert, 2453 Cessange Luxembourg. |
Ultimate controlling party:
|
|
| 20 Rue Eugène Ruppert, 2453 Cessange Luxembourg. |
Parent of largest group for which group accounts are drawn up:
|
|
|
|
Parent of smallest group for which group accounts are drawn up:
|
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|