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Registered number: 13477976
BNF RESOURCES (UK) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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BNF RESOURCES (UK) LIMITED
REGISTERED NUMBER: 13477976
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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BNF RESOURCES (UK) LIMITED
REGISTERED NUMBER: 13477976
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Nicholas James Fallows
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The notes on pages 4 to 7 form part of these financial statements.
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BNF RESOURCES (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Shares issued during the year
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Shares issued during the year
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The notes on pages 4 to 7 form part of these financial statements.
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BNF RESOURCES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BNF Resources (UK) Limited ('the Company') is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 13477976). The registered office address is 25 Hanover Square, London, W1S 1JF.
The principal activity of the Company is to preserve and grow the assets under management on behalf of the shareholders.
The Company's functional and presentational currency is GBP.
2.Accounting policies
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Basis of preparation of financial statements
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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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The Company generated a profit after tax of £152,134,810 during the year and had net assets of £390,234,888 at 31 December 2025. The directors have prepared forecasts and cash flow projections which indicate that the Company will be able to meet its obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements.
The Company is supported by its shareholder which has confirmed that amounts due to it will not be demanded for repayment for a period of at least twelve months from the date of approval of these financial statements.
Accordingly, the directors have concluded that it is appropriate to prepare the financial statements on the going concern basis.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss 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.
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BNF RESOURCES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Loans from group undertakings are initially recognised at transaction price and are subsequently carried at transaction price less any amounts settled.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In preparing these financial statements, the directors have made significant judgements in applying the Company’s accounting policies, particularly in relation to the classification and valuation of unquoted equity investments held as part of the Company’s investment portfolio.
Judgement is applied in assessing the appropriate valuation methodology and the relevance of observable versus unobservable inputs, particularly for investments in early-stage or private companies.
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BNF RESOURCES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The Company has an interest-free loan of £495,001 (2024: £15,410,000) which has been provided by its shareholder. The loan is interest-free and repayable on demand. The shareholder has confirmed that the loan will not be called for repayment for a period of at least twelve months from the date of approval of these financial statements.
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BNF RESOURCES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due after more than one year
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Amounts owed to other participating interests
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Amounts owed to other participating interests comprise two loans totalling £39,782,860 (2024: £Nil). The loans are unsecured and repayable on 28 March 2035 and 31 March 2035. One loan is interest-free, whilst the other bears interest at a market rate. The directors have assessed the requirements of FRS 102 and consider that measurement at transaction price provides relevant information reflecting the commercial substance of the funding arrangement between group entities.
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Related party transactions
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The Company received funding from its shareholder. At 31 December 2025, the balance due was £495,001. The loan is unsecured, interest-free and repayable on demand. The shareholder has confirmed that the loan will not be called for repayment for a period of at least twelve months from the date of approval of these financial statements.
The Company received funding from an entity under common control. At 31 December 2025, the balance due was £39,782,860. See note 9 for further details.
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