| REGISTERED NUMBER: |
| Monitor Exploration Limited |
| Unaudited Financial Statements |
| For The Year Ended |
| 31st January 2026 |
| REGISTERED NUMBER: |
| Monitor Exploration Limited |
| Unaudited Financial Statements |
| For The Year Ended |
| 31st January 2026 |
| Monitor Exploration Limited (Registered number: 11168753) |
| Contents of the Financial Statements |
| For The Year Ended 31st January 2026 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 4 |
| Monitor Exploration Limited |
| Company Information |
| For The Year Ended 31st January 2026 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Monitor Exploration Limited (Registered number: 11168753) |
| Balance Sheet |
| 31st January 2026 |
| 2026 | 2025 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| 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 were approved by the Board of Directors and authorised for issue on |
| Monitor Exploration Limited (Registered number: 11168753) |
| Notes to the Financial Statements |
| For The Year Ended 31st January 2026 |
| 1. | STATUTORY INFORMATION |
| Monitor Exploration Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover comprise of amounts recharged to group undertakings and third parties in respect of exploration, geological, technical and administrative services provided in relation to projects located in Namibia. |
| Management charges relating to exploration activities include the recovery of geological, geophysical, project management, licensing, technical and field support costs incurred and administration costs. |
| Other intangible assets |
| Intangible assets are measured at cost and are not amortised until unit of production. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1st February 2025 |
| Additions |
| At 31st January 2026 |
| NET BOOK VALUE |
| At 31st January 2026 |
| At 31st January 2025 |
| Intangible fixed asset comprise capitalised survey costs and payroll costs of geophysicists. The asset will be amortised once production commences and amortised on a basis of production method. |
| Monitor Exploration Limited (Registered number: 11168753) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31st January 2026 |
| 6. | FIXED ASSET INVESTMENTS |
| 2026 | 2025 |
| £ | £ |
| Shares in group undertakings |
| Loans to group undertakings |
| Loans to undertakings in which the company has a participating interest |
| Additional information is as follows: |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st February 2025 |
| Additions |
| Impairments | ( |
) |
| Contribution received | (159,645 | ) |
| At 31st January 2026 |
| NET BOOK VALUE |
| At 31st January 2026 |
| At 31st January 2025 |
| Loans to |
| Loans to | other |
| group | participating |
| undertakings | interests | Totals |
| £ | £ | £ |
| At 1st February 2025 |
| New in year |
| At 31st January 2026 |
| Fixed assets investments include shares in 88E and MEL Namibia and capitalised long-term loans to group undertakings. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2026 | 2025 |
| £ | £ |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2026 | 2025 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | RELATED PARTY DISCLOSURES |
| Directors |
| Included in other creditors is £30,145 (2025 - £730 debtor) relating to an interest free loan from the directors, there are no set repayment terms for this loan. |
| Shareholders |
| Included in other creditors is £154,554 (2025 - £178,365) relating to an interest free loan from the shareholders, there are no set repayment terms for this loan. |