Registered number: 08330294
SUMO RESOURCES PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SUMO RESOURCES PLC | |
COMPANY INFORMATION | |
Directors | AB Odendaal |
HA Claassen | |
Company secretary | @Ukplc Client Secretary Ltd |
Registered number | 08330294 |
Registered office | 34 Landguard Road |
Southampton | |
Hampshire | |
SO15 5P | |
United Kingdom |
SUMO RESOURCES PLC
CONTENTS
Page | |
Group Strategic Report | 1 |
Directors' Report | 2 - 3 |
Consolidated Profit and Loss Account | 4 |
Consolidated Statement of Comprehensive Income | 5 |
Consolidated Statement of Financial Position | 6 |
Company Statement of Financial Position | 7 |
Consolidated Statement of Changes in Equity | 8 |
Company Statement of Changes in Equity | 9 |
Consolidated Statement of Cash Flows | 10 |
Notes to the Financial Statements | 11 - 21 |
SUMO RESOURCES PLC
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Introduction
Sumo Resources is a group of companies focused on the trade and extraction of rare minerals like Tantalum, Niobium and Gold. These minerals, specifically Tantalum, are essential in the manufacture of electronic components for mobile devices, medical equipment, specialised steel alloys, lenses and engineering supplies to name a few. The group targets geographical areas that are rich in high value low volume minerals but with an underdeveloped mining sector typically due to a lack of infrastructure.
Business review
Business Structure
The group structure includes a holding company, a trading company and geographical subsidiaries. Sumo Resources Plc, incorporated in England, is the holding company for the group and is listed on the Euronext Paris Access segment. Sumo Resources FZC, incorporated in the United Arab Emirates, is one hundred percent owned by Sumo Resources Plc and is the trading company for the group. All sales outside the group are done via this entity. Subsidiaries are entities incorporated in the geographical areas where the group chooses to operate and establish projects to source rare minerals. These entities are typically majority owned by Sumo Resources. The balance of shareholding belongs to locals that add value through local knowledge of the geographical region. Currently the group has a subsidiary, SR Tanmin Sarl, established in the Democratic Republic of Congo of which it owns seventy five percent.
Business Model
In our business model Sumo Resources Plc is used to attract capital for the group operations. Sumo Resources FZC is the central trading company in the group. It may source and sell a wide variety of resources to external customers. In order to provide a dedicated flow of resources Sumo Resources Plc establishes its own mining and trading operations in geographical areas that meet its criteria.
The typical projects that the subsidiaries get involved in is high value rare minerals, like Tantalum, that can be extracted by small scale surface mining operations that do not require large investments. The group provides funding for the projects and in return the subsidiaries supply all production to Sumo Resources FZC at a predetermined margin on cost.
Business Activities
The business operations were minimal in the reporting period in order to minimise operating expenses.
Next Steps
The business will not be able to recommence its operations and continue with its current business model post the pandemic. As such the directors are still actively looking for alternatives which may include being acquired or merging with another entity.
Principal risks and uncertainties
There is uncertainty if funding will be available for the recommencement of operations and current projects.
Page 1
SUMO RESOURCES PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies for the Group's financial statements and then apply them consistently;
make judgments 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; |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company is that of the trade and exploration for rare minerals like Tantalum, Niobium, Gold and Diamonds
Results and dividends
The loss for the year, after taxation and minority interests, amounted to £ 5,072 (2022 - loss £5,284).
Directors
The directors who served during the year were:
AB Odendaal
HA Claassen
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
- so far as the director is aware, there is no relevant audit information of which the Company and the
| Group's auditors are unaware, and |
- the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Page 2
SUMO RESOURCES PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Post balance sheet events
For reference to post balance sheet events, see the strategic report.
Page 3
SUMO RESOURCES PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023 | 2022 | ||
Note | £ | £ | |
Turnover | 4 | 0 | 86,042 |
Cost of sales | 0 | 0 | |
Gross profit | 0 | 86,042 | |
Administrative expenses | (5,072) | (90,884) | |
Exceptional item | 9 | - | - |
Operating loss | 5 | (5,072) | (4,842) |
Tax on loss | 8 | - | - |
Loss for the financial year | (5,072) | (4,842) | |
Loss for the year attributable to: | |||
Non-controlling interests | 0 | 444 | |
Owners of the parent | (5,072) | (5,286) | |
(5,072) | (4,842) |
The notes on pages 11 to 21 form part of these financial statements.
Page 4
SUMO RESOURCES PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
2023 | 2022 | |
£ | £ | |
Loss for the financial year | (5,072) | (4,842) |
Other comprehensive income | ||
Profit/(Loss) on foreign exchange | - | - |
Other comprehensive income for the year | - | - |
Total comprehensive income for the year | (5,072) | (4,842) |
(Loss) for the year attributable to: | ||
Non-controlling interest | 0 | 444 |
Owners of the parent Company | (5,072) | (5,286) |
(5,072) | (4,842) | |
Total comprehensive income attributable to: | ||
Non-controlling interest | 0 | 444 |
Owners of the parent Company | (5,072) | (5,286) |
(5,072) | (4,842) |
The notes on pages 11 to 21 form part of these financial statements.
Page 5
SUMO RESOURCES PLC
REGISTERED NUMBER: 08330294
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
2023 | 2022 | ||
Note | £ | £ | |
Fixed assets | |||
Intangible assets | 10 | 0 | 0 |
Tangible assets | 11 | 0 | 0 |
0 | 0 | ||
Current assets | |||
Stocks | 13 | - | - |
Debtors: amounts falling due within one year | 14 | - | - |
Cash at bank and in hand | 15 | - | - |
- | - | ||
Creditors: amounts falling due within one | |||
year | 16 | (89,306) | (84,234) |
Net current liabilities | (89,306) | (84,234) | |
Total assets less current liabilities | (89,306) | (84,234) | |
Creditors: amounts falling due after more | |||
than one year | 17 | (0) | (0) |
Net (liabilities)/assets | (89,306) | (84,234) | |
Capital and reserves | |||
Called up share capital | 19 | 3,100,000 | 3,100,000 |
Non-controlling Interests | (109,194) | (109,638) | |
Profit And Loss Account | 20 | (3,080,112) | (3,075,040) |
(89,306) | (84,234) |
The notes on pages 11 to 21 form part of these financial statements.
Page 6
SUMO RESOURCES PLC
REGISTERED NUMBER: 08330294
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
2023 | 2022 | ||
Note | £ | £ | |
Fixed assets | |||
Investments | 12 | 365,490 | 365,490 |
Current assets | |||
Debtors: amounts falling due after more than | |||
one year | 14 | 56,461 | 56,461 |
Cash at bank and in hand | 15 | - | - |
56,461 | 56,461 | ||
Creditors: amounts falling due within one | |||
year | 16 | (63,581) | (58,509) |
Net current assets | (7,120) | (2,048) | |
Net assets | 358,370 | 363,442 | |
Capital and reserves | |||
Called up share capital | 19 | 3,100,000 | 3,100,000 |
Profit and loss account | 20 | (2,741,630) | (2,736,558) |
358,370 | 363,442 |
The notes on pages 11 to 21 form part of these financial statements.
Page 7
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Disclaimer
Sumo Resources plc published this content on 27 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2024 11:21:57 UTC.