POWER RESOURCES INTERNATIONAL LTD

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1.3 of the financial statements which indicates that as at 31 December 2024, both the group and company incurred net losses, had net current liabilities and negative retained earnings. The ability of both the group and company to continue as going concerns is dependent on a number of factors. The most significant of these is that the directors continue to procure funding for the ongoing operations of both the group and company, however as noted the directors have continued to obtain significant funding since the year end. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group and company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. As at the year end both the group and company incurred net losses, had net current liabilities and negative retained earnings. The directors have satisfied themselves that the group is in a sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements. The directors are not aware of any material changes that may adversely impact the group. The directors are also not aware of any material non-compliance with statutory or regulatory requirements or of any pending changes to legislation which may affect the group or company. The group has initiated a recovery plan to improve the group's going concern position by implementing various strategies like debt restructuring, recapitalisation, improvement on the company's organisational structure by recruiting key personnel, enhanced financial controls and sound financial projections. It should be noted that on top of the funds raised from shares issues since the year end, as per note 23, a further 1,581,000 shares have been subscribed for raising another $5,553,500. This has enabled the group to significantly reduce its liabilities, as well as well as having a significant boost in its cash flow as the mines become fully operational.

• ◆

  Audit opinion: Disclaimer of opinion

  Latest auditor's report carried a non-clean opinion.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  +71%

  £235,580 → £402,930

• Cash

  -96.5%

  £171,847 → £5,998

• Net assets

  -36.8%

  £3,776,690 → £2,386,901

  lowest in 5 filed years

• Employees

  +92.2%

  141 → 271

  highest in 5 filed years

• Operating profit

  -61.5%

  -£1,705,142 → -£2,754,118

• Profit before tax

  -92.9%

  -£1,928,013 → -£3,719,406

• Wages

  -49.1%

  £673,502 → £342,620

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Sumer Audit

Audit opinion

Disclaimer of opinion

Going concern

Material uncertainty disclosed

“We draw attention to note 1.3 of the financial statements which indicates that as at 31 December 2024, both the group and company incurred net losses, had net current liabilities and negative retained earnings. The ability of both the group and company to continue as going concerns is dependent on a number of factors. The most significant of these is that the directors continue to procure funding for the ongoing operations of both the group and company, however as noted the directors have continued to obtain significant funding since the year end. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group and company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. As at the year end both the group and company incurred net losses, had net current liabilities and negative retained earnings. The directors have satisfied themselves that the group is in a sound financial position and that it has access to sufficient borrowing facilities to meet its foreseeable cash requirements. The directors are not aware of any material changes that may adversely impact the group. The directors are also not aware of any material non-compliance with statutory or regulatory requirements or of any pending changes to legislation which may affect the group or company. The group has initiated a recovery plan to improve the group's going concern position by implementing various strategies like debt restructuring, recapitalisation, improvement on the company's organisational structure by recruiting key personnel, enhanced financial controls and sound financial projections. It should be noted that on top of the funds raised from shares issues since the year end, as per note 23, a further 1,581,000 shares have been subscribed for raising another $5,553,500. This has enabled the group to significantly reduce its liabilities, as well as well as having a significant boost in its cash flow as the mines become fully operational.”

Group structure

1. POWER RESOURCES INTERNATIONAL LTD · parent
   1. Power X Limited 100% · Rwanda · Manufacture of non metallic mineral products
   2. Power M limited 100% · Rwanda · Mining of non-ferrous metal ores
   3. Powers Limited 100% · Rwanda · Research and experimental development on natural sciences and engineering
   4. Gecko D.O.O. 100% · Slovenia · Non-trading

Significant events

• “Since the balance sheet date 100,000 Ordinary C shares have been issued, raising $350,000, that has assisted with the cash flow of the group during the period where its mines are becoming fully operational.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

4

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.