FUJAX GROUP LIMITED

• ⚠

  Material uncertainty over going concern

  At 31 December 2024, the group had net liabilities of $10,847,000, having incurred a loss for the year of $8,857,000. Notwithstanding this, the directors consider it appropriate to prepare the financial statements on a going concern basis as the group's principal lenders have indicated their willingness to provide ongoing financial support for the foreseeable future to enable the group to meet its commitments and obligations as they fall due. Should, for any reason, this support be withdrawn there would be significant doubt as to the group and parent company's ability to continue as a going concern.

• ◆

  Audit opinion: Qualified

  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

  -26.8%

  £150,006,728 → £109,873,664

• Cash

  -39.2%

  £1,012,933 → £615,983

• Net assets

  -390.3%

  -£1,653,585 → -£8,107,946

• Employees

  -16.1%

  56 → 47

• Operating profit

  -2,562.4%

  £246,692 → -£6,074,606

• Profit before tax

  -3,264.5%

  -£195,859 → -£6,589,669

• Wages

  +12.9%

  £2,836,959 → £3,201,764

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

IFRS

Reporting scope

Consolidated group

Auditor

TC Group

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“At 31 December 2024, the group had net liabilities of $10,847,000, having incurred a loss for the year of $8,857,000. Notwithstanding this, the directors consider it appropriate to prepare the financial statements on a going concern basis as the group's principal lenders have indicated their willingness to provide ongoing financial support for the foreseeable future to enable the group to meet its commitments and obligations as they fall due. Should, for any reason, this support be withdrawn there would be significant doubt as to the group and parent company's ability to continue as a going concern.”

Group structure

1. FUJAX GROUP LIMITED · parent
   1. Fujax UK Limited 100% · United Kingdom · Metals & minerals trading
   2. Fujax International SA 100% · Switzerland · Metals & minerals trading
   3. Fujax South Africa Limited 100% · South Africa · Metals & minerals trading
   4. Fujax East Africa Limited 90% · Kenya · Metals & minerals trading
   5. Fujax Asia Limited 70% · Hong Kong · Metals & minerals trading
   6. Leo Commodities Limited 54% · Kenya · Metals & minerals trading
   7. Glosam Manganese (Pty) Ltd* 51% · South Africa · Mining
   8. NC Manganese Ltd * 51% · South Africa · Mining

Significant events

• “The group reported a reduced gross profit margin of 0.7% in 2024 (2023: 4%), primarily driven by the termination of the group's relationship with its key supplier Mazule and the associated transition to establishing its own logistics platform. This restructuring, combined with a broader market downturn, resulted in reduced volumes and profitability for the year.”
• “The group also developed direct relationships with both existing and new suppliers, creating a stronger foundation for increased volumes in profitable commodities and improving pricing and supply chain reliability going forward.”
• “Included in other receivables is $3,579,000 due from Mazule Mineral and Energy Resources Proprietary Limited ('Mazule'), being a company based in South Africa that is currently in liquidation. As a result of Mazule being in liquidation the directors have been unable to assess the recoverability of the receivable in accordance with IFRS9.”

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

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

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.