Sumo Resources : Accounts 2023

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