Notes to the Consolidated Financial Statements for the year ended 30 June 2024 11. Trade and other receivables Trade and other receivables are measured on initial recognition at fair value and are subsequently measured at amortised cost. Impairment of trade and other receivables is continually reviewed and those that are considered uncollectable are written off by reducing the carrying amount directly. Security deposits are non-derivative financial assets with various fixed or determinable payments and maturities. They are included in current assets, except for those with maturities greater than 12 months which are then classified as non-current assets. The Group’s trade and other receivables are as follows: 2024 $’000 2023 $’000 Current assets Trade receivables 23 34 Security deposits 30 30 53 64 12. Financial assets at fair value through profit or loss - Investment in Capital Metals Plc Investments and other financial assets are initially measured at fair value. The fair value of the financial assets is determined with reference to quoted share price traded in active markets at each reporting date. The financial assets are derecognised and the carrying value written off when there is no reasonable expectation of recovering part or all of the financial asset. Sri Lanka Project On 18 March 2024, Sheffield acquired 34,500,000 ordinary shares in Capital Metals Plc (AIM: CMET) for a total consideration of £1,250,000. CMET is the owner of the Eastern Minerals Project in Sri Lanka. Sheffield have agreed to conditional terms to fund project development, providing Sheffield with the opportunity to acquire up to 50% of the Eastern Minerals Project. Sheffield owns approximately 10% of the issued capital of CMET. The Company has also secured a 12 month share option to acquire a further 17,250,000 shares for total consideration of £843,750, enabling Sheffield to increase its interest in CMET to approximately 14% of total issued capital. Please refer to ASX announcement on 18 March 2024 for further details. The Group’s investment is as follows: 2024 $’000 2023 $’000 Non-current assets Listed ordinary shares – financial assets at fair value through profit or loss 1,072 – 1,072 – Reconciliation of the fair value of the investment is as follows: 2024 $’000 2023 $’000 Reconciliation of fair value of investment Opening fair value – – Additions 2,433 – Net fair value change on financial assets recognised in profit or loss (1,361) – 1,072 – 62 Annual Report 2024 Sheffield Resources Limited
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