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REGISTERED NUMBER: 04524501 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

VALLIS COMMODITIES LIMITED

VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VALLIS COMMODITIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: A M B Barr-Sim
P H Hopkins
D Oliphant
S I Thomson





SECRETARY: S I Thomson





REGISTERED OFFICE: Unit 4
Handlemaker Road
Frome
Somerset
BA11 4RW





REGISTERED NUMBER: 04524501 (England and Wales)





AUDITORS: PG Owen Limited
Chartered Accountants
124 High Street
Midsomer Norton
Bath
BA3 2DA

VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes $    $    $    $   
FIXED ASSETS
Intangible assets 5 13,281 17,709
Tangible assets 6 178,020 140,925
Investments 7 2,840 2,840
194,141 161,474

CURRENT ASSETS
Debtors 8 1,708,476 2,182,379
Cash at bank 9 348,884 1,024,989
2,057,360 3,207,368
CREDITORS
Amounts falling due within one year 10 893,705 1,540,094
NET CURRENT ASSETS 1,163,655 1,667,274
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,357,796

1,828,748

CREDITORS
Amounts falling due after more than one
year

11

-

28,723
NET ASSETS 1,357,796 1,800,025

CAPITAL AND RESERVES
Called up share capital 254,394 254,394
Retained earnings 1,103,402 1,545,631
1,357,796 1,800,025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2022 and were signed on its behalf by:




A M B Barr-Sim - Director



S I Thomson - Director


VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Vallis Commodities Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in United States of America dollars ($) as the directors consider this to be the functional currency of the company.

Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset classAmortisation method and rate

Goodwill Over 10 years

Negative goodwill Written off in the year of acquisition

The goodwill amortisastion policy was change to over 10 years on the 1 January 2015 when the net book value of goodwill was $44,277.

VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class Depreciation method and rate

Motor Vehicles20% to 33% straight line

Office Equipment Between 16.67% and 50% straight line

Short LeaseholdOn a straight line basis over the course of the lease


Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 518 (2020 - 547 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
$   
COST
At 1 January 2021
and 31 December 2021 108,859
AMORTISATION
At 1 January 2021 91,150
Amortisation for year 4,428
At 31 December 2021 95,578
NET BOOK VALUE
At 31 December 2021 13,281
At 31 December 2020 17,709

VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. TANGIBLE FIXED ASSETS
Short Motor Computer
leasehold vehicles equipment Totals
$    $    $    $   
COST
At 1 January 2021 2 228,635 313,392 542,029
Additions - 75,691 71,040 146,731
Disposals - (96,363 ) - (96,363 )
At 31 December 2021 2 207,963 384,432 592,397
DEPRECIATION
At 1 January 2021 2 175,260 225,842 401,104
Charge for year - 47,597 52,194 99,791
Eliminated on disposal - (86,518 ) - (86,518 )
At 31 December 2021 2 136,339 278,036 414,377
NET BOOK VALUE
At 31 December 2021 - 71,624 106,396 178,020
At 31 December 2020 - 53,375 87,550 140,925

7. FIXED ASSET INVESTMENTS
Other
investments
$   
COST
At 1 January 2021
and 31 December 2021 2,840
NET BOOK VALUE
At 31 December 2021 2,840
At 31 December 2020 2,840

VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

7. FIXED ASSET INVESTMENTS - continued

Subsidiary 2021 2020
Vallis Commodities Ltd Cameroon 100% 100%
Vallis Dijbouti SAS 100% 0%
Drum Resources Ghana Limited 0% 90%
Vallis Gambia Limited 99.9% 99.9%
Vallis Israel Ltd 100% 100%
Vallis Commodities Limited / Jordan 100% 100%
Vallis Liberia Limited 100% 100%
Vallis Mauritius Limited 100% 100%
Vallis Trade Assurances Services Namibia(Proprietary) Limited 0% 100%
Vallis Commodities Nigeria Limited 70% 70%
Vallis Rwanda Limited 100% 100%
Vallis Senegal SARL 0% 99%
Vallis CO. LTD Sudan 100% 99%
Vallis (SL) Limited 100% 100%
Vallis Uganda Limited 98% 98%
Vallis Togo SARL U 0% 100%
Vallis TAS Limited 100% 100%
Vallis Kenya Limited 0% 100%
Drum Commodities SARL Guinea Bissau 100% 0%
Vallis Limited Somaliland 49% 0%
Vallis Zimbabwe (Private) Limited 29% 0%

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
$    $   
Trade debtors 759,037 1,094,314
Amounts owed by group undertakings 547,941 686,882
Other debtors 401,498 401,183
1,708,476 2,182,379

9. CASH AT BANK
2021 2020
$    $   
Cash at bank and in hand 348,884 1,024,989

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
$    $   
Trade creditors 112,250 78,490
Amounts owed to group undertakings 176,483 501,823
Tax 625 -
Social security and other taxes 15,061 25,377
Other creditors 589,286 934,404
893,705 1,540,094

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
$    $   
Loans and borrowings - 28,723

VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robin N Browning BA(Hons) FCCA FCA FAIA BFP (Senior Statutory Auditor)
for and on behalf of PG Owen Limited

13. CAPITAL COMMITMENTS
2021 2020
$    $   
Contracted but not provided for in the
financial statements - -