Company registration number 04203443 (England and Wales)
G & T RESOURCES (EUROPE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
G & T RESOURCES (EUROPE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
G & T RESOURCES (EUROPE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
3
221,707
-
0
Debtors falling due within one year
3
343,541
287,291
Investments
4
385,424
385,424
Cash at bank and in hand
1,015
1,718
951,687
674,433
Creditors: amounts falling due within one year
5
(451,662)
(199,844)
Net current assets
500,025
474,589
Net assets
500,025
474,589
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
499,025
473,589
Total equity
500,025
474,589

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Mr Rajiv Savara
Director
Company Registration No. 04203443
G & T RESOURCES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

G & T Resources (Europe) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lynwood House, 373-375 Station Road, Harrow, Middlesex, HA1 2AW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The functional currency of the company is US dollars. The financial statements are prepared in sterling. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

G & T RESOURCES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and other payables, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more than likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. In accordance with FRS 19 deferred tax is not recognised on revaluation gains. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on the tax rates and laws that have been enacted by the balance sheet date.
G & T RESOURCES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.8

Investments

Current asset investments are investments which are held for resale and are measured at cost .

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
102,408
238,813
Other debtors
241,133
48,478
343,541
287,291
2023
2022
Amounts falling due after more than one year:
£
£
Trade debtors
185,836
-
0
Other debtors
35,871
-
0
221,707
-
0
Total debtors
565,248
287,291
4
Current asset investments
2023
2022
£
£
Other investments
385,424
385,424
G & T RESOURCES (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
158,718
Trade creditors
9,013
-
0
Amounts owed to related undertakings
226,823
22,206
Taxation and social security
-
0
9,546
Other creditors
215,826
9,374
451,662
199,844

The bank loan is secured against all the company's assets. A director, Mr Rajiv Savara, is a personal guarantor with regards this facility. The loan was fully repaid during the year.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
A R Gangola FCA
Statutory Auditor:
RDP Newmans LLP

 

8
Related party transactions

Included within trade debtors is an amount of £102,408 (2022: £nil) owing from G&T Oilfield And Offshore Services Pvt Ltd, a company registered in India and under common control. Included within other debtors is an amount of £2,589 (2022: £40,167), which was held as a payment on account to G&T Oilfield And Offshore Services Pvt Ltd. During the year sales of £212,413 (2022: £nil) were made to G&T Oilfield And Offshore Services Pvt Ltd. Also during the year business procurement and pre bid engineering services of £206,277 (2022 £378,572) were purchased from G&T Oilfield And Offshore Services Pvt Ltd.

 

Included within other creditors is an amount of £226,823 (2022: £22,206) owing to Vink Corporation DMCC, a company registered in Dubai and under common control. During the year purchases of £76,581 (2022: £93,415) were made from Vink Corporation DMCC.

 

During the year, legal and professional fees amounting to £16,351 (2022: £32,096) were paid to a director. Included within other creditors is an amount of £108,585 (2022: £nil) due a director.

2023-03-312022-04-01false11 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr Rahul SavaraMr Rajiv Savarafalse042034432022-04-012023-03-31042034432023-03-3104203443core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3104203443core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-31042034432022-03-3104203443core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104203443core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3104203443core:CurrentFinancialInstruments2023-03-3104203443core:CurrentFinancialInstruments2022-03-3104203443core:ShareCapital2023-03-3104203443core:ShareCapital2022-03-3104203443core:RetainedEarningsAccumulatedLosses2023-03-3104203443core:RetainedEarningsAccumulatedLosses2022-03-3104203443bus:Director22022-04-012023-03-31042034432021-04-012022-03-3104203443core:Non-currentFinancialInstruments2023-03-3104203443core:Non-currentFinancialInstruments2022-03-3104203443core:WithinOneYear2023-03-3104203443core:WithinOneYear2022-03-3104203443core:AfterOneYear2023-03-3104203443core:AfterOneYear2022-03-3104203443bus:PrivateLimitedCompanyLtd2022-04-012023-03-3104203443bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3104203443bus:FRS1022022-04-012023-03-3104203443bus:Audited2022-04-012023-03-3104203443bus:Director12022-04-012023-03-3104203443bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP