Company registration number 06316694 (England and Wales)
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
COMPANY INFORMATION
Directors
Mr A Lennard
Mr J Kohler
(Resigned 1 March 2022)
Mr M Riley
Secretary
Mrs S Lennard
Mr M Riley
Company number
06316694
Registered office
Gable House
239 Regents Park Road
London
N3 3LF
Auditor
SPW (UK) LLP
Gable House
239 Regents Park Road
London
N3 3LF
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 40
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present their strategic report for the year ended 31 December 2022.

Review of the business

The principal activity of the group continued to be that of an International Insurance Broker through its accreditation at Lloyds of London and authorisations in other regulatory insurance jurisdictions, involving the origination, placement and servicing of international trade credit and political risks. Further group activities include corporate finance transactions involving the origination, structuring and placement of international debt with a variety of financial institutions; property holding and development and mining activities as the owner of a gold mine in Costa Rica.

 

The mining activities of the Group resulted in a net loss of $6.8 million for the year. Although mining operations are continuing in the foreseeable future, the Chassoul mine was closed during the year and all mining equipment and operations were transferred to the Area II property, a property that is in the process of being purchased by the Group. The Group is continuing its mining operations at the Area II location and is also focusing on the extraction and sale of precious metals from processing e-waste and the generation of income from delivering mining laboratory services.

 

The insurance-related activities resulted in a net profit of $4.1 million for the year. The results and financial position of the Group at year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.

Key performance indicators

The group monitors business performance according to a variety of Key Performance Indicators (KPI's) focusing on growing profitabilty with improving margins to yield positive economic benefits. The group continued to progress during the year.

2022
2021
$
$
Turnover
32,078,291
28,286,893
Net Profit/(loss)
(2,724,527)
(4,358,283)
Shareholders' funds
43,710,758
46,435,285
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

Environmental, Social and Governance (ESG)

The Company has always placed the utmost importance on corporate social responsibility and continue to do so through its employee welfare policies, the work of the Texel Foundation, its Diversity and Inclusion Committee and policies, and through the implementation of a fully integrated environmental strategy.

The Texel Foundation provides grants to a range of charities and promotes social causes covering health, education, social impact, and artistic opportunity.

A key part of the Company’s environmental strategy is the reduction of its carbon emissions to the greatest extent possible, and management of the impact of our unavoidable emissions.

The Company encourages its clients to participate in more sustainable transactions and through the implementation of a Green Impact Investment Contribution policy, the net profit realised from sustainable transactions placed by the Company is invested into an environmentally focused impact investment fund on a quarterly basis.

 The Company is a signatory of the United Nations Environment Programme’s Principles for Sustainable Insurance (UN PSI) which assisted the Company to further develop its ESG strategy and ensuring that the Company can hold itself accountable to the highest industry standards. The Company has published its first annual UN PSI disclosure report, and intends to publish further disclosure reports on an annual basis per our commitments as a UN PSI signatory.

The Company has recently obtained an ESG rating through an independent Environmental Social & Governance rating assessor, Ecovadis. We achieved a Bronze medal in our first rating, and are working to implement improvements in the areas identified by Ecovadis to improve our rating further.

The Company is committed to further develop and implement policies covering ethics, human rights and environmental awareness as a step forward towards improving its Corporate Social Responsibility.

Principal risks and uncertainties

The Board of directors places high priority on the implementation of controls and the identification of measures to mitigate the principal risks and uncertainties facing the group. Regular risk reviews are conducted to identify risk factors that may affect the group and impact on its financial performance and future performance.

 

The Board is satisfied that the Group's principal risks identified as Commercial, Regulatory, Reputational and Operational, are sufficiently managed by the Group in the international environment where the Group conducts it's business.

 

Financial Instruments form part of principal risks and uncertainties managed by the Group and further details are provided in the Directors Report.

On behalf of the board

Mr A Lennard
Director
3 November 2023
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
The directors present their report and the financial statements for the year ended 31 December 2022.
Results and dividends

The results for the year are set out on page 9.

During the year no ordinary dividends were paid and the directors have not recommended the payment of a final dividend for the year.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Lennard
Mr J Kohler
(Resigned 1 March 2022)
Mr M Riley
Financial instruments
Treasury operations and financial instruments

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with it's operating activities.

 

The group’s principal financial instruments include derivatives, the purpose of which is to manage currency risks and interest rate risks arising from the group’s activities; also bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the group’s operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions in the group principally comprise forward exchange contracts. In accordance with the group’s treasury policy, derivative instruments are not entered into for speculative purposes.

Liquidity risk

The group manages its cash and borrowing requirements centrally in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of each business.

Interest rate risk

The group is exposed to cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Foreign currency risk

The group’s principal foreign currency exposures arise from income being received in mainly US Dollars and overhead expenditure that is incurred in the local currency where the business entity is situated. Group policy permits but does not demand that these exposures may be hedged in order to fix cost in US Dollars. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
The group is able to continue to deliver a sound service because of its financial and operational strength. It continues with its commitment to work according to prudent principles for the long term benefit of shareholders, employees and clients alike.
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Auditor

The auditor, SPW (UK)LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the group qualifies as a medium size group it is not required to report on its emissions, energy consumption or energy efficiency activities in detail in this reporting period.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) unless indicated outherwise. 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 Group and company 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 and then apply them consistently;

- make judgements 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 company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr A Lennard
Director
3 November 2023
2023-11-15
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEXEL HOLDINGS LIMITED
- 5 -

Qualified opinion on financial statements

We have audited the financial statements of Texel Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for qualified opinion paragraph, the financial statements:

Basis for qualified opinion

Employee Benefit Trust

Included in the Group Statement of Financial Position is an intermediate payment arrangement of $5.6 million disclosed as a long-term investment under Fixed assets which is a departure from UK GAAP. We refer to note 1.7 - Fixed asset investments, note 1.19 - Intermediate payment arrangements and note 28 - Texel Employee Benefit Trust in that the directors are of the opinion that the adopted accounting policy results in true and fair presentation of the group results for the year.

In terms of UK GAAP the intermediate payment arrangement of $5.6 million should be disclosed in the Group Statement of Financial Position as a negative reserve within equity.

The departure from UK GAAP by the Group in respect of the intermediate payment arrangement has no effect on the corporation tax and net profit of the group for the year.

Due to adjustments required in terms of UK GAAP for the item disclosed above the net equity of the Group at year end should be reflected as $38.1 million instead of $43.7 million as disclosed in the Group Statement of Financial Position as at 31 December 2022.

Tangible Fixed Assets

Included in the Group Statement of Financial Position under Tangible assets are gold processing plant and mining exploration and evaluation assets carried at $5,627,144 and $1,110,178 respectively. The gold processing plant was transferred during the year to a new mining area and the company is still in the process of applying for a mining concession over part of the property. Further, there are indications that exist that the recoverable values of these assets could be lower than their book values at year end. The directors are planning to continue with mining operations in the foreseeable future and under the circumstances the Company have not prepared an impairment analysis to consider the recoverable value of these assets. We were unable to perform the necessary audit procedures to consider the recoverable value of these assets and a possible impairment value has not been determined, which, if it exists, should be recognised in the financial statements as at 31 December 2022.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEXEL HOLDINGS LIMITED
- 6 -

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEXEL HOLDINGS LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit, in respect to detecting irregularities including fraud, are;

to identify and assess the risks of material misstatement of the financial statements due to fraud;

to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses;

and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).

We understood how the company complies with laws and regulations by making enquiries of management, internal audit, those responsible for legal and compliance procedures. We made enquiries through our review of board minutes and internal controls process documentation and considered the results of our audit procedures.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to discuss areas where we considered there was susceptibility to fraud. We considered the internal controls that the company has implemented to address any risks identified, or to prevent, deter and detect fraud, and how senior management monitor them.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

 

The key audit areas identified at planning included revenue recognition, accounting estimates, translations from foreign exchanges and testing manual journals. We planned and designed our work to provide reasonable assurance that the financial statements were free from fraud or error. However due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected an irregularity or fraud that could result in a material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEXEL HOLDINGS LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Winter (Senior Statutory Auditor)
For and on behalf of SPW (UK) LLP
3 November 2023
Chartered Accountants
Statutory Auditor
Gable House
239 Regents Park Road
London
N3 3LF
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
$
$
Turnover
3
32,078,291
28,286,893
Cost of sales
(2,573,911)
(3,995,992)
Gross profit
29,504,380
24,290,901
Administrative expenses
(31,594,093)
(29,325,588)
Other operating income
154,740
114,968
Operating loss
4
(1,934,973)
(4,919,719)
Interest receivable and similar income
8
68,342
393,574
Interest payable and similar expenses
9
(452,945)
(56,838)
Loss before taxation
(2,319,576)
(4,582,983)
Tax on loss
10
(404,951)
224,700
Loss for the financial year
29
(2,724,527)
(4,358,283)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
$
$
$
$
Fixed assets
Goodwill
11
2,045,948
2,330,639
Other intangible assets
11
1,587,146
659,108
Total intangible assets
3,633,094
2,989,747
Tangible assets
12
24,428,981
33,545,783
Investments
13
5,596,588
4,102,899
33,658,663
40,638,429
Current assets
Stocks
16
1,984,496
2,990,612
Debtors
14
12,798,366
11,161,657
Investments
17
2,210,898
1,599,041
Cash at bank and in hand
3,046,283
1,537,737
20,040,043
17,289,047
Creditors: amounts falling due within one year
19
(9,160,722)
(10,296,402)
Net current assets
10,879,321
6,992,645
Total assets less current liabilities
44,537,984
47,631,074
Creditors: amounts falling due after more than one year
18
(118,176)
(730,104)
Provisions for liabilities
25
(709,050)
(465,685)
Net assets
43,710,758
46,435,285
Capital and reserves
Called up share capital
26
233,446
233,446
Share premium account
27
2,116,029
2,116,029
Profit and loss reserves
29
41,361,283
44,085,810
Total equity
43,710,758
46,435,285
The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
03 November 2023
Mr A Lennard
Director
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
Notes
$
$
$
$
Fixed assets
Tangible assets
12
15,880,375
16,072,345
Investments
13
2,938,079
2,937,551
18,818,454
19,009,896
Current assets
Debtors
14
3,151,734
3,374,539
Creditors: amounts falling due within one year
19
(276,494)
(309,842)
Net current assets
2,875,240
3,064,697
Total assets less current liabilities
21,693,694
22,074,593
Creditors: amounts falling due after more than one year
18
(9,970,669)
(10,291,831)
Provisions for liabilities
25
(301,987)
(286,872)
Net assets
11,421,038
11,495,890
Capital and reserves
Called up share capital
26
233,446
233,446
Share premium account
27
2,116,029
2,116,029
Profit and loss reserves
29
9,071,563
9,146,415
Total equity
11,421,038
11,495,890

As permitted by s408 of the Companies Act 2006, the Company has not presented its own Income statement and related notes.

 

The financial statements were approved by the board of directors and authorised for issue on 3 November 2023 and are signed on its behalf by:
03 November 2023
Mr A Lennard
Director
Company Registration No. 06316694
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
$
$
$
$
Balance at 1 January 2021
232,595
2,090,859
48,444,093
50,767,547
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(4,358,283)
(4,358,283)
Issue of share capital
26
851
25,170
-
26,021
Balance at 31 December 2021
233,446
2,116,029
44,085,810
46,435,285
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(2,724,527)
(2,724,527)
Balance at 31 December 2022
233,446
2,116,029
41,361,283
43,710,758
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
$
$
$
$
Balance at 1 January 2021
232,595
2,090,859
9,051,949
11,375,403
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
94,466
94,466
Issue of share capital
26
851
25,170
-
26,021
Balance at 31 December 2021
233,446
2,116,029
9,146,415
11,495,890
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
(74,852)
(74,852)
Balance at 31 December 2022
233,446
2,116,029
9,071,563
11,421,038
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
2022
2021
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
36
5,192,990
1,274,533
Interest paid
(452,945)
(56,838)
Income taxes paid
(141,689)
(357,825)
Net cash inflow from operating activities
4,598,356
859,870
Investing activities
Purchase of intangible assets
(1,110,184)
(606,738)
Purchase of tangible fixed assets
(519,420)
(2,432,148)
Proceeds on disposal of tangible fixed assets
2,551,340
34,814
Purchase of fixed asset investments
(1,493,689)
(126,128)
Interest received and similar income
15,965
(91,187)
Dividends received
52,377
484,761
Net cash used in investing activities
(503,611)
(2,736,626)
Financing activities
Proceeds from issue of shares
-
26,021
Proceeds/(repayments) of bank loan
(1,974,342)
1,200,463
Purchase of derivatives
-
187,200
Net cash (used in)/generated from financing activities
(1,974,342)
1,413,684
Net increase/(decrease) in cash and cash equivalents
2,120,403
(463,072)
Cash and cash equivalents at beginning of year
3,136,778
3,599,850
Cash and cash equivalents at end of year
5,257,181
3,136,778
Relating to:
Cash at bank and in hand
3,046,283
1,537,737
Short term investment included in current assets
2,210,898
1,599,041
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
2022
2021
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
37
328,939
284,940
Income taxes paid
(7,249)
(150,767)
Net cash inflow from operating activities
321,690
134,173
Investing activities
Purchase of tangible fixed assets
-
0
(743)
Proceeds from disposal of subsidiaries
(528)
-
0
Net cash used in investing activities
(528)
(743)
Financing activities
Proceeds from issue of shares
-
26,021
Repayment of borrowings
(321,162)
(159,451)
Net cash used in financing activities
(321,162)
(133,430)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
1
Accounting policies
Company information

Texel Holdings Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Gable House, 239 Regents Park Road, London, N3 3LF.

 

The Group consists of Texel Holdings Limited and all of its subsidiaries.

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 unless indicated otherwise.

The financial statements are prepared in US Dollars ($), which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest $1.

The consolidated group financial statements consist of the financial statements of the parent company Texel Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.2
Going concern

The Group has considerable financial resources together with long-term contracts with a number of clients and suppliers across different geographic areas and industries. As a consequence, the directors believe that the Group is well placed to continue to manage its business risks successfully.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.3
Turnover

Turnover comprises income from insurance brokerage and commission including related fees received, gold sales from mining activities and the sale of property excluding Value Added Tax.

 

Brokerage and commission are derived from insurance contracts and is recognised on inception date of individual polices, or if later, the date on which placement has been completed.

 

For polices where the premium is payable in instalments, brokerage and commission on all the instalments are recognised at the earlier of the date when placement is completed or when the first instalment fall due for payment.

 

Brokerage and commission arising from mid-term premium adjustments are recognised when such adjustments are made.

 

Most polices carry an obligation to provide post-placement services, principally policy administration and amendment, claims handling and advice. In addition, certain polices contain contingent obligations to make a return of premium, where a proportion of the brokerage and commissions earned would also be returnable. Accordingly, the relevant proportion of brokerage and commission have been deferred for recognition in the periods in which these services are provided, or in which relevant contingencies lapse.

 

Income from gold mining activities is recognised when control of the goods passes to the customer and the performance obligations of transferring control have been met. Income from mining activities comprises the sale of gold and silver dore bars.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

The carrying value of intangible assets is reviewed on a regular basis and at year end and an impairment loss is recognised in the Statement of Comprehensive Income when the carrying amount exceeds the recoverable amount of the assets.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
16.67% straight line
Website design
20.00% straight line
Trademarks and rebranding
10.00% straight line
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings Freehold
2% straight line
Plant and machinery
10-20% straight line
Fixtures, fittings & equipment
10-20% straight line
Mine Properties
Refer to note 1.6.1

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the Statement of Comprehensive Income.

1.6.1 Mine properties
Mines under construction
After successful completion of an exploration phase resulting in identified ore reserves that can economically and legally be extracted from a mine property and once the project receives the appropriate approval, the expenditure incurred and recognised under ‘Exploration and evaluation assets' are transferred to 'Mines under construction' which is a sub-category of 'Mine properties'. After the transfer of ‘Exploration and evaluation assets' all subsequent expenditure in the development phase on the construction, installation or completion of infrastructure and facilities is capitalised in ‘Mines under construction'.
Mines under construction' are not depreciated until construction is completed and the assets are available for their intended use. This is signified by the formal commissioning of the mine for production.
After production starts, all assets included in 'Mines under construction' are then transferred to 'Producing mines' which is also a sub-category of 'Mine properties'.
Producing mines
Upon completion of the mine construction phase, the assets are transferred into ‘Property, plant and equipment' or ‘Producing mines' under Mine properties.  Items of Property, plant and equipment and Producing mines are stated at cost, less accumulated depreciation and accumulated impairment losses.
The initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, the initial estimate of the rehabilitation obligation, and, for qualifying assets (where relevant), borrowing costs.
When a mine construction project moves into the production phase, the capitalisation of certain mine construction costs ceases, and costs are either regarded as part of the cost of inventory or expensed, except for costs which qualify for capitalisation relating to mining asset additions, improvements or new developments, underground mine development or mineable reserve development.
The depreciation estimate for producing mines was changed in preivious years as it is decided that it is more appropriate to depreciate the asset over the life of the concession rather than a Unit-Of-Production (UOP) basis over the economically recoverable reserves of the mine.
Depreciation is recognised on Producing mines at 33.3% per annum on a straight line bases.
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
Accumulated mine development costs recognised under Producing mines were depreciated on a UOP basis over the economically recoverable reserves of the mine concerned, except in the case of assets whose useful life was shorter than the life of the mine, in which case, the straight-line method was applied. The unit of account used to calculate depreciation was tonnes of ore processed.
Changes in estimates are accounted for prospectively. The residual values, useful lives and methods of depreciation of Mine properties are reviewed at each reporting period and adjusted prospectively, if appropriate.
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

In the parent company financial statements, investments in an associate are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Certain contributions paid to the Texel Employee Benefit Trust by subsidiaries in the group are recognised as a fixed asset investment in the consolidated financial statements. Contributions paid for the purpose to increase employee ownership in the group in terms of intermediate payment arrangements are carried at historical cost less provision for impairment in value. Refer to note 1.19 - Intermediate payment arrangements.

1.8
Impairment of fixed assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.11
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 22 -
1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of tax currently payable and provision for deferred tax based on reasonable estimates of tax following tax regulations as applied by reasonable tax authorities on the taxable entities in the Group.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.15
Retirement benefits

Payments to defined contribution retirement schemes are charged as an expense in the period in which they are incurred.

1.16
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year. Cash-settled share-based payments expense is charged to Profit and loss proportionally over the vesting period of the shares as services are delivered to the company by the employees holding share options.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 23 -

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the HMRC agreed valuation model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.17
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than US Dollars 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 are included in the income statement for the period.

1.19

Intermediate payment arrangements

Subsidiaries in the group being sponsor of the share option arrangements over the shares of the parent company are committed to make contributions to the Texel Employee Benefit Trust (EBT), if needed, to provide finance for the purchase of shares from controlling members for the purpose to increase employee participation in the ownership of the group.

 

The contributions paid to the EBT by subsidiaries to increase employee participation in the ownership of the group are recognised as a fixed asset investment in the Group Statement of Financial Position . Refer to note 1.7 - Fixed asset investments.

 

An Employee benefit reserve is recognised within Profit and loss reserves equal to an opposite amount of the value of the Fixed asset investment in the EBT carried in the Group Statement of Financial Position as it represents future services to be delivered to the group by employees holding share options.

 

The above accounting policy which recognises intermediate payment arrangements as a fixed asset investment in the Group Statement Statement of Financial Position is a departure from United Kingdom Generally Accepted Accounting Practice including FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Refer to note 28.

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
2
Judgements and key sources of estimation uncertainty
The preparation of the company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of the financial statements. Estimates and assumptions are continually evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
In particular, the company has identified a number of areas where significant judgements, estimates and assumptions are required. Further information on each of these areas and how they impact the various accounting policies are described below.
Mining activities:
• Production start date
Management assesses the stage of the mine under construction to determine when the mine moves into the production phase, this being when the mine is substantially complete and ready for its intended use. The criteria used to assess the start date are determined based on the unique nature of the mine construction and development project, such as the complexity of the project and its location. The company considers various relevant criteria to assess when the production phase is considered to have commenced. At this point, all related amounts are reclassified from 'Mines under construction' to 'Producing mines'. Some of the criteria used to identify the production start date include, but are not limited to:
· Level of capital expenditure incurred compared with the original construction cost estimate,
· Completion of a reasonable period of testing of the mine plant and equipment,
· Ability to produce metal in saleable form,
· Ability to sustain ongoing production of metal.
When a mine development project moves into the production phase, the capitalisation of certain mine development cost ceases and costs are either regarded as forming part of the cost of inventory or expensed, except for costs that qualify for capitalisation relating to mining asset additions or improvements, underground mine development or mineable reserve development. It is also at this point that depreciation and amortisation commences.
• Ore reserve and mineral resource estimates
Ore reserves and mineral resource estimates are estimates of the amount of ore that can be economically and legally extracted from the company's mining property. Such reserves and mineral resource estimates and changes to these may impact the company's reported financial position and results, in the following way:
· The carrying value of exploration and evaluation assets, mine properties, property, plant and equipment,
· Depreciation and amortisation charges in the statement of comprehensive income and other comprehensive income may change where such charges are determined using the Unit-Of-Production method, or where the useful life of the related assets change,
· Provisions for rehabilitation and environmental provisions may change where reserve estimate changes affect expectations about when such activities will occur and the associated cost of these activities.
The company estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates. Such an analysis requires complex geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements and production costs, along with geological assumptions and judgements made in estimating the size and grade of the ore body.
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 25 -
As the economic assumptions used may change and as additional geological information is produced during the operation of the mine, estimates of ore reserves and mineral resources may change.
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2022
2021
$
$
Turnover
Brokerage and commission received
30,314,325
26,024,410
Gold sales
1,763,966
2,262,483
32,078,291
28,286,893
Other significant revenue
Interest income and similar income
15,965
336,709
Dividends received
52,377
56,865

Analysis of turnover by geographical markets is not given as the directors are of the opinion that it would not provide meaningful information.

4
Operating loss
2022
2021
$
$
Operating loss for the year is stated after charging/(crediting):
Exchange losses
392,990
115,277
Depreciation of owned tangible fixed assets
7,084,936
7,172,371
(Profit)/loss on disposal of tangible fixed assets
(54)
1,071
Amortisation of intangible assets
48,030
9,998
Amortisation of goodwill of investment in associate/subsidiary
284,691
231,578
Mine production in cost of sales
2,573,911
3,995,992
Operating lease charges
567,099
558,791
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
96,353
113,718
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
6
Employees

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

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Directors and officers
12
10
-
-
Employees
116
131
-
-
128
141
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
$
$
$
$
Wages and salaries
13,882,113
13,388,656
-
0
-
0
Social security costs
1,428,891
1,246,837
-
-
Pension costs
678,424
672,022
-
0
-
0
15,989,428
15,307,515
-
0
-
0
7
Directors' remuneration
2022
2021
$
$
Remuneration for qualifying services
2,808,992
3,082,605
Company pension contributions to defined contribution schemes
76,347
68,955
2,885,339
3,151,560

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 10 (2021 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
Remuneration for qualifying services
655,071
643,282
Company pension contributions to defined contribution schemes
2,239
38,897
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
8
Interest receivable and similar income
2022
2021
$
$
Interest income
Interest on bank deposits
15,965
1,578
Other income from investments
Dividends received
52,377
56,865
Gains/(Losses) on financial instruments measured at fair value
-
0
335,131
Total income
68,342
393,574

Investment income includes the following:

Interest on financial assets
15,965
1,578
Gains/(Losses) on financial assets measured at fair value
-
0
335,131
9
Interest payable and similar expenses
2022
2021
$
$
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
193,391
56,838
Other finance costs:
Losses on financial assets measured at fair value
259,554
-
Total finance costs
452,945
56,838
10
Taxation
2022
2021
$
$
Current tax
UK corporation tax on profits for the current period
258,236
40,003
Deferred tax
Origination and reversal of timing differences
146,715
(264,703)
Total tax charge/(credit)
404,951
(224,700)
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Taxation
(Continued)
- 28 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2022
2021
$
$
Loss before taxation
(2,319,576)
(4,582,983)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(440,719)
(870,767)
Tax effect of expenses that are not deductible in determining taxable profit
(1,017,932)
(275,439)
Tax effect of income not taxable in determining taxable profit
(4,380)
-
0
Unutilised tax losses carried forward
-
0
(550,801)
Double tax relief
723
-
0
Group relief
-
0
9,883
Permanent capital allowances in excess of depreciation
(614,898)
(156,760)
Under/(over) provided in prior years
1,947,597
954,498
Deferred tax adjustments in respect of prior years
-
0
(266,587)
Other tax adjustments
50,773
(13,010)
Deferred tax adjustments
483,787
944,283
Taxation charge/(credit)
404,951
(224,700)
11
Intangible fixed assets
Group
Goodwill
Software
Website design
Total
$
$
$
$
Cost
At 1 January 2022
2,846,908
581,761
141,203
3,569,872
Additions - separately acquired
-
0
1,108,091
2,093
1,110,184
At 31 December 2022
2,846,908
1,689,852
143,296
4,680,056
Amortisation and impairment
At 1 January 2022
516,269
34,830
29,026
580,125
Amortisation charged for the year
284,691
167,611
14,535
466,837
At 31 December 2022
800,960
202,441
43,561
1,046,962
Carrying amount
At 31 December 2022
2,045,948
1,487,411
99,735
3,633,094
At 31 December 2021
2,330,639
546,931
112,177
2,989,747
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
12
Tangible fixed assets
Group
Buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Producing mines
Exploration & evaluation
Total
$
$
$
$
$
$
Cost
At 1 January 2022
16,701,756
9,624,087
1,032,312
22,106,078
750,254
50,214,487
Additions
-
0
158,558
938
-
0
359,924
519,420
Disposals
-
0
(355,799)
-
0
(2,428,966)
-
0
(2,784,765)
At 31 December 2022
16,701,756
9,426,846
1,033,250
19,677,112
1,110,178
47,949,142
Depreciation and impairment
At 1 January 2022
629,411
2,082,136
631,254
13,325,903
-
0
16,668,704
Depreciation charged in the year
191,970
493,918
47,839
6,351,209
-
0
7,084,936
Eliminated in respect of disposals
-
0
(233,479)
-
0
-
0
-
0
(233,479)
At 31 December 2022
821,381
2,342,575
679,093
19,677,112
-
0
23,520,161
Carrying amount
At 31 December 2022
15,880,375
7,084,271
354,157
-
0
1,110,178
24,428,981
At 31 December 2021
16,072,345
7,541,951
401,058
8,780,175
750,254
33,545,783
Company
Buildings Freehold
$
Cost
At 1 January 2022 and 31 December 2022
16,701,756
Depreciation and impairment
At 1 January 2022
629,411
Depreciation charged in the year
191,970
At 31 December 2022
821,381
Carrying amount
At 31 December 2022
15,880,375
At 31 December 2021
16,072,345
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
13
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
$
$
$
$
Investments in subsidiaries
35
-
0
-
0
2,938,079
2,937,551
Other investments
27
5,596,588
4,102,899
-
0
-
0
5,596,588
4,102,899
2,938,079
2,937,551
Movements in fixed asset investments
Group
Other
$
Cost or valuation
At 1 January 2022
4,102,899
Additions
1,493,689
At 31 December 2022
5,596,588
Carrying amount
At 31 December 2022
5,596,588
At 31 December 2021
4,102,899
Movements in fixed asset investments
Company
Shares in subsidiaries
$
Cost or valuation
At 1 January 2022
2,937,551
Additions
528
At 31 December 2022
2,938,079
Carrying amount
At 31 December 2022
2,938,079
At 31 December 2021
2,937,551
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 31 -
14
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
$
$
$
$
Trade debtors
9,742,602
7,043,150
14,656
16,427
Corporation tax recoverable
159,614
180,579
-
0
48,877
Amounts due from subsidiary undertakings
-
0
-
0
1,650,000
1,650,000
Other debtors
1,811,925
2,953,370
1,412,456
1,582,778
Prepayments and accrued income
551,411
644,105
74,622
76,457
12,265,552
10,821,204
3,151,734
3,374,539
Deferred tax asset (note 25)
532,813
340,455
-
0
-
0
12,798,365
11,161,659
3,151,734
3,374,539
15
Financial instruments
Group
Company
2022
2021
2022
2021
$
$
$
$
Carrying amount of financial assets
Debt instruments measured at amortised cost
11,553,735
9,996,117
3,076,711
3,249,103
Equity instruments measured at fair value
7,807,486
5,701,940
-
-
Carrying amount of financial liabilities
Measured at amortised cost
7,287,229
9,512,324
276,441
309,842
16
Stocks
Group
Company
2022
2021
2022
2021
$
$
$
$
Inventory at year end
1,984,496
2,990,612
-
0
-
0

Inventory consists of the following:

Property development for resale $1,929,564 (2021 - $1,929,564).

Ore stock pile $Nil (2021 - $763,076).

Consumables $54,932 (2021 - $297,972).

17
Current asset investments
Group
Company
2022
2021
2022
2021
$
$
$
$
Listed investments
2,210,898
1,599,041
-
-
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 32 -
18
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
$
$
$
$
Bank loans and overdrafts
21
118,176
730,104
-
0
-
0
Other borrowings
21
-
0
-
0
9,970,669
10,291,831
118,176
730,104
9,970,669
10,291,831
19
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
$
$
$
$
Bank loans
21
120,258
1,482,672
-
0
-
0
Trade creditors
362,528
535,989
276,441
309,842
Corporation tax payable
223,682
32,392
53
-
0
Other taxation and social security
941,310
1,481,790
-
-
Deferred income
24
826,677
-
0
-
0
-
0
Other creditors
2,423,668
4,466,573
-
0
-
0
Accruals and deferred income
4,262,599
2,296,986
-
0
-
0
9,160,722
10,296,402
276,494
309,842
20
Provisions for liabilities
Group
Company
2022
2021
2022
2021
Notes
$
$
$
$
Deferred tax liabilities
25
709,050
465,685
301,987
286,872
709,050
465,685
301,987
286,872
21
Loans and overdrafts
Group
Company
2022
2021
2022
2021
$
$
$
$
Bank loans
238,434
2,212,776
-
0
-
0
Loans from group undertakings
-
0
-
0
9,970,669
10,291,831
238,434
2,212,776
9,970,669
10,291,831
Payable within one year
120,258
1,482,672
-
0
-
0
Payable after one year
118,176
730,104
9,970,669
10,291,831
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
21
Loans and overdrafts
(Continued)
- 33 -

Included in Bank loans is a loan secured by a legal charge over freehold property owned by a fellow subsidiary - Texel Capital Limited. The bank loan is repayable over a period of 10 years commencing on 02/06/2018. Monthly repayments amount to $10,614.33 and interest on the loan is charged at the Bank of England Base Rate plus 2.20% per annum.

 

The company has a Revolving Credit Facility (RCF) from its Bank with a credit facility of $6,478,500. The facility is secured by a legal charge over freehold property owned by the parent company - Texel Holdings Limited. The RCF bears interest at the Bank of England base rate plus 2.5% per annum. The RCF is available for a period of 3 years from 15/10/2021. Commitment fees are charged on under utilisation of the facility which is payable quarterly at 0.7% of the unutilised value of the facility during each quarter.

22
Retirement benefit schemes
2022
2021
Defined contribution schemes
$
$
Charge to profit and loss in respect of defined contribution schemes
678,424
672,022

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in independently administered funds.

23
Share-based payment transactions
23.1

Enterprise Management Incentive (EMI) Share Option Plan and Company Share Option Plan (CSOP)

 

Share options are granted to certain employees over shares in the share capital of the parent company - Texel Holdings Limited. Employees qualify for the granting of options after two years of service. Options have a vesting period of three years from date of grant. The exercise price of the options is equal to the market price of the shares at date of grant as agreed with HMRC under the company share option plans. The contractual life of an option is restricted to a period of ten years from the date of grant.

Group
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
$
$
Outstanding at 1 January 2022
12,213
13,611
174.98
184.77
Granted
1,679
-
312.60
-
Exercised/Lapsed
(1,929)
(1,398)
133.92
60.74
Outstanding at 31 December 2022
11,963
12,213
191.95
174.98
Exercisable at 31 December 2022
9,531
10,514
163.14
163.94

The options outstanding at 31 December 2022 had an exercise price ranging from $80.66 to $347.33.

 

TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
23
Share-based payment transactions
(Continued)
- 34 -

Share options are granted at fair value which is calculated using the HMRC agreed valuation model, taking into account the terms and conditions upon which the options were granted.

 

Total expenses of $302,083 (2021 - $147,592) related to cash settled share based payment transactions were recognised in the year.

23.2

Company Restricted Share Plan (RSP)

 

In addition to the EMI and CSOP plans described in 23.1 above the company also incentivise employees under a Restricted Share Plan (RSP). The RSP is operated under similar rules as applied to the EMI and CSOP plans.

 

In terms of the RSP ordinary shares in the ultimate parent company Texel Holdings Limited are allotted or made available through the EBT to qualifying employees. Under the RSP rules restrictions apply on the trading of the shares based on conditions similar to the vesting rules applicable to share options under the EMI and CSOP plans.

 

During the year 2068 RSP shares were granted to employees. At the year end employees held 4610 restricted shares which was allotted as Nil paid shares in previous years. The purchase consideration of the Nil paid shares of $1,438,140 is owed by the employees to the parent company and is payable on demand.

24
Deferred income
Group
Company
2022
2021
2022
2021
$
$
$
$
Other deferred income
826,677
-
-
-
25
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Group
$
$
$
$
Accelerated capital allowances
639,491
325,777
221,495
64,102
Share based payments
-
-
311,318
276,353
Investments
69,559
139,908
-
-
709,050
465,685
532,813
340,455
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Company
$
$
$
$
Accelerated capital allowances
301,987
286,872
-
-
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
25
Deferred taxation
(Continued)
- 35 -
Group
Company
2022
2022
Movements in the year:
$
$
Liability at 1 January 2022
125,230
286,872
Charge to profit or loss
51,007
15,115
Liability at 31 December 2022
176,237
301,987
26
Share capital
Group and company
2022
2021
Ordinary share capital
$
$
Issued and fully paid
117,647 Ordinary shares of $1.9843 each
233,446
233,446
27
Share premium account
Group
Company
2022
2021
2022
2021
$
$
$
$
At beginning of year
2,116,029
2,090,859
2,116,029
2,090,859
Issue of new shares
-
25,170
-
25,170
At end of year
2,116,029
2,116,029
2,116,029
2,116,029
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 36 -
28
Texel Employee Benefit Trust
The Texel Employee Benefit Trust (EBT) was established for the benefit of the employees of the group to act as "market maker" and facilitate with the company's employee share plan transactions. The EBT is a separate legal entity that is part of the ultimate parent's ownership structure. The assets and liabilities of the EBT do not belong to the group as the assets are held for the benefit of the ultimate beneficiaries being the employees of the group. Therefore, the results of the EBT are not consolidated in the group financial statements. The EBT enables the board of directors to award share options and restricted shares to employees as to retain the services of key employees and to increase employee shareholder participation in the group.
The EBT is a party in a loan facility agreement with a subsidiary (being the sponsoring entity) whereby that company would provide finance to the EBT, if needed, to enable the EBT to settle the balance owed for shares purchased from the controlling members. Notwithstanding the aforementioned, if the EBT does not have sufficient cash flow available in future to settle the balance owing to the controlling members, it is expected that the sponsoring entity would make contributions to the EBT to enable the EBT to settle the balance owed for the shares purchased.
During the year the sponsoring company paid contributions of $1,493,689 to the EBT which funds were utilised by the EBT as part settlement for the purchase of shares from the controlling members. These contributions have been recognised as a fixed asset investment in the Group Statement of Financial Position.
The group accounting policy for intermediate payment arrangements concerning the EBT is a departure from United Kingdom Generally Accepted Accounting Practice including FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK GAAP).
In terms of UK GAAP the intermediate payment arrangement concerning the EBT carried as a fixed asset investment of $5,596,588 should be disclosed in the Group Statement of Financial Position as a negative reserve within equity. As result of the aforementioned, the net equity of the group at year end should be disclosed as $38.1 million instead of $43.7 million as reflected in the Group Statement of Financial Position. This departure from UK GAAP has no effect on corporation tax or the net profit of the group for the year.
The directors have adopted this group accounting policy for intermediate payment arrangements as in their opinion it would achieve true and fair presentation of the results of the group. The investment in the EBT is a group asset as it is a resource controlled by the group as result of past events from which future economic benefits are expected to flow to the group.
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 37 -
29
Profit and loss reserves
Group
Company
2022
2021
2022
2021
$
$
$
$
At the beginning of the year
44,085,810
48,444,093
9,146,415
9,051,949
Profit/(loss) for the year
(2,724,527)
(4,358,283)
(74,852)
94,466
At the end of the year
41,361,283
44,085,810
9,071,563
9,146,415
Group
Company
2022
2021
2022
2021
$
$
$
$
Non-distributable profits included above
At the beginning of the year
4,102,899
3,976,771
-
-
Employee benefit reserve
1,493,689
126,128
-
-
At the end of the year
5,596,588
4,102,899
-
-
Distributable profits
35,764,695
39,982,911
9,071,563
9,146,415
30
Other movements in profit and loss reserves

As part of the Group's Restrictive Share Plan 5,135 ordinary shares have been issued to date at a purchase consideration of $1,530,068. The purchase consideration of these shares are owed by the employees to the Group and will only be settled in future depending on successful completion of vesting conditions attached to the shares. Accordingly, full provision has been made against the purchase consideration owed by the employees.

31
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
$
$
$
$
Within one year
617,540
533,563
-
-
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 38 -
32
Contingent liabilities

A subsidiary as sponsoring entity of the employee share plans is committed under a loan facility agreement with the Texel Employee Benefit Trust (EBT) to provide finance to the EBT, if needed, to enable the EBT to settle a balance owed to the controlling members for shares purchased in the ultimate parent company. At year end the balance owed by the EBT to the controlling members amounted to $1,586,749 (2021 - $3,311,298).

33
Related party transactions

Included in debtors is an amount of $1,650,000 (2021 - $1,650,000) representing an equity advance paid to Texel Asia Pte. Limited, a wholly owned subsidiary. The equity advance is non interest bearing and is available for the settlement of future share allotments to the parent company by Texel Asia Pte.

 

Property rental income of $362,679 (2021 - $406,053) was received from Texel Finance Limited during the year.

34
Controlling party

The group is controlled by the directors by virtue of their majority shareholding held directly and indirectly in the parent company.

 

35
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Tierra Underwriting Limited
England & Wales
Insurance managing agency
Ordinary
100.00
-
Conkat Mining, S.A.
Costa Rica
Mine financing activities
Ordinary
-
100.00
Mina Orotex SR, S.A.
Costa Rica
Mining activities
Ordinary
-
100.00
Texel Europe BV
Belgium
Insurance broker
Ordinary
-
100.00
Texel Asia Pte. Limted
Singapore
Insurance broker
Ordinary
100.00
-
Texel Capital Limited
England & Wales
Corporate finance
Ordinary
-
100.00
Texel Finance Limited
England & Wales
Insurance broker
Ordinary
100.00
-
Texel Finance, Inc.
USA
Insurance holding
Ordinary
100.00
-
Meridian Finance Group
USA
Insurance broker
Ordinary
-
100.00
Tierra Underwriting Europe BV
Belgium
Insurance managing agency
Ordinary
-
100.00
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 39 -
36
Cash generated from group operations
2022
2021
$
$
Loss for the year after tax
(2,724,527)
(4,358,283)
Adjustments for:
Taxation charged/(credited)
404,951
(224,700)
Finance costs
452,945
56,838
Investment income
(68,342)
(393,574)
(Gain)/loss on disposal of tangible fixed assets
(54)
1,071
Amortisation and impairment of intangible assets
466,837
332,721
Depreciation and impairment of tangible fixed assets
7,084,936
7,172,371
Movements in working capital:
Decrease in stocks
1,006,116
779,968
Increase in debtors
(1,465,316)
(2,556,273)
(Decrease)/increase in creditors
(791,233)
464,394
Increase in deferred income
826,677
-
Cash generated from operations
5,192,990
1,274,533
37
Cash generated from operations - company
2022
2021
$
$
(Loss)/profit for the year after tax
(74,852)
94,466
Adjustments for:
Taxation charged
71,294
3,793
Depreciation and impairment of tangible fixed assets
191,970
214,896
Movements in working capital:
Decrease/(increase) in debtors
173,928
(24,298)
Decrease in creditors
(33,401)
(3,917)
Cash generated from operations
328,939
284,940
38
Analysis of changes in net funds - group
1 January 2022
Cash flows
31 December 2022
$
$
$
Cash and cash equivalents
3,136,778
2,120,403
5,257,181
Borrowings excluding overdrafts
(2,212,776)
1,974,342
(238,434)
924,002
4,094,745
5,018,747
TEXEL HOLDINGS LIMITED
AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 40 -
39
Analysis of changes in net debt - company
1 January 2022
Cash flows
31 December 2022
$
$
$
Borrowings excluding overdrafts
(10,291,831)
321,162
(9,970,669)
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr A LennardMr J KohlerMr M RileyMrs S 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