REGISTERED NUMBER: |
GULF INTERNATIONAL MINERALS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
REGISTERED NUMBER: |
GULF INTERNATIONAL MINERALS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
GULF INTERNATIONAL MINERALS LIMITED (REGISTERED NUMBER: 07233345) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GULF INTERNATIONAL MINERALS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Pembroke House |
Llantarnam Park Way |
Cwmbran |
Torfaen |
NP44 3AU |
GULF INTERNATIONAL MINERALS LIMITED (REGISTERED NUMBER: 07233345) |
BALANCE SHEET |
30TH JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GULF INTERNATIONAL MINERALS LIMITED (REGISTERED NUMBER: 07233345) |
BALANCE SHEET - continued |
30TH JUNE 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GULF INTERNATIONAL MINERALS LIMITED (REGISTERED NUMBER: 07233345) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
1. | STATUTORY INFORMATION |
Gulf International Minerals Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Going concern |
There are no plans to inject further funds into the Aprelevka joint venture until negotiations with the Tajik Government on the company's 49% share have been concluded. The interest in the joint venture is carried in the balance sheet at cost. |
GULF INTERNATIONAL MINERALS LIMITED (REGISTERED NUMBER: 07233345) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment in joint venture |
A joint venture is a contractual arrangement whereby the parties undertake an economic activity that is subject to joint control. Joint control is exercised when the strategic and operating policy decisions relating to the activities of the joint venture require unanimous consent of the parties sharing control. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Interest |
in joint | Listed |
venture | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2022 | 4,242,672 |
Additions | 54,152 |
Disposals | ( |
) | (9,582 | ) |
Revaluations | ( |
) | (59,877 | ) |
Exchange differences | ( |
) | ( |
) | (41,741 | ) |
At 30th June 2023 | 4,185,624 |
NET BOOK VALUE |
At 30th June 2023 | 4,185,624 |
At 30th June 2022 | 4,242,672 |
Cost or valuation at 30th June 2023 is represented by: |
Interest |
in joint | Listed |
venture | investments | Totals |
£ | £ | £ |
Valuation in 2023 | - | (59,877 | ) | (59,877 | ) |
Cost | 4,162,095 | 83,406 | 4,245,501 |
4,162,095 | 23,529 | 4,185,624 |
GULF INTERNATIONAL MINERALS LIMITED (REGISTERED NUMBER: 07233345) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
Joint Venture |
The Joint Tajik-Canadian Limited Liability Partnership - Aprelevka |
Country of incorporation: Republic of Tajikistan |
Nature of business: Mining and ore refinery |
% |
Class of shares: holding |
Ordinary 49 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Accrued expenses |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
7. | RELATED PARTY DISCLOSURES |
Amounts owed to group undertakings consists of a balance of US$Nil owed to Central Asian Minerals and Resources Plc, the parent undertaking. The balance shown in the Balance Sheet at 30 June 2023 was £Nil (2022 - £6,694,984). The directors have confirmed that the parent company no longer requires this loan to be repaid. |