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REGISTERED NUMBER: 07233345 (England and Wales)















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: O J Vaughan
H P Zihlmann
T R Blake





SECRETARY: Cavendish Secretaries Limited





REGISTERED OFFICE: Blackbrook Estate
Norton Skenfrith
Abergavenny
Gwent
NP7 8UB





REGISTERED NUMBER: 07233345 (England and Wales)





ACCOUNTANTS: Green & Co
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 4,185,624 4,242,672

CURRENT ASSETS
Cash at bank 91,892 128,986

CREDITORS
Amounts falling due within one year 5 5,699 6,698,901
NET CURRENT ASSETS/(LIABILITIES) 86,193 (6,569,915 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,271,817

(2,327,243

)

CAPITAL AND RESERVES
Called up share capital 6 1,000 1,000
Retained earnings 4,270,817 (2,328,243 )
SHAREHOLDERS' FUNDS 4,271,817 (2,327,243 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2023 and were signed on its behalf by:





O J Vaughan - Director


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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 3 (2022 - 3 ) .

4. FIXED ASSET INVESTMENTS
Interest
in joint Listed
venture investments Totals
£    £    £   
COST OR VALUATION
At 1st July 2022 4,201,146 41,526 4,242,672
Additions - 54,152 54,152
Disposals - (9,582 ) (9,582 )
Revaluations - (59,877 ) (59,877 )
Exchange differences (39,051 ) (2,690 ) (41,741 )
At 30th June 2023 4,162,095 23,529 4,185,624
NET BOOK VALUE
At 30th June 2023 4,162,095 23,529 4,185,624
At 30th June 2022 4,201,146 41,526 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 - 6,694,984
Accrued expenses 5,699 3,917
5,699 6,698,901

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 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.