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REGISTERED NUMBER: SC635762 (Scotland)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TRANS ASIA ENERGY SERVICES (UK) LTD

TRANS ASIA ENERGY SERVICES (UK) LTD (REGISTERED NUMBER: SC635762)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5

Chartered Accountants' Report 6

TRANS ASIA ENERGY SERVICES (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S V Sanghai
S A Dhanekula
R K Fraser





REGISTERED OFFICE: 4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL





REGISTERED NUMBER: SC635762 (Scotland)





ACCOUNTANTS: Bain Henry Reid
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL

TRANS ASIA ENERGY SERVICES (UK) LTD (REGISTERED NUMBER: SC635762)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 72,525 1,110

CURRENT ASSETS
Debtors 5 2,270,015 858
Cash at bank 1,040,525 28,389
3,310,540 29,247
CREDITORS
Amounts falling due within one year 6 2,972,817 315,101
NET CURRENT ASSETS/(LIABILITIES) 337,723 (285,854 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

410,248

(284,744

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 410,246 (284,746 )
410,248 (284,744 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by:





R K Fraser - Director


TRANS ASIA ENERGY SERVICES (UK) LTD (REGISTERED NUMBER: SC635762)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Trans Asia Energy Services (UK) Ltd is a private company, limited by shares , registered in Scotland. 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.

The financial statements are presented in Sterling (£).

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in existence for a period of at least twelve months from the date the financial statements were approved. The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis as the company has, with the continued support from the other group companies, adequate resources to continue its operations for the foreseeable future.

Turnover
Turnover is measured at fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

Rendering of services
The company provides precommissioning and commissioning services for the oil and gas industry. When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, cost and its stage of completion, the company recognises revenue on the sale of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of the the total services rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

TRANS ASIA ENERGY SERVICES (UK) LTD (REGISTERED NUMBER: SC635762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at undiscounted amount of cash or other consideration expected to be paid.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 3,481
Additions 84,440
At 31 December 2023 87,921
DEPRECIATION
At 1 January 2023 2,371
Charge for year 13,025
At 31 December 2023 15,396
NET BOOK VALUE
At 31 December 2023 72,525
At 31 December 2022 1,110

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,268,422 -
Other debtors 1,593 858
2,270,015 858

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,229,026 -
Amounts owed to group undertakings 590,279 299,862
Taxation and social security 112,114 6,896
Other creditors 41,398 8,343
2,972,817 315,101

TRANS ASIA ENERGY SERVICES (UK) LTD (REGISTERED NUMBER: SC635762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. OTHER FINANCIAL COMMITMENTS

At the year end the company had obligations under non-cancellable operating leases totalling £906 (2022 £1,248).

Amounts outstanding at the year end relating to the defined contribution scheme totalled £399 (2022 £692) which are included within Other Creditors.

8. RELATED PARTY DISCLOSURES

Trans Asia Pipelines Services FZC

During the year the company had the following transactions with Trans Asia Pipelines Services FZC, a company holding a participating interest in Trans Asia Energy Services (UK) Ltd:

Purchases of £3,394,301 (2022: £nil) were incurred.

At the balance sheet date:

Trans Asia Energy Services (UK) Ltd owed Trans Asia Pipelines Services FZC £1,786,607 (2022: £nil) for purchases which is included in trade creditors.

Trans Asia Energy Services (UK) Ltd also owed Trans Asia Pipelines Services FZC £23,138 (2022: £23,148 by way of a loan account. The loan has no set repayment terms and no interest is chargeable.

Trans-Asia Pipeline Services Pte Ltd

At the balance sheet date Trans Asia Energy Services (UK) Ltd owed Trans-Asia Pipeline Services Pte Ltd, a company holding a participating interest in Trans Asia Energy Services (UK) Ltd, £567,141 (2022: £276,715) by way of a loan account. The loan has no set repayment terms and no interest is chargeable.

9. ULTIMATE CONTROLLING PARTY

Mr Surendranath Dhanekula is the ultimate controlling party by virtue of his 95% shareholding in Trans Asia Pipeline Services FZC and his 90% shareholding in Trans-Asia Pipeline Services Pte. Ltd.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
TRANS ASIA ENERGY SERVICES (UK) LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trans Asia Energy Services (UK) Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Trans Asia Energy Services (UK) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Trans Asia Energy Services (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Trans Asia Energy Services (UK) Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Trans Asia Energy Services (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Trans Asia Energy Services (UK) Ltd. You consider that Trans Asia Energy Services (UK) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Trans Asia Energy Services (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bain Henry Reid
Chartered Accountants
4 West Craibstone Street
Bon-Accord Square
ABERDEEN
AB11 6YL


6 March 2024