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Tenenge Limited

Registered number: 02052979
Annual report
For the year ended 31 December 2022

 
TENENGE LIMITED
 
 
COMPANY INFORMATION


Directors
Lucas Cive Barbosa 
Mauricio Cruz Lopes 




Registered number
02052979



Registered office
The St Botolph Building
138 Houndsditch

London

EC3A 7AR




Independent auditor
BDO LLP
Chartered Accountants and Statutory Auditors

55 Baker Street

London

W1U 7EU





 
TENENGE LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 3
Independent auditor's report
 
4 - 8
Consolidated statement of comprehensive income
 
9
Consolidated statement of financial position
 
10
Company statement of financial position
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Notes to the financial statements
 
14 - 21


 
TENENGE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the audited consolidated financial statements for the year ended 31 December 2022.
 
Principal activity

Up to 2010, the principal activities of the Group was the design and fabrication of high quality structures for the offshore industry together with conversion of floating production vessels. During 2010, the company ceased this trade but Tenenge Limited (formerly Odebrecht Services Limited) continues to operate as a holding company, and to wind up previous trading activities.

Directors

The directors who served during the year and to the date of this report were:

Jayme Gomes Da Fonseca Junior (resigned 6 June 2022)
Marco Aurelio Benito Juarez Gimenes Siqueira (resigned 31 March 2022)
Lucas Cive Barbosa (appointed 6 June 2022)
Mauricio Cruz Lopes (appointed 1 April 2022)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the audited consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare audited consolidated financial statements of the Group and the Company for each financial year. Under that law the directors have elected to prepare the audited consolidated financial statements of the Group and for the Company in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited consolidated financial statements of the group and the company unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company  and of the profit or loss of the Group for that period.

In preparing these audited consolidated financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the audited consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the audited consolidated financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 1 -

 
TENENGE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Going concern

Under a new company strategy effective first quarter of 2023, the Group will focus on providing a funding structure to its clients, alongside the existing Engineering, Procurement, Construction and Finance (“EPC+F”) services. Tenenge UK Limited, a subsidiary of Tenenge Limited, with its long track record of trading in the UK, could play an important role in aiding its clients to obtain a specific type of funding that has support from the British Government and is led by UK Export Finance (“UKEF”).
Under this new strategy, Tenenge UK Limited has re-opened the payroll, has one new employee and is now ready to play an active part in the existing pipeline of projects OEC group has either already signed or is on the verge to do so. Tenenge UK Limited can play the role of a British Exporter, procuring goods, services and equipment directly to its clients or to another sister entity that is deploying the projects. With Tenenge UK Limited operational and the ability to reach out to the major Export Credit Agencies (ECAs) and international commercial banks present in the UK and central Europe, the availability of export credit to its clients can be maximised and therefore increase the chances of a successful commercial offer to one of the projects listed in the pipeline. Tenenge UK Limited can play this role in the global market, therefore, a true added value within the group.
Currently, the Group is reliant on the ultimate parent company OEC S.A, which will continue to support both entities and its budget for FY2024 has already been considered in the group' s global planning, expenditures, which include the employment of a high-level senior executive to link OEC with said banks and ECAs.
Additionally, the Group has received a letter of support from its ultimate parent indicating for a period of at least 12 months from the date of approval of these financial statements, it will provide the financial support that Tenenge UK Limited requires for its continued operations, and no such amounts owed by Tenenge UK to the immediate and intermediate parent will be called for repayment unless Tenenge UK is in a position to make payments without adversely affecting its ability to continue to trade and settle any future obligations. 
Having taken the above into consideration, the Directors believe that they have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the signing of these financial statements and continue to adopt the going concern basis of accounting in preparing these annual financial statements.

Economic impact of global events

UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment.
The Group continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

- 2 -

 
TENENGE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Provision of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, BDO LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





Lucas Cive Barbosa
Director
Mauricio Cruz Lopes
Director


Date: 18 March 2024
Date: 18 March 2024

- 3 -

 
TENENGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE LIMITED
 

Opinion on the financial statements

In our opinion the financial statements:

give a true and fair view of the state of the Group's and of the Parent Company’s affairs as at 31 December 2022 and of the group's profit for the year then ended;
 
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
 
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements of Tenenge Limited (formerly Odebrecht Services Limited) (''the Parent Company'’) and its subsidiaries (''the Group'') for the year ended 31 December 2022 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity and Company statement of changes in equity and notes to the financial statements, including a summary of 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).
Basis for opinion
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group and Parent 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.
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 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.


- 4 -

 
TENENGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE LIMITED
 

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
 
the Directors' report has been prepared in accordance with applicable legal requirements.

In 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 Directors' report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
 
the Parent Company financial statements are not in agreement with the accounting records and returns; or
 
certain disclosures of Directors' remuneration specified by law are not made; or
 
we have not received all the information and explanations we require for our audit; or
 
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
- 5 -

 
TENENGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE LIMITED
 

Responsibilities of Directors

As explained more fully in the Statement of Directors' Responsibilities, 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 Group’s and 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 intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

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.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
 Our understanding of the Group and Parent Company and the industry in which it operates;
 Discussion with management and those charged with governance; and
 Obtaining and understanding of the Group and Parent Company’s policies and procedures regarding    compliance with laws and regulations
we considered the significant laws and regulations to be UK company law including the applicable accounting framework, and UK tax legislation.
Our procedures in respect of the above included:
 Review of minutes of meeting of those charged with governance for any instances of non-compliance with  laws and regulations;
 Review of correspondence with tax authorities for any instances of non-compliance with laws and     regulations; and
 Review of financial statement disclosures and agreeing to supporting documentation.
 
- 6 -

 
TENENGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE LIMITED
 

Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
 Enquiry with management and those charged with governance regarding any known or suspected    instances of fraud;
 Obtaining an understanding of the Group and Parent Company’s policies and procedures relating to:
 o Detecting and responding to the risks of fraud; and 
 o Internal controls established to mitigate risks related to fraud. 
 Review of minutes of meeting of those charged with governance for any known or suspected instances of   fraud;
 Discussion amongst the engagement team as to how and where fraud might occur in the financial    statements; and
 Performing analytical procedures to identify any unusual or unexpected relationships that may indicate    risks of material misstatement due to fraud.
Based on our risk assessment, we considered the area most susceptible to fraud to be management override of controls.
Our procedures in respect of the above included:
 Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to    supporting documentation; and
 Assessing significant estimates made by management for bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.  

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 
- 7 -

 
TENENGE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TENENGE LIMITED
 

Use of our report

This report is made solely to the Parent 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 Parent 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 Parent Company and the company's members as a body for our audit work, for this report, or for the opinions we have formed.




Alexander Tapp (Senior statutory auditor)  
For and on behalf of BDO LLP, Statutory Auditor
London, UK

19 March 2024
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
- 8 -

 
TENENGE LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£000
£000

  

Administrative expenses
  
6,242
184

Operating profit
 4 
6,242
184

Tax on profit
  
(118)
-

Profit for the year
  
6,124
184

  

Other comprehensive income
  
-
-

  

Total comprehensive income for the year
  
6,124
184

  

Total comprehensive income for the year attributable to the owners of the parent company
  
6,124
184

  
6,124
184

  

  

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

The notes on pages 14 to 21 form part of these financial statements.

- 9 -

 
TENENGE LIMITED
REGISTERED NUMBER: 02052979

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due within one year
 8 
66,882
59,990

Cash at bank and in hand
 9 
129
107

  
67,011
60,097

Creditors: amounts falling due within one year
 10 
(6,584)
(5,794)

Net current assets
  
 
 
60,427
 
 
54,303

Total assets less current liabilities
  
60,427
54,303

Net assets
  
60,427
54,303


Capital and reserves
  

Called up share capital 
 11 
40,038
40,038

Capital redemption reserve
 12 
66,552
66,552

Profit and loss account
 12 
(46,163)
(52,287)

Equity attributable to owners of the parent Company
  
60,427
54,303


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Lucas Cive Barbosa
Mauricio Cruz Lopes
Director
Director


Date: 18 March 2024
Date:18 March 2024

The notes on pages 14 to 21 form part of these financial statements.

- 10 -

 
TENENGE LIMITED
REGISTERED NUMBER: 02052979

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£000
£000

Fixed assets
  

Investments
 7 
28,847
28,847

  
28,847
28,847

Current assets
  

Debtors: amounts falling due within one year
 8 
5,884
5,660

Cash at bank and in hand
 9 
49
34

  
5,933
5,694

Creditors: amounts falling due within one year
 10 
(60)
(37)

Net current assets
  
 
 
5,873
 
 
5,657

Total assets less current liabilities
  
34,720
34,504

  

  

Net assets
  
34,720
34,504


Capital and reserves
  

Called up share capital 
 11 
40,038
40,038

Profit and loss account carried forward
  
(5,318)
(5,534)

Total equity
  
34,720
34,504


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Lucas Cive Barbosa
Mauricio Cruz Lopes
Director
Director


Date: 18 March 2024
Date:18 March 2024

The notes on pages 14 to 21 form part of these financial statements.

- 11 -

 
TENENGE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 January 2021
40,038
66,552
(52,471)
54,119


Comprehensive loss for the year

Profit for the year
-
-
184
184


Other comprehensive income for the year
-
-
-
-


Total comprehensive loss for the year
-
-
184
184



At 1 January 2022
40,038
66,552
(52,287)
54,303


Comprehensive income for the year

Profit for the year
-
-
6,124
6,124


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
6,124
6,124


At 31 December 2022
40,038
66,552
(46,163)
60,427


The notes on pages 14 to 21 form part of these financial statements.

- 12 -

 
TENENGE LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2021
40,038
(5,482)
34,556


Comprehensive income for the year

Loss for the year
-
(52)
(52)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(52)
(52)



At 1 January 2022
40,038
(5,534)
34,504


Comprehensive income for the year

Profit for the year
-
216
216


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
216
216


At 31 December 2022
40,038
(5,318)
34,720


The notes on pages 14 to 21 form part of these financial statements.

- 13 -

 
TENENGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Tenenge Limited ("the company") is a private company limited by shares incorporated in England and Wales. The address of its registered office is The St Botolph Building, 138, Houndsditch, London, United Kingdom, EC3A 7AR. 
Up to 2010, the principal activities of the Group was the design and fabrication of high quality structures for the offshore industry together with conversion of floating production vessels. During 2010, the company ceased this trade but Tenenge Limited (formerly Odebrecht Services Limited) continues to operate as a holding company, and to wind up previous trading activities.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Group operates and is rounded to the nearest thousand pound.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

- 14 -

 
TENENGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Going concern

Under a new company strategy effective first quarter of 2023, the Group will focus on providing a funding structure to its clients, alongside the existing Engineering, Procurement, Construction and Finance (“EPC+F”) services. Tenenge UK Limited, a subsidiary of Tenenge Limited, with its long track record of trading in the UK, could play an important role in aiding its clients to obtain a specific type of funding that has support from the British Government and is led by UK Export Finance (“UKEF”).
Under this new strategy, Tenenge UK Limited has re-opened the payroll, has one new employee and is now ready to play an active part in the existing pipeline of projects OEC group has either already signed or is on the verge to do so. Tenenge UK Limited can play the role of a British Exporter, procuring goods, services and equipment directly to its clients or to another sister entity that is deploying the projects. With Tenenge UK Limited operational and the ability to reach out to the major Export Credit Agencies (ECAs) and international commercial banks present in the UK and central Europe, the availability of export credit to its clients can be maximised and therefore increase the chances of a successful commercial offer to one of the projects listed in the pipeline. Tenenge UK Limited can play this role in the global market, therefore, a true added value within the group.
Currently, the Group is reliant on the ultimate parent company OEC S.A, which will continue to support both entities and its budget for FY2024 has already been considered in the group' s global planning, expenditures, which include the employment of a high-level senior executive to link OEC with said banks and ECAs.
Additionally, the Group has received a letter of support from its ultimate parent indicating for a period of at least 12 months from the date of approval of these financial statements, it will provide the financial support that Tenenge UK Limited requires for its continued operations, and no such amounts owed by Tenenge UK to the immediate and intermediate parent will be called for repayment unless Tenenge UK is in a position to make payments without adversely affecting its ability to continue to trade and settle any future obligations. 
Having taken the above into consideration, the Directors believe that they have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the signing of these financial statements and continue to adopt the going concern basis of accounting in preparing these annual financial statements.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

- 15 -

 
TENENGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.
(i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised at transaction price.
(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, are recognised at transaction price. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 16 -

 
TENENGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Group's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of comprehensive income.

All other foreign exchange gains and losses are presented in the Statement of Comprehensive income.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.10

Interest income

Interest income is recognised in the Consolidated statement of comprehensive income using the effective interest method.

 
2.11
Taxation

Tax is recognised in the Income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Recoverability of debtors
The Group establishes a provision for debts that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the debts, past experience of recoverability, and the credit profile of individual or groups of customers.

- 17 -

 
TENENGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Operating profit

The operating profit is stated after charging/(crediting):

2022
2021
£000
£000

Lease payments recognised as an expense
5
5

Fees payable to the Company's auditor and its associates for the audit of the group's annual accounts
23
15

Exchange differences on foreign currency intra group loans
(6,346)
(559)



5.


Employees

The Group and the Company have no employees other than the directors, who did not receive any remuneration (2021: nil).

The average monthly number of employees, including directors, during the year was nil (2021: nil).


6.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £217,000 (2021: loss of £52,000).


7.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2022
28,847



At 31 December 2022
28,847






Net book value



At 31 December 2022
28,847



At 31 December 2021
28,847

- 18 -

 
TENENGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Tenenge UK Limited
The St Boltoph Building,138 Houndsditch, London, EC3A, 7AR
ordinary
100%


8.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£000
£000
£000
£000


Amounts owed by group undertakings
66,875
59,975
5,877
5,645

Other debtors
4
4
4
4

Tax recoverable
3
11
3
11

66,882
59,990
5,884
5,660


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of payment and are payable on demand. 


9.


Cash and cash equivalents

Group
Group
Company
Company
2022
2021
2022
2021
£000
£000
£000
£000

Cash at bank and in hand
129
107
49
34

129
107
49
34


- 19 -

 
TENENGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£000
£000
£000
£000

Trade creditors
10
12
5
8

Amounts owed to group undertakings
6,401
5,732
-
-

Corporation tax
118
-
23
-

Accruals and deferred income
55
50
32
29

6,584
5,794
60
37


Amounts due to group undertakings are unsecured, interest free and repayable on demand.


11.


Share capital

2022
2021
£000
£000
Authorised



50,000,000 (2021: 50,000,000) ordinary shares of £1 each
50,000
50,000

Allotted, called up and fully paid



40,038,000 (2021:  40,038,000) ordinary shares of £1 each
40,038
40,038

The company has one class of ordinary shares; each share carries one voting right per share but no right
to fixed income.



12.


Reserves

Capital redemption reserve

The capital reserve was created during the group reconstruction on 11 June 2003.

Profit & loss account

This reserve represents cumulative profits and losses.

- 20 -

 
TENENGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Commitments under operating leases

At 31 December 2022 the Group had future minimum lease payments under non-cancellable operating leases as follows:


Group
Group
2022
2021
£000
£000

Not later than 1 year
5
5

Later than 1 year and not later than 5 years
-
5

Total
5
10

14.


Post balance sheet events

There have been no significant events affecting the Group since the year end.


15.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is CBPO Overseas Limited.
In the opinion of the directors the ultimate parent undertaking and controlling party is Odebrecht Engenharia e Construcao S.A., a company incorporated in Brazil.
Odebrecht Engenharia e Construção S.A.  is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31st December 2021. The consolidated financial statements of Odebrecht Engenharia e Construção S.A.  are available from Avenida das Nações Unidas, 14.401 – 4º floor, Parque Cidade, Torre Aroeira, São Paulo, SP – CEP 04794-000.

- 21 -