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REGISTERED NUMBER: 06319872 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GULFLOG MARKET EXPANSION SERVICES
LIMITED

GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Accountants' Report 3

Statement of Comprehensive Income 4

Balance Sheet 5

Statement of Changes in Equity 6

Notes to the Financial Statements 7


GULFLOG MARKET EXPANSION SERVICES
LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: B Sidler
R F Van Zyl





REGISTERED OFFICE: 20-22 Wenlock Road
London
N1 7GU





REGISTERED NUMBER: 06319872 (England and Wales)





ACCOUNTANTS: HBB Audit Limited
Bridge House
25 Fiddlebridge Lane
Hatfield
Hertfordshire
AL10 0SP

GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an investment holding company.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 January 2023 to the date of this report.

The directors shown below were in office at 31 December 2023 but did not hold any interest in the Ordinary shares of $1.4802 each at 1 January 2023 or 31 December 2023.

B Sidler
R F Van Zyl

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





B Sidler - Director


2 July 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GULFLOG MARKET EXPANSION SERVICES
LIMITED


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GULFLOG MARKET EXPANSION SERVICES LIMITED for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of GULFLOG MARKET EXPANSION SERVICES LIMITED, 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 GULFLOG MARKET EXPANSION SERVICES LIMITED and state those matters that we have agreed to state to the Board of Directors of GULFLOG MARKET EXPANSION SERVICES LIMITED, as a body, in this report. 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 GULFLOG MARKET EXPANSION SERVICES LIMITED 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 GULFLOG MARKET EXPANSION SERVICES LIMITED. You consider that GULFLOG MARKET EXPANSION SERVICES LIMITED 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 GULFLOG MARKET EXPANSION SERVICES LIMITED. 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.






HBB Audit Limited
Bridge House
25 Fiddlebridge Lane
Hatfield
Hertfordshire
AL10 0SP


2 July 2024

GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes $'000 $'000

REVENUE - -
OPERATING PROFIT and
PROFIT BEFORE TAXATION 4 - -

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR - -


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

-

-

GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes $'000 $'000
TOTAL ASSETS LESS CURRENT
LIABILITIES

-

-

CAPITAL AND RESERVES
Called up share capital 7 51,295 51,295
Retained earnings 8 (51,295 ) (51,295 )
SHAREHOLDERS' FUNDS - -

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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2024 and were signed on its behalf by:





B Sidler - Director


GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
$'000 $'000 $'000
Balance at 1 January 2022 51,295 (51,295 ) -

Changes in equity
Balance at 31 December 2022 51,295 (51,295 ) -

Changes in equity
Balance at 31 December 2023 51,295 (51,295 ) -

GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

GULFLOG MARKET EXPANSION SERVICES 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.

The presentation currency of the financial statements is the US Dollar ($).


2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii),
B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued
Operations;
the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52 the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of
IFRS 16 Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to
(c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to
136 of IAS 1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Exemption from preparation of consolidated financial statements
The financial statements contain information about GULFLOG MARKET EXPANSION SERVICES LIMITED as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by s401 of the Companies Act 2006 not to produce consolidated financial statements as it is included in the consolidated accounts of GulfLog Africa.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

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

31.12.23 31.12.22
$    $   
Directors' remuneration - -

4. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:
31.12.23 31.12.22
$'000 $'000

5. TAXATION

Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

6. INVESTMENTS
Shares in
group
undertakings
$'000
COST
At 1 January 2023 57,380
Disposals (56,805 )
At 31 December 2023 575
PROVISIONS
At 1 January 2023 57,380

Eliminated on disposal (56,805 )
At 31 December 2023 575
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

LonAgro Mozambique Lda
Registered office: Bairro de Zimpeto, EN1, Field 13, Maputo, Mozambique
Nature of business: Trading
%
Class of shares: holding

This company was restructured to LonAgro Holdings in July 2023.

LonAgro Equipamentos Agricolas Lda
Registered office: Estrada Nacional 130, Km48, Commune de Bom Jesus, Luanda, Angola
Nature of business: Trading
%
Class of shares: holding

This company was disposed of in September 2023 for no value.

Benson Global Trading Ltd
Registered office: Palm Grove House, PO Box 438, Road Town, Tortola VG110, British Virgin Islands
Nature of business: Trading
%
Class of shares: holding

This company was struck off on 1 November 2023.

Crop Harvest Ltd
Registered office: 10th Floor, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius
Nature of business: Trading
%
Class of shares: holding
Ordinary 100.00

Lonrho Agriculture Angola Ltd
Registered office: Palm Grove House, PO Box 438, Road Town, Tortola VG110, British Virgin Islands
Nature of business: Trading
%
Class of shares: holding
Ordinary 100.00

LonAgro Malawi Limited
Registered office: Blantyre East, Stand 153, Chipembere Highway, Blantyre, Malawi
Nature of business:
%
Class of shares: holding

This company was restructured to LonAgro Holdings in July 2023.

GULFLOG MARKET EXPANSION SERVICES
LIMITED (REGISTERED NUMBER: 06319872)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. INVESTMENTS - continued

Investments in subsidiary undertakings are stated at cost less amounts written off.

A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicated that one or more events have had a negative effect on the estimated future cash flows of that asset. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in the income statement. An impairment loss is reversed if the reversal can be related objectively to an event occuring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in the income statement.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: $'000 $'000
34,654,003 Ordinary $1.48 02 51,295 51,295

8. RESERVES
Retained
earnings
$'000

At 1 January 2023 (51,295 )
Profit for the year -
At 31 December 2023 (51,295 )

9. ULTIMATE PARENT COMPANY

Gulflog Africa (incorporated in Mauritius ) is regarded by the directors as being the company's ultimate parent company.

The company is a 100% subsidiary of Lonrho Africa (Holdings) Ltd which is in turn a 100% subsidiary of
GulfLog Africa, the ultimate parent company.

The largest group in which the results of the company are consolidated is that headed by GulfLog Africa and these consolidated accounts can be obtained from The Strand, Beau Plan, Block nr 2 - Unit 7, Pamplemousses, Mauritius.

No other group financial statements include the results of the company.