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REGISTERED NUMBER: 03313024 (England and Wales)














Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Telford International Limited

Telford International Limited (Registered number: 03313024)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Telford International Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr E Bracco
Ms T Kim
Mr G Olivieri





REGISTERED OFFICE: 17 Grosvenor Street
Mayfair
London
W1K 4QG





REGISTERED NUMBER: 03313024 (England and Wales)





AUDITORS: Nordens Audit Limited
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

Telford International Limited (Registered number: 03313024)

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.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

Mr E Bracco
Ms T Kim
Mr G Olivieri

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Nordens Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr G Olivieri - Director


31 August 2024

Report of the Independent Auditors to the Members of
Telford International Limited

Opinion
We have audited the financial statements of Telford International Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Telford International Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Telford International Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Telford International Limited


Use of our report
This report is made solely to the 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 company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Lorraine Curtis ACA BFP FCCA (Senior Statutory Auditor)
for and on behalf of Nordens Audit Limited
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

2 September 2024

Telford International Limited (Registered number: 03313024)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes €    €   

TURNOVER 3 2,928,301 2,396,702

Cost of sales 2,437,659 2,398,041
GROSS PROFIT/(LOSS) 490,642 (1,339 )

Administrative expenses 261,272 498,039
OPERATING PROFIT/(LOSS) 5 229,370 (499,378 )

Interest receivable and similar income 325 69
PROFIT/(LOSS) BEFORE TAXATION 229,695 (499,309 )

Tax on profit/(loss) 6 - 396
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 229,695 (499,705 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

229,695

(499,705

)

Telford International Limited (Registered number: 03313024)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes €    €    €    €   
FIXED ASSETS
Tangible assets 7 20,146 24,994
Investments 8 547,622 547,622
567,768 572,616

CURRENT ASSETS
Stocks 9 1,636 5,018
Debtors 10 1,340,609 848,350
Cash at bank and in hand 11 339,731 451,218
1,681,976 1,304,586
CREDITORS
Amounts falling due within one year 12 727,020 550,099
NET CURRENT ASSETS 954,956 754,487
TOTAL ASSETS LESS CURRENT LIABILITIES 1,522,724 1,327,103

CAPITAL AND RESERVES
Called up share capital 13 571,405 571,405
Foreign exchange reserve 232,079 266,153
Retained earnings 719,240 489,545
SHAREHOLDERS' FUNDS 1,522,724 1,327,103

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2024 and were signed on its behalf by:





Mr G Olivieri - Director


Telford International Limited (Registered number: 03313024)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Foreign
share Retained exchange Total
capital earnings reserve equity
€    €    €    €   
Balance at 1 January 2022 571,405 989,250 140,403 1,701,058

Changes in equity
Movement for the year - - 125,750 125,750
Total comprehensive income - (499,705 ) - (499,705 )
Balance at 31 December 2022 571,405 489,545 266,153 1,327,103

Changes in equity
Movement for the year - - (34,074 ) (34,074 )
Total comprehensive income - 229,695 - 229,695
Balance at 31 December 2023 571,405 719,240 232,079 1,522,724

Telford International Limited (Registered number: 03313024)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes €    €   
Cash flows from operating activities
Cash generated from operations 1 (104,890 ) (185,770 )
Tax paid - (396 )
Net cash from operating activities (104,890 ) (186,166 )

Cash flows from investing activities
Purchase of tangible fixed assets (6,922 ) (2,315 )
Interest received 325 69
Net cash from investing activities (6,597 ) (2,246 )

Decrease in cash and cash equivalents (111,487 ) (188,412 )
Cash and cash equivalents at beginning of
year

2

451,218

639,630

Cash and cash equivalents at end of year 2 339,731 451,218

Telford International Limited (Registered number: 03313024)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
€    €   
Profit/(loss) for the financial year 229,695 (499,705 )
Depreciation charges 10,953 34,196
Decrease/(increase) in group balances (466,278 ) 399,964
Foreign exchange differences (33,257 ) 37,202
Finance income (325 ) (69 )
Taxation - 396
(259,212 ) (28,016 )
Decrease in stocks 3,382 2,073
Increase in trade and other debtors (25,981 ) (151,142 )
Increase/(decrease) in trade and other creditors 176,921 (8,685 )
Cash generated from operations (104,890 ) (185,770 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
€    €   
Cash and cash equivalents 339,731 451,218
Year ended 31 December 2022
31.12.22 1.1.22
€    €   
Cash and cash equivalents 451,218 639,630


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
€    €    €   
Net cash
Cash at bank and in hand 451,218 (111,487 ) 339,731
451,218 (111,487 ) 339,731
Total 451,218 (111,487 ) 339,731

Telford International Limited (Registered number: 03313024)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

The preparation of financial statements in compliance with FRS 102 requires use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Preparation of consolidated financial statements
The financial statements contain information about Telford International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The preparation of the company's financial statements requires management to make significant accounting judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its significant accounting judgements and estimates.

Management has identified the following critical accounting policies for which significant judgements, estimates and assumptions are made.

Provision for bad debts
Allowance for doubtful debts is determined using a combination of factors to ensure that the trade receivables are not overstated. The allowance for doubtful debts for all customers is based on a variety of factors, including the overall quality and ageing of receivables, continuing credit evaluation of the customers' financial condition and collateral requirements from customers in certain circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

All turnover is recognised in the period in which goods are delivered or the service is provided. Income is invoiced monthly in arrears and is based on the time based cost of consultants engaged. Turnover is recognised gross of local withholding taxes.

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 - Straight line over 5 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Telford International Limited (Registered number: 03313024)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

Financial instruments
The company does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter, trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

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

Telford International Limited (Registered number: 03313024)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Functional and presentation currency

The company's functional and presentational currency is Euro.

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 profit or loss.

Non-monetary items in respect of the company's foreign branch which are measured at historical cost are translated using the exchange rate at the date of the transaction, monetary items are translated using the closing rate. Income and expense items for the branch are translated at the average exchange rate for the year.

3. TURNOVER

The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
€    €   
Europe 585,263 1,394,417
Kazakhstan 149,449 -
Abu Dhabi 1,698,078 954,351
Africa 495,511 47,934
2,928,301 2,396,702

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
€    €   
Wages and salaries 98,955 137,925

Telford International Limited (Registered number: 03313024)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 4 4
Staff 15 28
19 32

31.12.23 31.12.22
€    €   
Directors' remuneration 60,770 59,557

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

31.12.23 31.12.22
€    €   
Depreciation - owned assets 10,953 34,196
Auditors' remuneration 12,658 12,723
Foreign exchange differences (38,797 ) 104,693

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
€    €   
Current tax:
UK corporation tax - 396
Tax on profit/(loss) - 396

UK corporation tax has been charged at 23.52% (2022 - 19%).

Tax on items charged to equity
31.12.23 31.12.22
€    €   
Foreign tax on income for the year - 396

Telford International Limited (Registered number: 03313024)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
€    €   
Profit/(loss) before tax 229,695 (499,309 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

54,024

(94,869

)

Effects of:
Depreciation in excess of capital allowances 246 6,497
Relief for withholding tax - (75 )
Withholding tax - 396
Movement in unrelieved losses (54,270 ) 88,447
Total tax charge - 396

The company has carried forward tax losses that will relieve future profits of the company of €1.389m (2022: €1.586m). The resulting deferred tax asset at 23.52% of €1.049m (2022: 19% of €1.2m) has not been recognised due to uncertainties over the timing and nature of such profits.

7. TANGIBLE FIXED ASSETS
Plant and
machinery
€   
COST
At 1 January 2023 394,209
Additions 6,922
Exchange differences 4,505
At 31 December 2023 405,636
DEPRECIATION
At 1 January 2023 369,215
Charge for year 10,953
Exchange differences 5,322
At 31 December 2023 385,490
NET BOOK VALUE
At 31 December 2023 20,146
At 31 December 2022 24,994

Telford International Limited (Registered number: 03313024)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
€   
COST
At 1 January 2023
and 31 December 2023 547,622
NET BOOK VALUE
At 31 December 2023 547,622
At 31 December 2022 547,622

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

'Proteco' Societe a Responsibilite
Registered office: Rue Pili-Kondi, Immeuble Nana, 5eme Etage, Bureau 503 - Centre Ville, B.P.627, Point Noire, Congo
Nature of business: provision of services in the oil and gas industry
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
€    €   
Aggregate capital and reserves 607,784 224,058
Profit/(loss) for the year 383,725 (129,232 )

9. STOCKS
31.12.23 31.12.22
€    €   
Stocks 1,636 5,018

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
€    €   
Trade debtors 571,750 478,553
Amounts owed by group undertakings 576,135 109,857
Other debtors 162,678 30,474
VAT - 5,336
Prepayments and accrued income 30,046 224,130
1,340,609 848,350

Telford International Limited (Registered number: 03313024)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CASH AT BANK AND IN HAND
31.12.23 31.12.22
€    €   
Bank account no. 1 14,893 35,224
Client virtual account 1,414 53,637
Bank account no. 3 321,993 362,357
Cash in hand 1,431 -
339,731 451,218

Cash at hand and in bank includes margin money under lien of €12,332 (2022: €12,748) and bank fixed deposits of €18,122 (2022: €18,399).

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
€    €   
Trade creditors 386,456 530,289
VAT 8,747 -
Other creditors 270,754 5,536
Accruals and deferred income 61,063 14,274
727,020 550,099

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: €    €   
500,000 Ordinary £1 571,405 571,405

14. RELATED PARTY DISCLOSURES


Sales to related
parties€
Purchases from
related parties€

Receivable€
2023
Parent company - - 31,511
Fellow subsidiaries - - 544,625

2022
Parent company - - 24,568
Fellow subsidiaries - - -


Telford International Limited (Registered number: 03313024)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. PARENT UNDERTAKING AND ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr E Bracco.

The company is a subsidiary of Expertise Srl which is the immediate and ultimate parent company incorporated in Italy.

The largest and smallest group in which the results of the company are consolidated is that headed by Expertise Srl, incorporated in Italy. The consolidated accounts of this company are available to the public and may be obtained from Via Trieste, 417047 Vado Ligure (SY), Italy. No other group accounts include the results of the company.