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REGISTERED NUMBER: 05752493 (England and Wales)






Financial Statements

for the Year Ended 31 December 2023

for

GTL TERMINALS LIMITED

GTL TERMINALS LIMITED (REGISTERED NUMBER: 05752493)

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










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GTL TERMINALS LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S Escott
K Shakhidi
F Shakhidi





REGISTERED OFFICE: 37th Floor
One Canada Square
Canary Wharf
London
E14 5AA





REGISTERED NUMBER: 05752493 (England and Wales)





AUDITORS: Pembroke Briggs Chartered Accountants
Beacon House
South Road
Weybridge
Surrey
KT13 9DZ

GTL TERMINALS LIMITED (REGISTERED NUMBER: 05752493)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 4,357,678 4,357,678

CURRENT ASSETS
Debtors 757,320 849,438
Cash at bank 71,365 51,487
828,685 900,925
CREDITORS
Amounts falling due within one
year

2,578

15,357
NET CURRENT ASSETS 826,107 885,568
TOTAL ASSETS LESS
CURRENT LIABILITIES

5,183,785

5,243,246

CREDITORS
Amounts falling due after more
than one year

12,986,154

13,074,665
NET LIABILITIES (7,802,369 ) (7,831,419 )

CAPITAL AND RESERVES
Called up share capital 5 1,063,251 1,063,251
Share premium 6 51,276,072 51,276,072
Retained earnings 6 (60,141,692 ) (60,170,742 )
SHAREHOLDERS' FUNDS (7,802,369 ) (7,831,419 )

GTL TERMINALS LIMITED (REGISTERED NUMBER: 05752493)

Abridged Balance Sheet - continued
31 December 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 30 July 2024 and were signed on its behalf by:





F Shakhidi - Director


GTL TERMINALS LIMITED (REGISTERED NUMBER: 05752493)

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


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

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

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.

GTL TERMINALS LIMITED (REGISTERED NUMBER: 05752493)

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


2. ACCOUNTING POLICIES - continued

Going concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Based on management accounts and projections, the Directors anticipate that the Company will maintain sustainable profitability and positive cashflow over the 12 months from the date of approval of the 2023 financial statements. Furthermore, the Director and Shareholders have indicated a willingness to make available continuing financial support to the Company for the forseeable future.

Therefore, after making enquiries and considering the uncertainties described above, the Directors have concluded that there is a reasonable expectation that the Company will have adequate resources to continue in operational existence for the forseeable future, being at least the next 12 months from the date of approval of the 2023 financial statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements. The financial statements do not reflect adjustments that would be necessary if the going concern basis was not appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

4. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2023
and 31 December 2023 4,357,678
NET BOOK VALUE
At 31 December 2023 4,357,678
At 31 December 2022 4,357,678

GTL TERMINALS LIMITED (REGISTERED NUMBER: 05752493)

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


5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
101,825,110 Ordinary £0.01 1,063,251 1,063,251

6. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 (60,170,742 ) 51,276,072 (8,894,670 )
Profit for the year 29,050 29,050
At 31 December 2023 (60,141,692 ) 51,276,072 (8,865,620 )

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Briggs (Senior Statutory Auditor)
for and on behalf of Pembroke Briggs Chartered Accountants