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REGISTERED NUMBER: 12434447 (England and Wales)














Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

TIN SKY INVESTMENTS LIMITED

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)






Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


TIN SKY INVESTMENTS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: E Oblowitz





REGISTERED OFFICE: 5 Beaumont Gate
Shenley Hill
Radlett
Hertfordshire
WD7 7AR





REGISTERED NUMBER: 12434447 (England and Wales)





AUDITORS: Nagler Simmons
Chartered Accountants and Statutory Auditors
5 Beaumont Gate
Shenley Hill
Radlett
WD7 7AR

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his Strategic Report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The only trade is conducted by the company's wholly-owned subsidiary undertaking, SLPX srl (incorporated in Belgium), which is involved in the procurement, logistics, transportation and sale of mining commodities to its third party customers in the sub-Saharan African market. The subsidiary's main customers consist of large multinational mining companies. In terms of a signed agreement, SLPX srl procures on a non-exclusive, outsourced basis, specialist logistics and transportation services from providers having long-standing operational experience and specialist expert knowledge and expertise and related networks of contacts in the logistics industry pertaining to the bulk transportation of goods into and out of the relevant jurisdictions in sub-Saharan Africa.

SLPX srl operates on the basis of being a business with high volumetric sales but yielding low margins. In the period of operations ended 31 December 2023, the group achieved turnover of $159,013,763 (2022: $241,040,007) with a gross profit of 4.01% (2022: 4.63%) amounting to £6,378,530 (2022: $11,160,817). Group profits after tax for the period amounted to $3,868,123 (2022: $7,367,545).

The balance sheet on page 11 of the financial statements reflects a net assets position of $12,728,063 (2022: $10,809,940).

In terms of the assessment by the director, it is forecast for the ensuing year that the subsidiary's business activities and related profitability and cash flow will remain positive but at lower levels than the current year.

PRINCIPAL RISKS AND UNCERTAINTIES
The director is responsible for approving risk management principles and policies, and ensuring that the company maintains an effective system of internal controls. The director is responsible for monitoring and mitigating the risks identified. The principal risks identified include prevailing market volatility in the supplies and pricing of mining commodities, credit risk and the cancellation of confirmed orders.


TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

SECTION 172(1) STATEMENT
The director of the group acts in a way he considers, in good faith, is most likely to promote the success of the company, for the benefit of its members as a whole, and in doing so has regard to the:

a) likely consequence of any decision in the long term
b) interests of the group's employee
c) need to foster the group's business relationships with suppliers, customers and others
d) impact of the group's operations on the community and the environment
e) desirability of the company maintaining a reputation for high standards of business conduct
f) need to act fairly between members of the group

Group refers to Tin Sky Investments Limited and its subsidiary, SLPX srl.

The following section outlines how the director takes into account his decision making in relation to the following stakeholder groups:

Customers and suppliers
The relationship with the group's customers and suppliers is fundamental to its success and the benefits of maintaining strong relationships are valued.

Employee
Other than the director, the group has one full time employee. All suggestions, together with the views and interests of the employee is considered in all decision making.

Community and environment
A broad range of stakeholder considerations are taken into account when making decisions and careful consideration is given to any potential impacts on the local communities and the environment. The director understands the importance of having regard to the potential impact that the group's operations might have on the communities and environment in which it operates.

Members
The company is a direct 100% subsidiary of Metropolitan Holdings Limited, its ultimate controlling party, incorporated in British Virgin Islands. The interests and views of the ultimate parent company are included in the director's long-term decision making and strategic priorities.

FINANCIAL INSTRUMENTS
There were no financial instruments during the period.

CURRENCY RISK
The group's revenue and cost of sales are transacted in United States dollars so are equally matched. The
operational expenses which are not significant are transacted principally in Euros, so overall there is minor
exposure to currency risk.

INTEREST RATE RISK
The group has no interest bearing borrowings or receivables and accordingly bears no interest rate risk.


TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2023

KEY PERFORMANCE INDICATORS (KPI'S)
There are no KPIs required to be reported other than turnover, gross margin and profit after tax, that would provide a more comprehensive understanding of the business.

ON BEHALF OF THE BOARD:





E Oblowitz - Director


18 September 2024

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Report of the Director
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
An interim dividend of $19500 per share was paid on 29 December 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be $ 1,950,000 .

DIRECTOR
E Oblowitz held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Report of the Director
FOR THE YEAR ENDED 31 DECEMBER 2023


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

ON BEHALF OF THE BOARD:





E Oblowitz - Director


18 September 2024

Report of the Independent Auditors to the Members of
Tin Sky Investments Limited

Opinion
We have audited the financial statements of Tin Sky Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 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.

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 group 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 director's 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's and the 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 director with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Tin Sky Investments Limited


Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the 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 Group Strategic Report or the Report of the Director.

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 by the parent company, 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Tin Sky Investments 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:

· Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group operates in and how the group is complying with the legal and regulatory framework.

· Concluded on the work perfomed by the subsidiary company's auditor in identifying and assessing the risk of material misstatement of the financial statements due to fraud.

· Enquired of the director about his own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud.

· Used analytical procedures to identify any unusual or unexpected relationships.

· Evaluated the design and implementation of management's controls designed to prevent and detect irregularities, and evaluated the business rationale for any significant transactions outside the normal course of business.

· Reviewed the financial statement disclosures for compliance with applicable financial reporting requirements.

We did not identify any matters relating to non-compliance for laws or regulations or relating to fraud in the group and company or any material component on which audit procedures were performed.

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
Tin Sky Investments 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.




Robert Harris (Senior Statutory Auditor)
for and on behalf of Nagler Simmons
Chartered Accountants and Statutory Auditors
5 Beaumont Gate
Shenley Hill
Radlett
WD7 7AR

18 September 2024

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Consolidated
Income Statement
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes $    $   

TURNOVER 3 159,013,763 241,040,007

Cost of sales 152,635,233 229,861,464
GROSS PROFIT 6,378,530 11,178,543

Administrative expenses 1,119,678 840,859
OPERATING PROFIT and
PROFIT BEFORE TAXATION 5,258,852 10,337,684

Tax on profit 6 1,390,729 2,970,139
PROFIT FOR THE FINANCIAL YEAR 3,868,123 7,367,545
Profit attributable to:
Owners of the parent 3,868,123 7,367,545

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Consolidated
Other Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes $    $   

PROFIT FOR THE YEAR 3,868,123 7,367,545


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,868,123

7,367,545

Total comprehensive income attributable to:
Owners of the parent 3,868,123 7,367,545

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Consolidated Balance Sheet
31 DECEMBER 2023

31.12.23 31.12.22
Notes $    $   
CURRENT ASSETS
Debtors 10 14,797,272 25,478,500
Cash at bank 11,170,539 9,282,055
25,967,811 34,760,555
CREDITORS
Amounts falling due within one year 11 13,239,748 23,950,615
NET CURRENT ASSETS 12,728,063 10,809,940
TOTAL ASSETS LESS CURRENT LIABILITIES 12,728,063 10,809,940

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 12,727,963 10,809,840
SHAREHOLDER FUNDS 12,728,063 10,809,940

The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by:





E Oblowitz - Director


TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Company Balance Sheet
31 DECEMBER 2023

31.12.23 31.12.22
Notes $    $    $    $   
FIXED ASSETS
Investments 9 3,275 3,275

CURRENT ASSETS
Debtors 10 2,026,001 36,893

CREDITORS
Amounts falling due within one year 11 2,025,530 69,373
NET CURRENT ASSETS/(LIABILITIES) 471 (32,480 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,746 (29,205 )

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 3,646 (29,305 )
SHAREHOLDER FUNDS 3,746 (29,205 )

Company's profit/(loss) for the financial
year

1,982,951

(15,769

)

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 director and authorised for issue on 18 September 2024 and were signed by:





E Oblowitz - Director


TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
$    $    $   
Balance at 1 January 2022 100 3,442,295 3,442,395

Changes in equity
Profit for the year - 7,367,545 7,367,545
Total comprehensive income - 7,367,545 7,367,545
Balance at 31 December 2022 100 10,809,840 10,809,940

Changes in equity
Profit for the year - 3,868,123 3,868,123
Total comprehensive income - 3,868,123 3,868,123
Dividends - (1,950,000 ) (1,950,000 )
Balance at 31 December 2023 100 12,727,963 12,728,063

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
$    $    $   
Balance at 1 January 2022 100 (13,536 ) (13,436 )

Changes in equity
Total comprehensive income - (15,769 ) (15,769 )
Balance at 31 December 2022 100 (29,305 ) (29,205 )

Changes in equity
Dividends - (1,950,000 ) (1,950,000 )
Total comprehensive income - 1,982,951 1,982,951
Balance at 31 December 2023 100 3,646 3,746

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Consolidated 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 3,691,093 13,147,325
Tax paid (1,802,609 ) (5,138,961 )
Net cash from operating activities 1,888,484 8,008,364

Increase in cash and cash equivalents 1,888,484 8,008,364
Cash and cash equivalents at beginning
of year

2

9,282,055

1,273,691

Cash and cash equivalents at end of year 2 11,170,539 9,282,055

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
$    $   
Profit before taxation 5,258,852 10,337,684
Decrease/(increase) in trade and other debtors 11,093,108 (9,304,146 )
(Decrease)/increase in trade and other creditors (12,660,867 ) 12,113,787
Cash generated from operations 3,691,093 13,147,325

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 11,170,539 9,282,055
Year ended 31 December 2022
31.12.22 1.1.22
$    $   
Cash and cash equivalents 9,282,055 1,273,691


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
$    $    $   
Net cash
Cash at bank 9,282,055 1,888,484 11,170,539
9,282,055 1,888,484 11,170,539
Total 9,282,055 1,888,484 11,170,539

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Tin Sky Investments 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 General Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These group and parent company financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertaking drawn up to 31 December 2023. The results are presented as if the two companies formed a single entity.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the parent company. Goodwill is recognised as the fair value of the net assets at the date of purchase, less the cost of acquiring the interest in the subsidiary. The shares in the subsidiary undertaking were purchased at par on its incorporation, resulting in no goodwill being recorded.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiary, which is 100% owned, are eliminated in full.

Going concern
The director has a reasonable expectation the group has adequate resources to operational existence and meet its liabilities as they fall due for at least 12 months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

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

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has chosen to apply the provisions of section 11 "Basic Financial instruments" and Section 12 "Other Financial instruments issues" of FRS 102 to all of its financial instruments.

Basic Financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operation from suppliers. Amount payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
$    $   
Africa 159,013,763 241,040,007
159,013,763 241,040,007

The geographical market for turnover is solely in Africa.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
$    $   
Wages and salaries 38,209 43,406
Social security costs 886 1,377
39,095 44,783

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated 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

Administrative 2 2

The average number of employees by undertakings that were proportionately consolidated during the year was 1 (2022 - 1 ) .

31.12.23 31.12.22
$    $   
Director's remuneration 3,000 12,000

5. OPERATING PROFIT

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

31.12.23 31.12.22
$    $   
Other operating leases 21,704 22,935
Auditors' remuneration 29,925 26,238
Foreign exchange differences (126,802 ) 19,351

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:

31.12.23 31.12.22
$ $
Current tax:
UK corporation tax - -
Belgian corporation tax 1,390,729 2,970,139
1,390,729 2,970,139

Belgian corporation tax has been charged at 25%.

Reconciliation of total tax charge included in profit and loss

The tax on profit before tax for the year is higher than the standard rate of corporation tax in Belgium. The differences are explained below:

31.12.23 31.12.22
$ $
Profit before tax 5,258,852 10,337,684

Profit multiplied by the standard rate of corporation tax in
Belgium of 25% 1,314,713 2,584,421

Effects of:
Expenses not deductible for tax purposes 248,660 205,588
Other tax adjustments - 195,617
Losses carried forward 13,115 6,943
Foreign exchange differences (185,759 ) (22,430 )
1,390,729 2,970,139


7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. DIVIDENDS
31.12.23 31.12.22
$    $   
Interim 1,950,000 -

9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
$   
COST
At 1 January 2023
and 31 December 2023 3,275
NET BOOK VALUE
At 31 December 2023 3,275
At 31 December 2022 3,275

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

Subsidiary

SLPX srl
Registered office: Avenue Louise 489, 1050 Brussels, Belgium
Nature of business: Sale and provision of outsourced logistics
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
$    $   
Aggregate capital and reserves 12,727,592 10,847,818
Profit for the year 4,879,774 7,388,712


TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
$    $    $    $   
Trade debtors 12,155,557 16,672,340 - -
Amounts owed by group undertakings - - 2,026,001 36,893
Tax 2,611,112 2,199,232 - -
VAT 27,298 813 - -
Prepayments and accrued income 3,305 6,606,115 - -
14,797,272 25,478,500 2,026,001 36,893

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
$    $    $    $   
Trade creditors 9,609,056 16,544,896 - -
Amounts owed to group undertakings 2,006,427 56,427 2,006,427 56,427
Accruals and deferred income 1,624,265 7,349,292 19,103 12,946
13,239,748 23,950,615 2,025,530 69,373

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: $    $   
100 Ordinary $1 100 100

Each ordinary share is entitled to one vote. Each share is entitled pari passu to dividend payments at the discretion of the director.

TIN SKY INVESTMENTS LIMITED (REGISTERED NUMBER: 12434447)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. RESERVES

Group
Retained
earnings
$   

At 1 January 2023 10,809,840
Profit for the year 3,868,123
Dividends (1,950,000 )
At 31 December 2023 12,727,963


14. ULTIMATE PARENT COMPANY

Metropolitan Holdings Limited (incorporated in British Virgin Islands) is the company's immediate parent company, and is regarded by the director as being the ultimate controlling party. It does not prepare consolidated accounts.

Dividends paid to Metropolitan Holdings Limited totalled $1,950,000 (2022: $nil). Included in the group's balance sheet is an amount owed to Metropolitan Holdings Limited of $2,006,427 (2022: $56,427). There are no terms as to interest or repayment of this balance.

There were no other related party transactions during the year ended 31 December 2023 nor the year ended 31 December 2022.