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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
5 Beaumont Gate |
Shenley Hill |
Radlett |
WD7 7AR |
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 |
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 |
CURRENT ASSETS |
Debtors | 10 |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) |
SHAREHOLDER FUNDS | ( |
) |
Company's profit/(loss) for the financial year |
1,982,951 |
(15,769 |
) |
The financial statements were approved by the director and authorised for issue on |
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 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
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 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Avenue Louise 489, 1050 Brussels, Belgium |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
$ | $ |
Aggregate capital and reserves |
Profit for the year |
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 | - | - |
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 |
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 |
Accruals and deferred income | 1,624,265 | 7,349,292 |
13,239,748 | 23,950,615 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | $ | $ |
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. |