Registered number
03646098
NNPC Trading Services (UK) Limited
Report and Financial Statements
31 December 2023
NNPC Trading Services (UK) Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Independent auditor's report 4
Statement of profit or loss 7
Statement of comprehensive income 8
Statement of financial position 9
Statement of changes in equity 10
Statement of cash flows 11
Notes to the financial statements 12
NNPC Trading Services (UK) Limited
Company Information
Directors
Mallam Mele K KYARI
Mr. Umar I AJIYA
Lawal SADE
Shehu Abdullahi USMAN Appointed on 27 February 2023
Hubertus Sigfridus STOKMAN Appointed on 27 February 2023
Jean-Marc Louis CORDIER Appointed on 27 February 2023
Salihu Nuhu JAMARI Appointed on 27 February 2023
Mohammed Zarah ALI Appointed on 27 February 2023
Bala Maijama'a WUNTI Appointed on 27 February 2023
Philomena Anwuli IKOKO Resigned on 27 February 2023
Adokiye TOMBOMIEYE Resigned on 27 February 2023
Lawrencia NDUPU Resigned on 27 February 2023
Muhammad Kudu SULEIMAN Resigned on 27 February 2023
Company Secretary
Mrs Uzoma Maudline EMELIFE
Independent Auditor
Coleman - Isah
45A London Road
St Leonard’s-On-Sea
East Sussex
TN37 6AJ
Bankers
Access Bank Plc
4 Royal Court, Gadbrook Way
Gadbrook Park, Northwich
Cheshire
CW9 7UT
Registered office
Capitol House
159 Hammersmith Road
London
W6 8BS
Registered number
03646098
NNPC Trading Services (UK) Limited
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be provider of adminstrative services to NNPC Trading S.A - a Panamanian registered trading company.
Results and Dividends
The profit after taxation, amounted to £140,085 (2022 : £53,725)
The directors did not recommend any dividend during the year (2022 : £nil)
Directors
The following persons served as directors during the year:
Mallam Mele K KYARI
Mr. Umar I AJIYA
Lawal SADE
Shehu Abdullahi USMAN Appointed on 27 February 2023
Hubertus Sigfridus STOKMAN Appointed on 27 February 2023
Jean-Marc Louis CORDIER Appointed on 27 February 2023
Salihu Nuhu JAMARI Appointed on 27 February 2023
Mohammed Zarah ALI Appointed on 27 February 2023
Bala Maijama'a WUNTI Appointed on 27 February 2023
Philomena Anwuli IKOKO Resigned on 27 February 2023
Adokiye TOMBOMIEYE Resigned on 27 February 2023
Lawrencia NDUPU Resigned on 27 February 2023
Muhammad Kudu SULEIMAN Resigned on 27 February 2023
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
state whether applicable UK 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 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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is 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 company's auditor is aware of that information.
Small companies' exemption note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 23 July 2024 and signed on its behalf.
Mr Lawal SADE
Director
NNPC Trading Services (UK) Limited
Independent auditor's report
to the members of NNPC Trading Services (UK) Limited for the period ended 31 December 2023
Opinion
We have audited the financial statements of NNPC Trading Services (UK) Limited (the 'company') For the year ended 31 December 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United International Financial Reporting Standards (IFRSs) as adpoted by the United Kingdom.
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;
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 Auditor’s 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which 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 directors’ responsibilities statement, 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 is 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.
Auditor’s 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with directors and other management at the planning stage;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations;
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, employment legislation and taxation legislation; and
We assessed the extent of compliance with the laws and regulations identified above through:
making enquiries of management;
inspecting legal expenditure throughout the year for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations; and
corroborating our enquiries through our review of board minutes.
To address the risk of fraud through management bias and override of controls, we:
identified and assessed the design effectiveness of controls management has in place to prevent and detect fraud;
determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
reviewed journal entries throughout the period to identify unusual transaction;
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
considered the transfer pricing implications surrounding the Agency agreement;
recalculated revenue as per the Agency agreement;
identified and challenged assumptions and judgements made by management in its significant accounting estimates; and
carried out substantive testing, including random samples, to check the occurrence and cut-off of expenditure.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor's report 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.
Isah Abdullahi
(Senior Statutory Auditor)
for and on behalf of
Coleman - Isah
Statutory Auditor
45A London Road
St Leonard’s-On-Sea
East Sussex
TN37 6AJ
23 July 2024
NNPC Trading Services (UK) Limited
Statement of profit or loss
For the year ended 31 December 2023
Notes 2023 2022
£ £
Revenue 4 208,576 107,303
Administrative expenses (55,804) (40,968)
Operating profit 5 152,772 66,335
Profit on ordinary activities before taxation 152,772 66,335
Tax on profit on ordinary activities 7 (12,687) (12,610)
Profit for the financial year 140,085 53,725
NNPC Trading Services (UK) Limited
Statement of Comprehensive Income
For the year ended 31 December 2023
Notes 2023 2022
£ £
Profit for the financial year 140,085 53,725
Other comprehensive income
Total comprehensive income for the year 140,085 53,725
NNPC Trading Services (UK) Limited
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Assets
Current assets
Trade and other receivables 8 1,615,198 62,100
Cash and cash equivalent 632,586 1,707,280
2,247,784 2,247,784 1,769,380 1,769,380
Total Assets 2,247,784 1,769,380
Liabilities
Current Liabilities
Trade and other payables 10 (827,992) (489,673)
(827,992) (489,673)
Total Liabilities (827,992) (489,673)
Net assets 1,419,792 1,279,707
Capital and reserves
Called up share capital 11 2 2
Profit and loss account 12 1,419,790 1,279,705
Total equity 1,419,792 1,279,707
The notes on pages 12 to 17 are an integral part of these financial statements.
The financial statements on pages 10 to17 were authorised for issue by the board of directors and were signed on its behalf.
Shehu Abdullahi USMAN
Director
Approved by the board on 23 July 2024
NNPC Trading Services (UK) Limited
Statement of Changes in Equity
For the year ended 31 December 2023
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 January 2022 2 - - 1,225,980 1,225,982
Profit for the financial year 53,725 53,725
At 31 December 2022 2 - - 1,279,705 1,279,707
At 1 January 2023 2 - - 1,279,705 1,279,707
Profit for the financial year 140,085 140,085
At 31 December 2023 2 - - 1,419,790 1,419,792
NNPC Trading Services (UK) Limited
Statement of Cash Flows
For the year ended 31 December 2023
Notes 2023 2022
£ £
Operating activities
Profit for the financial year 140,085 53,725
Adjustments for:
Tax on profit on ordinary activities 12,687 12,610
(Increase)/decrease in debtors (1,553,098) 2,158,402
Increase/(decrease) in creditors 338,243 (755,404)
(1,062,083) 1,469,333
Corporation tax paid (12,611) (445)
Cash (used in)/generated by operating activities (1,074,694) 1,468,888
Net cash (used)/generated
Cash (used in)/generated by operating activities (1,074,694) 1,468,888
Net cash (used)/generated (1,074,694) 1,468,888
Cash and cash equivalents at 1 January 1,707,280 238,392
Cash and cash equivalents at 31 December 632,586 1,707,280
Cash and cash equivalents comprise:
Cash at bank 632,586 1,707,280
NNPC Trading Services (UK) Limited
Notes to the Accounts
For the year ended 31 December 2023
1 General information
NNPC Trading Services (UK) Limited is a private company limited by shares and is registered in England and Wales. Its company registration number is 03646098.
2 Summary of significant accounting policies
Statement of compliance
The financial statements have been prepared in accordance with applicable law and UK adopted international accounting standards, IFRIC Interpretations and the parts of the Companies Act 2006 applicable to companies reporting under international accounting standards.
Basis of preparation
The financial statements are prepared on the historical cost basis and the accounting policies set out below have been applied. The preparation of financial statements in conformity with UK adopted international accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies.
The significant accounting policies of the Company have remained unchanged from the previous year and are set out below.
Going concern
For the year ended 31 December 2023, the company made Profit on ordinary activities before taxation of £152,772 (2022 : £66,335) and at 31 December 2023 had Net assets of £1,419,792 (2022 : £1,279,707)
The Company’s ultimate parent undertaking, The Nigerian National Petroleum Company Limited (NNPCL), has confirmed that it is its current intention to support the business financially for the foreseeable future and for no less than 12 months from the date of approval of these financial statements.
Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's financial statements may be invalid and adjustments would have to be made necessary should this basis not continue to be appropriate.
Revenue
Revenue represents commission charged to the Company’s immediate parent undertaking in respect of services provided.
Trade Receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Trade Payables
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the reporting date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of revenue and expenditure in taxation computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Foreign currency translation
a) Functional and presentational currency

These financial statements are presented in Pounds Sterling, which is the Company’s functional currency.

b) Transactions and balances

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Any gains or losses arising from a change in exchange rates subsequent to the transaction date are included as an exchange gain or loss in the Statement of comprehensive income.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on call with banks and all other cash amounts with maturities of three months or less.
Share capital
Ordinary shares are classified as equity. Any incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
Adoption of new and revised standards
a) New and amended standards adopted by the Company:
There are no UK adopted international accounting standards or IFRIC interpretations that were effective for the first time for the period beginning 1 January 2023 that would be expected to have a material impact on the Company.

b) New standards, amendments and interpretations in issue but not yet effective at the date of authorisation of these financial statements:

There are no UK adopted international accounting standards or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company.

3 Critical accounting estimates and judgements
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods.

The directors do not consider there to be any critical judgements, estimates or assumptions in respect of the year.
4 Analysis of turnover 2023 2022
£ £
Services rendered 208,576 107,303
5 Operating profit 2023 2022
£ £
This is stated after charging:
Impairment of trade receivables 3,024 35
Auditors' remuneration for audit services 21,000 23,000
6 Staff costs and average numbers of employees 2023 2022
Average number of employees during the year Number Number
Administration 7 7
7 7
7 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 35,587 12,610
Adjustments in respect of previous periods (22,900) -
12,687 12,610
Tax on profit on ordinary activities 12,687 12,610
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 152,772 66,335
Standard rate of corporation tax in the UK 19% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 29,027 12,604
Effects of:
Expenses not deductible for tax purposes 6,560 6
Adjustments to tax charge in respect of previous periods (22,900) -
Current tax charge for period 12,687 12,610
Factors that may affect future tax charges
With effect from 1 April 2023 the rate of corporation tax increased, tapering from 19% for businesses with profits of less than £50,000 to 25% for businesses with profits over £250,000.
8 Trade and other receivables 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,615,212 -
Impairment (3,014) (34)
Other receivables 3,000 14,051
Prepayments and accrued income - 48,083
1,615,198 62,100
9 Cash and cash equivalents 2023 2022
£ £
Cash at bank and in hand 632,631 1,707,281
Impairment (45) (1)
632,586 1,707,280
10 Trade and other payables 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 756,806 429,662
Corporation tax 35,587 35,511
Other creditors 5,599 -
Accruals and deferred income 30,000 24,500
827,992 489,673
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
11 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 2 2 2
12 Profit and loss account 2023 2022
£ £
At 1 January 1,279,705 1,225,980
Profit for the financial year 140,085 53,725
At 31 December 1,419,790 1,279,705
13 Contingent liabilities
The Company had no contingent liabilities at 31 December 2023 or 31 December 2022.
14 Related party transactions
Ultimate parent company
At 31 December 2023, the ultimate parent undertaking of the Company was The Nigerian National Petroleum Company Limited (NNPCL), a company incorporated in Nigeria.
Transactions and balances with subsidiaries and other related parties
2023 2022 2023 2022
£ £ £ £
Receivables Payables
Parent Company
NNPC Limited (71,489) (71,489)
Entities under common ownership
NNPC Trading Limited 290,839
NNPC Trading S A 1,088,082 - (441,904) (358,173)
NNPC Trading DMCC 236,291
NNPC London Office (243,413)
1,615,212 - (756,806) (429,662)
The Company does not have significant restrictions on its ability to access or use its assets and settle its liabilities.
15 Controlling party
At 31 December 2023, the ultimate parent undertaking of the Company was The Nigerian National Petroleum Company Limited (NNPCL), a company incorporated in Nigeria.
16 Presentation currency
The financial statements are presented in Pound Sterling.
17 Legal form of entity and country of incorporation
NNPC Trading Services (UK) Limited is a private company limited by shares and incorporated in England.
18 Principal place of business
The address of the company's principal place of business and registered office is:
Capitol House
159 Hammersmith Road
London
W6 8BS
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