Company registration number 10599626 (England and Wales)
TEESSIDE GASPORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
TEESSIDE GASPORT LIMITED
COMPANY INFORMATION
Directors
N. Ahmed
I. Marin
(Appointed 2 December 2024)
Company number
10599626
Registered office
14 St George Street
London
UK
W1S 1FE
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
TEESSIDE GASPORT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
TEESSIDE GASPORT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Principal activities
The principal activity of the Company is to act as a holding company.
Review of the business
The Company owns an investment in Seal Sands Gas Transportation Limited, a company engaged in oil trading activities. This investment is fully provided against. At present the Company has no other trading activities.
Principal risks and uncertainties
The principal risks and uncertainties facing the Company are broadly grouped as financial risk management and geopolitical risk.
Financial Risk Management
The key financial risk that the Company is exposed to is liquidity risk. The Company has no significant direct exposure to cashflow risk, credit risk or price risk due to the nature of its operations.
The Company's liquidity risk related to its ability to repay the creditor balances including the loan to the holding company. The risk of being unable to repay the loan is low as it is supported by its parent company to provide financial assistance if required for meeting any liabilities that cannot be recovered.
Development and performance
The directors expect that the general level of immediate future activity to remain consistent with the current year.
Key performance indicators
Given the straightforward nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
Other information and explanations
The Directors of Teesside Gasport Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1) (a-f) of the Companies Act 2006) in the decisions taken during the year ended 30 September 2024.
Our People
The Company does not directly employ any staff.
Business Relationships
We value long term relationships with our suppliers and customers and many of our relationships span years and some span decades. We employ robust "know your customer" and "know your supplier" processes across our operations, and we are typically cautious when entering into new relationships.
Community, Environment and Reputation
We believe that a positive and strong culture is the best way to ensure a high level of professional conduct when it comes to health and safety, environment, regulations or business dealings.
Capital allocation and long term decisions
At least on an annual basis the directors review the financial budgets, resource plans and investment decisions. In making decisions concerning the business plan and future strategy, the directors have regard to a variety of matters including the interests of stakeholders, long term consequences of our capital allocation (such expenditure needed to ensure our long term viability whilst maintaining adequate liquidity), and reputation.
Decisions on the level of dividend take into account the general profitability, liquidity and funding needs of the Company.
TEESSIDE GASPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
N. Ahmed
Director
19 June 2025
TEESSIDE GASPORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
N. Ahmed
J. Larocca
(Resigned 26 February 2024)
R. Holtum
(Resigned 2 December 2024)
I. Marin
(Appointed 2 December 2024)
Post reporting date events
There were no post balance sheet events that are required to be disclosed or adjusted in the financial statements.
Future developments
The Company will continue to function as a holding and financing company.
Auditor
The auditor, Bright Grahame Murray, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.
On behalf of the board
N. Ahmed
I. Marin
Director
Director
19 June 2025
TEESSIDE GASPORT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
TEESSIDE GASPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEESSIDE GASPORT LIMITED
- 5 -
Opinion
We have audited the financial statements of Teesside Gasport Limited (the 'Company') for the year ended 30 September 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its loss 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.
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.
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 our 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.
TEESSIDE GASPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEESSIDE GASPORT LIMITED (CONTINUED)
- 6 -
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with the Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate accounting journals and management bias in accounting estimates.
Audit procedures performed by the engagement team included -
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Identifying and testing journal entries, particularly those that are out of keeping with normal day to day entries.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Challenging management on their significant accounting judgements.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
TEESSIDE GASPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEESSIDE GASPORT LIMITED (CONTINUED)
- 7 -
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.
Ahsan Miraj (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray, Statutory Auditor
Chartered Accountants
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
23 June 2025
TEESSIDE GASPORT LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
USD
USD
Revenue
3
-
-
Administrative expenses
(18,728)
(14,681)
Operating loss
4
(18,728)
(14,681)
Finance income
7
997
Loss before taxation
(17,731)
(14,681)
Tax on loss
8
Loss and total comprehensive income for the financial year
(17,731)
(14,681)
TEESSIDE GASPORT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
USD
USD
USD
USD
Current assets
Cash and cash equivalents
52,161
376
Current liabilities
Borrowings
12
171,142
88,230
Trade and other payables
13
12,115
25,511
183,257
113,741
Net current liabilities
(131,096)
(113,365)
Net liabilities
(131,096)
(113,365)
Equity
Called up share capital
14
101
101
Share premium account
15
5,869,083
5,869,083
Accumulated losses
(6,000,280)
(5,982,549)
Total equity
(131,096)
(113,365)
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
N. Ahmed
I. Marin
Director
Director
Company registration number 10599626
TEESSIDE GASPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Share premium account
Retained earnings
Total
USD
USD
USD
USD
Balance at 1 October 2022
101
5,869,083
(5,967,868)
(98,684)
Year ended 30 September 2023:
Loss and total comprehensive income
-
-
(14,681)
(14,681)
Balance at 30 September 2023
101
5,869,083
(5,982,549)
(113,365)
Year ended 30 September 2024:
Loss and total comprehensive income
-
-
(17,731)
(17,731)
Balance at 30 September 2024
101
5,869,083
(6,000,280)
(131,096)
TEESSIDE GASPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information
Teesside Gasport Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 St George Street, London, UK, W1S 1FE. The Company's principal activities and nature of its operations are disclosed in the directors' report.
Refer to Note 16 for the names of the ultimate holding and controlling parties.
Teesside Gasport Limited does not present consolidated financial statements for the Company and its subsidiary, as it takes advantage of the exemption in section 400 of the Companies Act 2006 to not prepare group accounts.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in USD, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest USD.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the Company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
IFRS 7, 'Financial instruments: Disclosures'
IFRS 13, 'Fair value measurement': paragraphs 91 to 99
IAS 1, 'Presentation of Financial Statements': paragraph 38; 10(d); 16; 38A; 38B-D; 111; and 134-136
IAS 7, 'Statement of Cash flows'
IAS 8, 'Accounting policies, changes in accounting estimates and errors': paragraph 30 and 31
IAS 24, 'Related Party disclosures': paragraphs 17 and 18A
The requirements in IAS 24, 'Related Party disclosures' to disclose related party transactions entered into between two or more members of a group.
Where required, equivalent disclosures are given in the group accounts of Trafigura Group Pte. Ltd.. The group accounts of Trafigura Group Pte. Ltd. are available to the public and can be obtained as set out in note 16.
1.2
Going concern
Trafigura Pte. Ltd. has provided a letter of financial support to Teesside Gasport Limited to fund its operations for at least the next 12 months from the date the financial statements are approved. trueThe directors have at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TEESSIDE GASPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Financial liabilities
Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:
it has been incurred principally for the purpose of selling or repurchasing it in the near term, or
on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit taking, or
it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.
Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.
1.5
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than USD are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TEESSIDE GASPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.8
A subsidiary company is an investee that is controlled by the Company. The Company controls an investee when it is exposed or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.
Investments in subsidiaries are stated at cost less accumulated impairment losses. On disposal of investments in subsidiaries, the difference between net disposal proceeds and the carrying amount of the investment are recognised in profit and loss.
Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated so that the carrying amount of the investment is the lower of its cost or recoverable amount. The recoverable amount id the higher of the asset's fair value less cost to sell and its value in use.
1.9
Loans from fellow group companies are repayable on demand, and are initially recognised at fair value and are subsequently carried at amortised cost, using the effective interest rate method.
2
Critical accounting estimates and judgements
In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. 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 the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Impairment of investments
The Company has recorded, in the prior years, an impairment of $5,787,202 on its investment in Seal Sands Gas Transportation Limited, due to the cessation of the operations of this project, and the significant uncertainty of commercial opportunity to support the restart of the project.
3
Revenue
2024
2023
USD
USD
Revenue analysed by geographical market
-
-
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
USD
USD
Exchange losses/(gains)
1,195
(46)
TEESSIDE GASPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
5
Auditor's remuneration
2024
2023
Fees payable to the Company's auditor and associates:
USD
USD
For audit services
Audit of the financial statements of the Company
16,247
12,823
6
Employees
The average monthly number of persons (including directors) employed by the Company during the year was:
2024
2023
Number
Number
Total
7
Finance income
2024
2023
USD
USD
Interest income
Interest on bank deposits
997
8
Taxation
2024
2023
USD
USD
The charge for the year can be reconciled to the loss per the income statement as follows:
2024
2023
USD
USD
Loss before taxation
(17,731)
(14,681)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 22.00%)
(4,433)
(3,230)
Effect of unrecognised deferred tax on tax losses
4,433
3,230
Taxation charge for the year
-
-
TEESSIDE GASPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
2024
2023
USD
USD
(Continued)
- 15 -
OECD Pillar Two model rules
The Company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation is enacted in the United Kingdom, the jurisdiction in which the Company is incorporated, and will come into effect to financial years starting on or after 1 January 2024 (i.e. financial year 2025).
Under the Pillar Two legislation, the Company is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate.
Since the Pillar Two legislation is not effective at the reporting date, the Company has no related current tax exposure. As prescribed by the amendments to IAS 12 issued in May 2023, the Company applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Company has assessed its exposure to Pillar Two legislation on the basis of detailed GloBE calculations based on historical data. It is the expectation that the Company will not be liable to top-up tax in relation to its profits realised. Also considering that the statutory tax rate in the United Kingdom is above 15 percent, it is the expectation that the Company will have a GloBE effective tax rate above 15 percent.
9
Investments
Current
Non-current
2024
2023
2024
2023
USD
USD
USD
USD
Investments in subsidiaries
-
-
-
-
Movements in investments
Investments
USD
Cost or valuation
At 1 October 2023 & 30 September 2024
5,787,202
Impairment
At 1 October 2023 & 30 September 2024
(5,787,202)
Carrying amount
At 30 September 2024
-
At 30 September 2023
-
TEESSIDE GASPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
10
Subsidiaries
The below entity is the sole subsidiary of the Company.
Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Seal Sands Gas Transportation Limited
England and Wales
Gas transportation facilities
Ordinary
100.00
Their results listed below are their financial position as at 30 September 2023, which is the most recent financial statements available for the entity. The position at 30 September 2024 does not materially differ from the results shown below.
Name of undertaking
Capital and Reserves
Profit/(Loss)
USD
USD
Seal Sands Gas Transportation Limited
(9,514,151)
(1,479,269)
As noted elsewhere in these accounts, the Company has fully provided against its investment in this entity.
11
Liabilities
2024
2023
Notes
USD
USD
Borrowings
12
171,142
88,230
Trade and other payables
13
12,115
25,511
183,257
113,741
12
Borrowings
2024
2023
USD
USD
Borrowings held at amortised cost:
Bank overdrafts
505
-
Loans from fellow group undertakings
170,637
88,230
171,142
88,230
The group balances are short term, unsecured, non-interest bearing and repayable upon demand.
TEESSIDE GASPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
13
Trade and other payables
2024
2023
USD
USD
Trade payables
11,596
Accruals and deferred income
12,115
13,915
12,115
25,511
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
USD
USD
Issued and fully paid
Ordinary share of 1 USD each of USD1 each
101
101
101
101
15
Share premium account
2024
2023
USD
USD
At the beginning and end of the year
5,869,083
5,869,083
TEESSIDE GASPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
16
Controlling party
Trafigura Group PTE Ltd, the intermediate parent company, continues to prepare the consolidated accounts and they may be obtained from their registered offices.
Trafigura Group PTE Ltd,
10 Collyer Quay
#29-01/05 Ocean Financial Centre
Singapore
049315
The Company’s ultimate parent company is Trafigura Control Holdings Pte. Ltd., a company incorporated in Singapore.
Farringford Foundation, which is established under the laws of Panama, has decisive voting power over Trafigura Control Holdings Pte. Ltd. without having any exposure, or rights, to variable returns from its involvement with Trafigura Control Holdings Pte. Ltd.
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