IRIS Accounts Productionv25.1.0.73405807610Board of DirectorsBoard of Directors1.10.2330.9.2430.9.2423.6.2500falsetruefalsefalsetruefalseAuditors OpinionOrdinary1.42000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh058076102023-09-30058076102024-09-30058076102023-10-012024-09-30058076102022-09-30058076102022-10-012023-09-30058076102023-09-3005807610ns15:EnglandWales2023-10-012024-09-3005807610ns14:USDollar2023-10-012024-09-3005807610ns10:Director12023-10-012024-09-3005807610ns10:Director22023-10-012024-09-3005807610ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3005807610ns10:SmallEntities2023-10-012024-09-3005807610ns10:Audited2023-10-012024-09-3005807610ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3005807610ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3005807610ns10:FullAccounts2023-10-012024-09-3005807610ns10:OrdinaryShareClass12023-10-012024-09-3005807610ns10:RegisteredOffice2023-10-012024-09-3005807610ns5:CurrentFinancialInstruments2024-09-3005807610ns5:CurrentFinancialInstruments2023-09-3005807610ns5:ShareCapital2024-09-3005807610ns5:ShareCapital2023-09-3005807610ns5:SharePremium2024-09-3005807610ns5:SharePremium2023-09-3005807610ns5:FurtherSpecificReserve1ComponentTotalEquity2024-09-3005807610ns5:FurtherSpecificReserve1ComponentTotalEquity2023-09-3005807610ns5:RetainedEarningsAccumulatedLosses2024-09-3005807610ns5:RetainedEarningsAccumulatedLosses2023-09-3005807610ns5:PlantMachinery2023-09-3005807610ns5:PlantMachinery2024-09-3005807610ns5:PlantMachinery2023-09-3005807610ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3005807610ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3005807610ns5:WithinOneYear2024-09-3005807610ns5:WithinOneYear2023-09-3005807610ns5:BetweenOneFiveYears2024-09-3005807610ns5:BetweenOneFiveYears2023-09-3005807610ns5:MoreThanFiveYears2024-09-3005807610ns5:MoreThanFiveYears2023-09-3005807610ns5:AllPeriods2024-09-3005807610ns5:AllPeriods2023-09-3005807610ns5:OtherProvisionsContingentLiabilities2023-09-3005807610ns5:OtherProvisionsContingentLiabilities2023-10-012024-09-3005807610ns5:OtherProvisionsContingentLiabilities2024-09-3005807610ns10:OrdinaryShareClass12024-09-3005807610ns5:RetainedEarningsAccumulatedLosses2023-09-3005807610ns5:SharePremium2023-09-3005807610ns5:FurtherSpecificReserve1ComponentTotalEquity2023-09-3005807610ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-30

REGISTERED NUMBER: 05807610 (England and Wales)













AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


FOR



SEAL SANDS GAS TRANSPORTATION LIMITED


SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024





Page




Company Information  

1




Statement of Financial Position  

2




Notes to the Financial Statements  

3





SEAL SANDS GAS TRANSPORTATION LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2024









DIRECTORS:

N. Ahmed


I. Marin







REGISTERED OFFICE:

14 St. George Street


London


W1S 1FE







REGISTERED NUMBER:

05807610 (England and Wales)







AUDITORS:

CP Waites


Chartered Accountants


Statutory Auditor


24 St Cuthberts Way


Darlington


DL1 1GB


SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610)



STATEMENT OF FINANCIAL POSITION

30 SEPTEMBER 2024



2024

2023



Notes

$   

$   

$   

$   


FIXED ASSETS

Tangible assets

3

2


2




CURRENT ASSETS

Debtors

4

10,218


9,475



Cash at bank

152,698


117,495



162,916


126,970



CREDITORS

Amounts falling due within one year

5

680,443


448,042



NET CURRENT LIABILITIES

(517,527

)

(321,072

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(517,525

)

(321,070

)



PROVISIONS FOR LIABILITIES

7

10,452,865


9,193,081



NET LIABILITIES

(10,970,390

)

(9,514,151

)



CAPITAL AND RESERVES

Called up share capital

8

14,413,007


14,413,007



Share premium

9

4,899,082


4,899,082



Other reserves

9

(772,418

)

(772,418

)


Retained earnings

9

(29,510,061

)

(28,053,822

)


SHAREHOLDERS' FUNDS

(10,970,390

)

(9,514,151

)



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


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:





N. Ahmed - Director




I. Marin - Director



SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


1.

STATUTORY INFORMATION



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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


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



Going concern


The Company's intermediate holding company, Trafigura Pte. Ltd., has undertaken to provide continuing financial support in respect of the financial obligations of the Company.



The directors believe that no events or conditions give rise to doubt about the ability of the Company to continue in operation in the next reporting period and for at least the next 12 months based on their knowledge of the Company, the anticipated economic outlook and the identified risks and uncertainties in relation thereto.



Based on the above, the directors are of the opinion that the going concern basis for the preparation of the financial statements is appropriate.



Tangible fixed assets

Depreciation was provided in order to write off each asset over its estimated useful life. Tangible fixed assets have been fully depreciated.


Taxation

Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.


SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024


2.

ACCOUNTING POLICIES - continued



Asset retirement obligation


An asset retirement obligation provision is recognised under section 21 'Provisions and Contingencies' of the Financial Reporting Standard 102 ,  in respect of obligations the company has for decommissioning its tangible fixed assets and restoring the site where they are situated to its former state.  The provision is calculated assuming the use of existing technology with the costs capitalised under section 17 of Financial Reporting Standard 102, 'Property Plant and Equipment' as attributable to the fixed assets to which they relate.



The provision is increased in line with the estimated rate of inflation and this increase is charged to the profit and loss account.



Functional and presentational currency


The functional and presentational currency of the company is US dollars.



3.

TANGIBLE FIXED ASSETS


Pipelines


and


related


equipment

$   



COST


At 1 October 2023


and 30 September 2024

61,573,632




DEPRECIATION


At 1 October 2023


and 30 September 2024

61,573,630




NET BOOK VALUE


At 30 September 2024

2




At 30 September 2023

2







4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


$   

$   



VAT

1,980


4,114




Prepayments

8,238


5,361



10,218


9,475




5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


$   

$   



Trade creditors

-


68,391




Amounts owed to group undertakings

665,881


365,379




Accruals

14,562


14,272



680,443


448,042




SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024


6.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023


$   

$   



Within one year

127,860


103,913




Between one and five years

511,439


415,650




In more than five years

260,774


316,109



900,073


835,672




7.

PROVISIONS FOR LIABILITIES

2024

2023


$   

$   



Other provisions


Asset retirement obligation provision

10,452,865


9,193,081





Asset



retirement



obligation


$   



Balance at 1 October 2023

9,193,081




Charge to Income Statement during year

342,986




Foreign exchange rate movement

916,798




Balance at 30 September 2024

10,452,865




8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

$   

$   



10,150,003

Ordinary

$1.42

14,413,007


14,413,007




9.

RESERVES


Retained


Share


Other



earnings


premium


reserves


Totals

$   

$   

$   

$   




At 1 October 2023

(28,053,822

)

4,899,082


(772,418

)

(23,927,158

)



Deficit for the year

(1,456,239

)

-


-


(1,456,239

)



At 30 September 2024

(29,510,061

)

4,899,082


(772,418

)

(25,383,397

)



10.

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



The auditor's report on these financial statements was unqualified and there were no matters to which the auditor drew attention by way of emphasis.  The auditor's report was signed on 23 June 2025 by Nicholas Waites BSc FCA (Senior Statutory Auditor) for and on behalf of CP Waites, Chartered Accountants, Statutory Auditor, 24 St Cuthberts Way, Darlington DL1 1GB.


SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024


11.

OTHER FINANCIAL COMMITMENTS


There is an anticipated future commitment in the next 12 months of $2,985 (2023 : $10,876) under the terms of an operations and maintenance agreement for the provision of maintenance services.

12.

RELATED PARTY DISCLOSURES



At 30 September 2024 $665,881 (2023 : $365,379) was due to the company's intermediate parent undertaking, Trafigura Pte. Ltd. No interest is charged on the amount due which is repayable on demand, but Trafigura Pte. Ltd., has confirmed that until income is generated to enable costs to be met they will not seek repayment of the amount due.


13.

EMPLOYEES AND DIRECTORS



Other than the directors, the company had no employees in either this year or the previous year. Remuneration is being paid to the directors by other group companies but it is not possible to allocate a proportion of such remuneration to services provided to Seal Sands Gas Transportation Limited.


14.

ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY



The immediate parent undertaking is Teesside Gasport Limited, a company registered in the United Kingdom whose registered address is 14 St. George Street, London, United Kingdom, W1S 1FE.



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.