REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
| SEAL SANDS GAS TRANSPORTATION LIMITED |
REGISTERED NUMBER: |
| 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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 7 |
NET LIABILITIES | ( | ) | ( | ) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium | 9 |
Other reserves | 9 | ( | ) | ( | ) |
Retained earnings | 9 | ( | ) | ( | ) |
SHAREHOLDERS' FUNDS | ( | ) | ( | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
DEPRECIATION |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
$ | $ |
VAT |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
$ | $ |
Trade creditors |
Amounts owed to group undertakings |
Accruals |
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 |
Between one and five years |
In more than five years |
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 |
Charge to Income Statement during year |
Foreign exchange rate movement | 916,798 |
Balance at 30 September 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | $ | $ |
Ordinary | $1.42 | 14,413,007 | 14,413,007 |
9. | RESERVES |
Retained | Share | Other |
earnings | premium | reserves | Totals |
$ | $ | $ | $ |
At 1 October 2023 | ( | ) | ( | ) | (23,927,158 | ) |
Deficit for the year | ( | ) | - | - | ( | ) |
At 30 September 2024 | ( | ) | ( | ) | (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 |
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. |