REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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VALLIS COMMODITIES LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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VALLIS COMMODITIES LIMITED |
VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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VALLIS COMMODITIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
124 High Street |
Midsomer Norton |
Bath |
BA3 2DA |
VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank | 9 |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
11 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Vallis Commodities Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in United States of America dollars ($) as the directors consider this to be the functional currency of the company. |
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Summary of significant accounting policies and key accounting estimates |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. |
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Amortisation |
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Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: |
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Asset class | Amortisation method and rate |
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Goodwill | Over 10 years |
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Negative goodwill | Written off in the year of acquisition |
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The goodwill amortisastion policy was change to over 10 years on the 1 January 2015 when the net book value of goodwill was $44,277. |
VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
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Depreciation |
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Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: |
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Asset class | Depreciation method and rate |
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Motor Vehicles | 20% to 33% straight line |
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Office Equipment | Between 16.67% and 50% straight line |
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Short Leasehold | On a straight line basis over the course of the lease |
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Taxation |
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
$ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Amortisation for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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6. | TANGIBLE FIXED ASSETS |
Short | Motor | Computer |
leasehold | vehicles | equipment | Totals |
$ | $ | $ | $ |
COST |
At 1 January 2021 |
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Additions |
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Disposals |
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( |
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( |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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7. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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7. | FIXED ASSET INVESTMENTS - continued |
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Subsidiary | 2021 | 2020 |
Vallis Commodities Ltd Cameroon | 100% | 100% |
Vallis Dijbouti SAS | 100% | 0% |
Drum Resources Ghana Limited | 0% | 90% |
Vallis Gambia Limited | 99.9% | 99.9% |
Vallis Israel Ltd | 100% | 100% |
Vallis Commodities Limited / Jordan | 100% | 100% |
Vallis Liberia Limited | 100% | 100% |
Vallis Mauritius Limited | 100% | 100% |
Vallis Trade Assurances Services Namibia(Proprietary) Limited | 0% | 100% |
Vallis Commodities Nigeria Limited | 70% | 70% |
Vallis Rwanda Limited | 100% | 100% |
Vallis Senegal SARL | 0% | 99% |
Vallis CO. LTD Sudan | 100% | 99% |
Vallis (SL) Limited | 100% | 100% |
Vallis Uganda Limited | 98% | 98% |
Vallis Togo SARL U | 0% | 100% |
Vallis TAS Limited | 100% | 100% |
Vallis Kenya Limited | 0% | 100% |
Drum Commodities SARL Guinea Bissau | 100% | 0% |
Vallis Limited Somaliland | 49% | 0% |
Vallis Zimbabwe (Private) Limited | 29% | 0% |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
$ | $ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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9. | CASH AT BANK |
2021 | 2020 |
$ | $ |
Cash at bank and in hand | 348,884 | 1,024,989 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
$ | $ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Other creditors |
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11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
$ | $ |
Loans and borrowings |
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VALLIS COMMODITIES LIMITED (REGISTERED NUMBER: 04524501) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | CAPITAL COMMITMENTS |
2021 | 2020 |
$ | $ |
Contracted but not provided for in the |
financial statements |
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