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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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SEAL SANDS GAS TRANSPORTATION LIMITED |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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FOR |
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SEAL SANDS GAS TRANSPORTATION LIMITED |
SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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SEAL SANDS GAS TRANSPORTATION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITOR: |
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Chartered Accountants |
Statutory Auditor |
24 St Cuthberts Way |
Darlington |
DL1 1GB |
SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610) |
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STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2018 |
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2018 | 2017 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Other reserves | 12 | ( |
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Retained earnings | 12 |
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( |
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SHAREHOLDERS' FUNDS | ( |
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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 on
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SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Seal Sands Gas Transportation Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company currently generates no income and is unlikely to do so in the foreseeable future. |
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The company's intermediate parent company, Trafigura Pte Ltd, has confirmed that until income is generated to |
enable costs to be met, including the recommissioning of the gas transportation facilities, they will provide |
funding to enable the company to meet its ongoing financial obligations and on this basis, the directors are of the |
opinion that the going concern basis for the preparation of the financial statements is appropriate. |
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Turnover |
Turnover represents net invoiced recharges to an intermediate parent company, excluding value added tax, |
derived from ordinary activities within the United Kingdom. |
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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. |
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Stocks |
Stocks comprised of assets transferred from fixed assets in the prior period that were still held at the balance |
sheet date. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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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) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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The provision is increased in line with the estimated rate of inflation and this increase is charged to the profit and |
loss account. |
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Functional and presentational currency |
With effect from 1 October 2017, both the functional and presentational currency of the company were changed |
to US dollars from GBP sterling. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Pipelines |
and |
related |
equipment |
$ |
COST |
At 1 October 2017 |
and 30 September 2018 |
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DEPRECIATION |
At 1 October 2017 |
and 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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5. | STOCKS |
2018 | 2017 |
$ | $ |
Transfers from fixed assets |
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SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
$ | $ |
VAT |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
$ | $ |
Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
$ | $ |
Accruals and deferred income |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
$ | $ |
Within one year |
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Between one and five years |
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In more than five years |
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10. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
$ | $ |
Other provisions |
Asset retirement obligation provision | 5,694,727 | 5,527,994 |
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Asset |
retirement |
obligation |
$ |
Balance at 1 October 2017 |
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Charged to profit and |
loss account | 166,733 |
Balance at 30 September 2018 |
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SEAL SANDS GAS TRANSPORTATION LIMITED (REGISTERED NUMBER: 05807610) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | $ | $ |
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Ordinary | $1.42 | 14,413,006 | 13,640,588 |
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On 1 February 2018, the company re-denominated its ordinary shares from £1 each to $1.42 each. A difference |
has arisen on the total nominal value of the ordinary shares due to the difference between the exchange rate at the |
start of the year when the functional currency was changed and the rate at the date of re-denomination and this |
has been charged to the share re-denomination reserve. |
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12. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
$ | $ | $ |
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At 1 October 2017 |
( |
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(19,104,689 | ) |
Deficit for the year | ( |
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Share re-denomination reserve | - | (772,418 | ) | (772,418 | ) |
At 30 September 2018 |
( |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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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 27 June 2019 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. |
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14. | OTHER FINANCIAL COMMITMENTS |
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There is an anticipated future commitment in the next 12 months of $117,909 (2017 : $254,967) under the terms |
of an operations and maintenance agreement with px (LNG) Teesside Limited for the provision of the staff and |
resources. |
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There was also a future commitment in the next 12 months of $nil (2017 : $29,988) under the terms of a |
management services agreement with px Management Limited for the provision of administration and accounting |
services for the company which was terminated in June 2018. |
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15. | RELATED PARTY DISCLOSURES |
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At 30 September 2018, $4,255,984 (2017 : $134,390) was due to the company's intermediate parent undertaking, |
Trafigura Pte Ltd. |
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16. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
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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. |
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The ultimate parent undertaking is Farringford NV, a company incorporated in the Netherlands Antilles. In the |
opinion of the directors, there is no ultimate controlling party. |