REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
LONRHO MARKET EXPANSION SERVICES LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
LONRHO MARKET EXPANSION SERVICES LIMITED |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Accountants' Report | 3 |
Statement of Comprehensive Income | 4 |
Balance Sheet | 5 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
LONRHO MARKET EXPANSION SERVICES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bridge House |
25 Fiddlebridge Lane |
Hatfield |
Hertfordshire |
AL10 0SP |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of an investment holding company. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 January 2022 to the date of this report unless otherwise stated. |
Other changes in directors holding office are as follows: |
The directors shown below were in office at 31 December 2022 but did not hold any interest in the Ordinary shares of $1.4802 each at 1 January 2022 or 31 December 2022. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LONRHO MARKET EXPANSION SERVICES LIMITED |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lonrho Market Expansion Services Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of Lonrho Market Expansion Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lonrho Market Expansion Services Limited and state those matters that we have agreed to state to the Board of Directors of Lonrho Market Expansion Services Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Lonrho Market Expansion Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lonrho Market Expansion Services Limited. You consider that Lonrho Market Expansion Services Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Lonrho Market Expansion Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bridge House |
25 Fiddlebridge Lane |
Hatfield |
Hertfordshire |
AL10 0SP |
Date: ............................................. |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Year Ended 31 December 2022 |
31.12.22 | 31.12.21 |
Notes | $ | $ |
REVENUE |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 4 |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
BALANCE SHEET |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | $ | $ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
$ | $ | $ |
Balance at 1 January 2021 | ( |
) |
Changes in equity |
Balance at 31 December 2021 | (51,294,954 | ) |
Changes in equity |
Balance at 31 December 2022 | ( |
) |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Lonrho Market Expansion Services Limited is a |
The presentation currency of the financial statements is the US Dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; |
• | the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
• | the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations; |
• | the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
• | the requirements of paragraph 52 the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
• | the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements; |
• | the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
Exemption from preparation of consolidated financial statements |
The financial statements contain information about Lonrho Market Expansion Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by s401 of the Companies Act 2006 not to produce consolidated financial statements as it is included in the consolidated accounts of GulfLog Africa. |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
The average number of employees during the year was NIL (2021 - NIL). |
31.12.22 | 31.12.21 |
$ | $ |
Directors' remuneration |
4. | PROFIT BEFORE TAXATION |
The profit before taxation is stated after charging: |
31.12.22 | 31.12.21 |
$ | $ |
5. | TAXATION |
Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 December 2022 nor for the year ended 31 December 2021. |
6. | INVESTMENTS |
Shares in |
group |
undertakings |
$ |
COST |
At 1 January 2022 |
and 31 December 2022 | 57,380,000 |
PROVISIONS |
At 1 January 2022 |
and 31 December 2022 | 57,380,000 |
NET BOOK VALUE |
At 31 December 2022 | - |
At 31 December 2021 | - |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Bairro de Zimpeto, EN1, Field 13, Maputo, Mozambique |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Estrada Nacional 130, Km48, Commune de Bom Jesus, Luanda, Angola |
Nature of business: |
% |
Class of shares: | holding |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
6. | INVESTMENTS - continued |
Registered office: Palm Grove House, PO Box 438, Road Town, Tortola VG110, British Virgin Islands |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 10th Floor, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Palm Grove House, PO Box 438, Road Town, Tortola VG110, British Virgin Islands |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Blantyre East, Stand 153, Chipembere Highway, Blantyre, Malawi |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Plot 46B Ursino Street, Regent Estate Dar es Salaam Tanzania |
Nature of business: |
% |
Class of shares: | holding |
Investments in subsidiary undertakings are stated at cost less amounts written off. |
A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicated that one or more events have had a negative effect on the estimated future cash flows of that asset. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. All impairment losses are recognised in the income statement. An impairment loss is reversed if the reversal can be related objectively to an event occuring after the impairment loss was recognised. For financial assets measured at amortised cost, the reversal is recognised in the income statement. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | $ | $ |
Ordinary | $1.48 | 02 | 51,294,954 | 51,294,954 |
LONRHO MARKET EXPANSION SERVICES LIMITED (REGISTERED NUMBER: 06319872) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
8. | RESERVES |
Retained |
earnings |
$ |
At 1 January 2022 | ( |
) |
Profit for the year |
At 31 December 2022 | ( |
) |
9. | ULTIMATE PARENT COMPANY |
Gulflog Africa (incorporated in Mauritius ) is regarded by the directors as being the company's ultimate parent company. |
The company is a 100% subsidiary of Lonrho Africa (Holdings) Ltd which is in turn a 100% subsidiary of GulfLog Africa, the ultimate parent company. |
The largest group in which the results of the company are consolidated is that headed by GulfLog Africa and these consolidated accounts can be obtained from The Strand, Beau Plan, Block nr 2 - Unit 7, Pamplemousses, Mauritius. |
No other group financial statements include the results of the company. |