UNITED PETROLEUM TRADING (UK) LLP LLP accounts
UNITED PETROLEUM TRADING (UK) LLP LLP accounts
REGISTERED NUMBER:
OC316945
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Financial Statements |
Year ended 31 December 2022
Contents |
Page |
Members' report |
1 |
Statement of comprehensive income |
3 |
Statement of financial position |
4 |
Reconciliation of members' interests |
6 |
Statement of cash flows |
8 |
Notes to the financial statements |
9 |
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Members' Report |
Year ended 31 December 2022
The members present their report and the unaudited financial statements of the LLP for the year ended
31 December 2022
.
Principal activities
During the current year, the LLP managed to maintain long-term relationships with ship-owners, terminals and other service providers in the Caspian region. The LLP is a significant logistic provider in the Caspian Sea. The LLP also managed to secure important crude oil contracts in the region, increased further its presence in the market place and became one of the main Turkmen crude oil exporters.
Going concern
The members have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the LLP will have sufficient funds to meet its liabilities as they fall due for that period.
Consequently, the members are confident that the LLP will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Designated members
The designated members who served the LLP during the year were as follows:
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Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
The Members have contributed the total sum of capital in the proportions specified in the LLP Agreement as shall be credited to each Members' Capital Account. The Members shall contribute any further capital which the Management Board determine as being required for the purposes of the LLP in accordance with instructions from the Management Board. New Members are required to subscribe to a level of capital as determined by the Management Board. The Management Board may not call for the Members to to contribute any further capital on the insolvency of the LLP. On retirement, capital is repaid to Members.
Each Member
may receive drawings from the LLP on account of their entitlement to profit in such amounts as shall be determined by the Management Board.
Future developments
The LLPs strategy is to increase its turnover and to expand its presence in the Caspian market both as a trading and transportation actor. In order to remain competitive, and hence secure further long term contracts, the LLP has developed new export routes and proposed more favourable conditions to crude oil producers.
The Members believe that adopting such a strategy will guarantee stable growth for the company and higher profits in the future.
This report was approved by the members on
27 December 2023
and signed on behalf of the members by:
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Designated Member |
Designated Member |
Registered office: |
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Statement of Comprehensive Income |
Year ended 31 December 2022
2022 |
2021 |
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Note |
$000 |
$000 |
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Turnover |
4 |
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(
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Cost of sales |
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------- |
------- |
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Gross profit/(loss) |
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(
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Administrative expenses |
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Other operating income |
5 |
– |
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---- |
------- |
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Operating (loss)/profit |
7 |
(
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Other interest receivable and similar income |
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---- |
------- |
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Profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
104 |
420 |
---- |
------- |
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All the activities of the LLP are from continuing operations.
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Statement of Financial Position |
2022 |
2021 |
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Note |
$000 |
$000 |
$000 |
Fixed assets
Investments |
9 |
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Current assets
Debtors |
10 |
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Cash at bank and in hand |
– |
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-------- |
-------- |
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Creditors: amounts falling due within one year |
11 |
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-------- |
-------- |
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Net current assets |
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-------- |
-------- |
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Total assets less current liabilities |
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-------- |
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Represented by:
Loans and other debts due to members
Other amounts |
12 |
10,831 |
10,734 |
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Members' other interests
Members' capital classified as equity |
6 |
6 |
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Other reserves, including the fair value reserve |
– |
– |
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-------- |
-------- |
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10,837 |
10,740 |
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-------- |
-------- |
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Total members' interests
Loans and other debts due to members |
12 |
10,831 |
10,734 |
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Members' other interests |
6 |
6 |
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-------- |
-------- |
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10,837 |
10,740 |
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-------- |
-------- |
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Statement of Financial Position (continued) |
These financial statements were approved by the
members
and authorised for issue on
27 December 2023
, and are signed on their behalf by:
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Designated Member |
Designated Member |
Registered number:
OC316945
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Reconciliation of Members' Interests |
Year ended 31 December 2022
Members' other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests |
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Members' capital (classified as equity) |
Other reserves, including the fair value reserve |
Total |
Other amounts |
Total |
Total 2022 |
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$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
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Balance at 1 January 2022 |
6 |
– |
6 |
10,728 |
10,728 |
10,734 |
Profit for the financial year available for discretionary division among members |
104 |
104 |
104 |
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---- |
---- |
---- |
-------- |
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Members' interests after profit for the year |
6 |
104 |
110 |
10,728 |
10,728 |
10,838 |
Other division of profits |
(103) |
(103) |
103 |
103 |
– |
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---- |
---- |
---- |
-------- |
-------- |
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Balance at 31 December 2022 |
6 |
1 |
7 |
10,831 |
10,831 |
10,838 |
---- |
---- |
---- |
-------- |
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Reconciliation of Members' Interests (continued) |
Year ended 31 December 2022
Members' other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests |
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Members' capital (classified as equity) |
Other reserves, including the fair value reserve |
Total |
Other amounts |
Total |
Total 2021 |
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$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
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Balance at 1 January 2021 |
6 |
– |
6 |
10,314 |
10,314 |
10,320 |
Profit for the financial year available for discretionary division among members |
420 |
420 |
420 |
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---- |
---- |
---- |
-------- |
-------- |
-------- |
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Members' interests after profit for the year |
6 |
420 |
426 |
10,314 |
10,314 |
10,740 |
Other division of profits |
(420) |
(420) |
420 |
420 |
– |
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---- |
---- |
---- |
-------- |
-------- |
-------- |
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Balance at 31 December 2021 |
6 |
– |
6 |
10,734 |
10,734 |
10,740 |
---- |
---- |
---- |
-------- |
-------- |
-------- |
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Statement of Cash Flows |
Year ended 31 December 2022
2022 |
2021 |
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$000 |
$000 |
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Cash flows from operating activities
Profit for the financial year |
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420 |
Adjustments for: |
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Other interest receivable and similar income |
(
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(
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Accrued income |
– |
(
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Changes in: |
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Trade and other debtors |
(
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Trade and other creditors |
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(
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---- |
------- |
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Cash generated from operations |
(
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(
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Interest received |
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---- |
---- |
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Net cash from operating activities |
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---- |
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Cash flows from investing activities
Acquisition of interests in associates and joint ventures |
– |
(
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---- |
---- |
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Net cash used in investing activities |
– |
(
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---- |
---- |
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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
4 |
6 |
---- |
---- |
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Cash and cash equivalents at end of year |
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(
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Notes to the Financial Statements |
Year ended 31 December 2022
1. |
General information |
The LLP is registered in England and Wales. The address of the registered office is 601 International House, 223 Regent Street, London, W1B 2QD.
2. |
Statement of compliance |
3. |
Accounting policies |
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in joint ventures
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
4. |
Turnover |
Turnover arises from:
2022 |
2021 |
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$000 |
$000 |
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Rendering of services |
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(
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------- |
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The turnover is attributable to the one principal activity of the LLP. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2022 |
2021 |
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$000 |
$000 |
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Rest of World |
3,386 |
(
3,391) |
------- |
------- |
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5. |
Other operating income |
2022 |
2021 |
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$000 |
$000 |
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Other operating income |
– |
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---- |
------- |
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6. |
Staff costs |
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:
2022 |
2021 |
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No. |
No. |
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Administrative |
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---- |
---- |
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7. |
Operating profit |
Operating profit or loss is stated after charging:
2022 |
2021 |
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$000 |
$000 |
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Foreign exchange differences |
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---- |
---- |
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8. |
Information in relation to members |
2022 |
2021 |
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$000 |
$000 |
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Highest paid members remuneration |
1 |
1 |
---- |
---- |
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2022 |
2021 |
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No. |
No. |
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Average number of members |
2 |
2 |
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9. |
Investments |
Shares in participating interests |
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$000 |
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Cost |
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At 1 January 2022 and 31 December 2022 |
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---- |
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Impairment |
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At 1 January 2022 and 31 December 2022 |
– |
---- |
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Carrying amount |
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At 31 December 2022 |
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---- |
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At 31 December 2021 |
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---- |
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10. |
Debtors |
2022 |
2021 |
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$000 |
$000 |
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Trade debtors |
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Loans receivable |
11,815 |
11,515 |
-------- |
-------- |
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-------- |
-------- |
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11.
Creditors:
amounts falling due within one year
2022 |
2021 |
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$000 |
$000 |
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Trade creditors |
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Other creditors |
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------- |
------- |
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------- |
------- |
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12. |
Loans and other debts due to members |
2022 |
2021 |
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$000 |
$000 |
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Amounts owed to members in respect of profits |
10,831 |
10,734 |
-------- |
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13. |
Analysis of changes in net debt |
At 1 Jan 2022 |
Cash flows |
At 31 Dec 2022 |
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$000 |
$000 |
$000 |
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Cash at bank and in hand |
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(4) |
– |
---- |
---- |
---- |
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Net debt (before members' debt) |
4 |
(4) |
– |
---- |
---- |
---- |
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Loans and other debts due to members |
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Other amounts |
(10,734) |
(97) |
(10,831) |
-------- |
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-------- |
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Net debt |
(
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(
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(
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14. |
Related party transactions |
In the opinion of the members there were no transactions as defined by financial reporting Standard No 102 2The Financial Reporting Standard applicable in the UK and the Republic of Ireland".