Contents of the Financial Statements
for the Period Ended 31 December 2020
Directors' report period ended 31 December 2020
The directors present their report with the financial statements of the company for the period ended 31 December 2020
Principal activities of the company
The principal activity of the company is that of an investment holding company.
Political and charitable donations
The company did not make any charitable or political contributions during the year.
Directors
The directors shown below have held office during the whole of the period from
1 January 2020 to 31 December 2020
Adam Holland
Richard Miller
George Les Wood
The director shown below has held office during the period of
1 January 2020 to 9 September 2020
Rupert Rowland-Clark
The director shown below has held office during the period of
23 November 2020 to 31 December 2020
Mike Walsh
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
18 June 2021
And signed on behalf of the board by:
Name: Adam Holland
Status: Director
Balance sheet
As at 31 December 2020
| Notes | 2020 | 2019 |
| | £ | £ |
Called up share capital not paid: | | 0 | 0 |
Fixed assets |
Intangible assets: | | 0 | 0 |
Tangible assets: | | 0 | 0 |
Investments: | | 0 | 0 |
Total fixed assets: | | 0 | 0 |
Current assets |
Stocks: | | 0 | 0 |
Debtors: | | 0 | 0 |
Cash at bank and in hand: | | 0 | 0 |
Investments: | | 0 | 0 |
Total current assets: | | 0 | 0 |
Prepayments and accrued income: | | 0 | 0 |
Creditors: amounts falling due within one year: | | 0 | 0 |
Net current assets (liabilities): | | 0 | 0 |
Total assets less current liabilities: | | 0 | 0 |
Creditors: amounts falling due after more than one year: | | 0 | 0 |
Provision for liabilities: | | 0 | 0 |
Accruals and deferred income: | 0 | 0 |
Total net assets (liabilities): | | 0 | 0 |
Capital and reserves |
Called up share capital: | | 1,410 | 1,410 |
Share premium account: | | 3,625 | 3,625 |
Profit and loss account: | | (5,035 ) | (5,035 ) |
Total Shareholders' funds: | | 0 | 0 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on 18 June 2021
and signed on behalf of the board by:
Name: Adam Holland
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2020
-
1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101
Other accounting policies
Going concernThe Directors consider the going concern assessment period to be the 15 months to September 2022. The ability of the company to meet its obligations as they fall due is dependent on the ultimate parent company providing support to fund the amounts owed during the period of assessment as the company has no other sources of income. A letter of support has therefore been provided by Tullow Oil plc, which states it will provide the necessary financial support to ensure that the company is a going concern for at least twelve months from the date of signing of these financial statements.In making their assessment of going concern the directors have considered the letter of support from Tullow Oil plc and the material uncertainties in respect of going concern disclosed in its most recent annual report dated 8 March 2021 which stated;The Directors have concluded that the uncertainties associated with implementing a Refinancing Proposal and obtaining amendments or waivers in respect of covenant breaches or, in the event a Refinancing Proposal is implemented, the revised covenants are subsequently breached, are material uncertainties that may cast significant doubt that the Group will be able to continue as a Going Concern.The directors note that subsequent to the publication of the annual report, on 17 May 2021, Tullow Oil plc announced the completion of its offering of $1,800 million senior secured notes due 2026. The net proceeds, together with cash on balance sheet, have been used to (i) repay all amounts outstanding under, and cancel all commitments made available pursuant to, the Company’s Reserves Based Lending Facility, (ii) redeem in full the Company’s senior notes due 2022, (iii) at maturity, repay in full and cancel the Company’s convertible bonds due 2021 and (iv) pay fees and expenses incurred in connection with the transactions. The new senior secured notes do not have financial maintenance covenants. Per the terms of the notes, the Group is required to put in place a commodity hedging programme which is yet to be fully transacted, however the Directors are confident that these hedges will be transacted in line with the required timeline.ConsolidationThe company has taken advantage of the relief available under IFRS10 paragraph 4(a) and has not prepared consolidated accounts for its group as it is a wholly-owned subsidiary undertaking of Tullow Oil plc, a company incorporated in the United Kingdom (England and Wales). Tullow Oil plc prepares its consolidated accounts in accordance with IFRS and these can be obtained at Building 9, Chiswick Park, 566 Chiswick High Road, London, W4 5XT (refer to Note 11).Foreign currenciesThe US dollar is the presentation currency and the functional currency of the company.Transactions in foreign currencies are recorded at the rates of exchange ruling at the transaction dates. Monetary assets and liabilities are translated into functional currency at the exchange rate ruling at the statement of financial position date, with a corresponding charge or credit to the statement of comprehensive income. However, exchange gains and losses arising on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur, which form part of the net investment in a foreign operation, are recognised in the foreign currency translation reserve and recognised in profit or loss on disposal of the net investment. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.TaxCurrent and deferred tax including UK corporation tax and overseas corporation tax are provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Deferred corporation tax is recognised on all temporary differences that have originated but not reversed at the statement of financial position date where transactions or events that result in an obligation to pay more, or right to pay less, tax in the future have occurred at the statement of financial position date. Deferred tax assets are recognised only to the extent that it is considered more likely than not that there will be suitable taxable profits from which the underlying temporary differences can be deducted. Deferred tax is measured on a non-discounted basis.InvestmentsFixed asset investments, including investments in subsidiaries, are stated at cost and reviewed for impairment if there are indications that the carrying value may not be recoverable.Financial assetsAll financial assets are recognised and derecognised on a trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs.Financial assets are classified into the following specified categories: financial assets ‘at fair value through profit or loss’ (FVTPL); financial assets ‘at fair value through other comprehensive income (FVTOCI); ‘and amortised cost. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.Trade and other receivablesTrade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market as classified as financial assets held at amortised cost, less impairment or allowance based on the expected credit loss of the balance under IFRS 9.Financial liabilities and equity instrumentsFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.Equity instrumentsAn equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.Other financial liabilitiesOther financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
Notes to the Financial Statements
for the Period Ended 31 December 2020
-
2. Employees
| 2020 | 2019 |
Average number of employees during the period | 0 | 0 |