for the Period Ended 31 December 2020
Balance sheet | |
Notes |
As at
Notes | 2020 | 2019 | |
---|---|---|---|
| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Intangible assets: | | | |
Tangible assets: | 3 | | |
Investments: | 4 | | |
Total fixed assets: | | | |
Current assets | |||
Stocks: | | | |
Debtors: | | | |
Cash at bank and in hand: | | | |
Investments: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | | | |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | ( | ( | |
Provision for liabilities: | | | |
Total net assets (liabilities): | ( | ( | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | | |
Revaluation reserve: |
|
|
|
Other reserves: | | | |
Profit and loss account: | ( | ( | |
Shareholders funds: | ( | ( |
The notes form part of these financial statements
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2020
for the Period Ended 31 December 2020
2020 | 2019 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 December 2020
Total | |
---|---|
Cost | £ |
At 01 January 2020 | |
Additions | |
Disposals | |
Revaluations | |
Transfers | |
At 31 December 2020 | |
Depreciation | |
At 01 January 2020 | |
Charge for year | |
On disposals | |
Other adjustments | |
At 31 December 2020 | |
Net book value | |
At 31 December 2020 | |
At 31 December 2019 | |
for the Period Ended 31 December 2020
Acquisition, exploration and evaluation costsOil and gas assets: exploration and evaluationThe Company applies the ‘modified’ full-cost method of accounting under which all expenditures relating to the acquisition, exploration, appraisal and development of oil and gas interests, including an appropriate share of directly attributable overheads and payments to acquire the legal rights to explore, is capitalised within cash generating units. Cash generating units are determined geographically with reference to the separately identifiable licences or prospects that the Company has rights to develop.Once commercial reserves are found, exploration and evaluation assets are tested for impairment and transferred to development tangible and intangible assets. No depreciation and/or amortisation is charged during the exploration and evaluation phase.The Company reflects exploration and evaluation asset dispositions (farm-out arrangements), when the farminee correspondingly undertakes to fund carried interests as part of the consideration, on a historical cost basis with no gain or loss recognition.Exploration and evaluation assets are tested for impairment when reclassified to development tangible or intangible assets, or whenever facts and circumstances indicate impairment. Exploration costs included in intangible assets relating to exploration licences and prospects are carried forward until the existence (or otherwise) of commercial reserves have been determined subject to certain limitations including review for indications of impairment on an individual licence basis. If commercial reserves are discovered, the carrying value, after any impairment loss of the relevant assets, is then reclassified as property, plant and equipment under production interests and fields under development. If, however, commercial reserves are not found, the capitalised costs are charged to the statement of comprehensive loss. If there are indications of impairment prior to the conclusion of exploration activities, an impairment test is carried out. For the purposes of assessing impairment, the exploration and evaluation assets subject to testing are grouped with existing cash-generating units of production fields that are located in the same geographical region.The Company expenses exploration and evaluation expenditures as incurred for oil and gas prospects not commercially viable and financially feasible.Data licence rightsThe Company has obtained licence rights to the data library of the PGS Group (for the purposes of these financial statements the “PGS Group” is defined as Petroleum Geo-Services ASA and its affiliated companies). The PGS Group provides seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data to the oil and gas industry. Management have deemed that the licence rights have a finite life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of the data licence rights across its estimated useful life of 5 years.
for the Period Ended 31 December 2020
for the Period Ended 31 December 2020
Name of the related party: | | |
Relationship: | Parent | |
Description of the Transaction: | | |
£ | ||
Balance at 01 January 2020 | | |
Balance at 31 December 2020 | |
Name of the related party: | | |
Relationship: | Consultant | |
Description of the Transaction: | | |
£ | ||
Balance at 01 January 2020 | | |
Balance at 31 December 2020 | |
Name of the related party: | | |
Relationship: | Management company | |
Description of the Transaction: | | |
£ | ||
Balance at 01 January 2020 | | |
Balance at 31 December 2020 | |
for the Period Ended 31 December 2020