Company Registration No. 05081024 (England and Wales)
WHESSOE OIL & GAS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2019
WHESSOE OIL & GAS LIMITED
COMPANY INFORMATION
Director
J H Heathcock
(Appointed 26 August 2020)
Company number
05081024
Registered office
Cleveland House
Yarm Road
Darlington
County Durham
DL1 4DE
Accountants
Goodman Jones LLP
29/30 Fitzroy Square
London
W1T 6LQ
Bankers
Arab National Bank
P O Box 2LB
35 Curzon Street
London
W1J 7TT
HSBC Bank plc
110 - 116 Grey Street
Newcastle upon Tyne
NE1 6JG
HSBC New Delhi Main Branch
52/60 Mahatma Gandhi Road
P.O. Box 631
Mumbai 400 001
India
WHESSOE OIL & GAS LIMITED
CONTENTS
Page
Director's report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 6
WHESSOE OIL & GAS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 29 JUNE 2019
- 1 -
The director presents his report and financial statements for the period ended 29 June 2019.
Principal activities
The principal activity of the company continued to be that of engineering, procurement and construction supervision services in the oil and gas, and petrochemical industries.
Director
The director who held office during the period and up to the date of signature of the financial statements was as follows:
C J Droogan
(Resigned 1 March 2020)
J H Heathcock
(Appointed 26 August 2020)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J H Heathcock
Director
18 September 2020
WHESSOE OIL & GAS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 29 JUNE 2019
- 2 -
Period
Year
ended
ended
29 June
31 December
2019
2017
£'000
£'000
Turnover
-
60
Administrative expenses
2,891
(61)
Operating profit/(loss)
2,891
(1)
Interest payable and similar expenses
(1)
-
Profit/(loss) before taxation
2,890
(1)
Tax on profit/(loss)
-
-
Profit/(loss) for the financial period
2,890
(1)
WHESSOE OIL & GAS LIMITED
BALANCE SHEET
AS AT
29 JUNE 2019
29 June 2019
- 3 -
2019
2017
Notes
£'000
£'000
£'000
£'000
Current assets
Cash at bank and in hand
25
582
Creditors: amounts falling due within one year
2
(3,785)
(7,232)
Net current liabilities
(3,760)
(6,650)
Capital and reserves
Called up share capital
3
835
835
Capital redemption reserve
47,706
47,706
Profit and loss reserves
(52,301)
(55,191)
Total equity
(3,760)
(6,650)
For the financial period ended 29 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 September 2020 and are signed on its behalf by:
J H Heathcock
Director
Company Registration No. 05081024
WHESSOE OIL & GAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2019
- 4 -
1
Accounting policies
Company information
Whessoe Oil & Gas Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Cleveland House, Yarm Road, Darlington, County Durham, DL1 4DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Management intend that the company will cease to trade in the near future. As such the financial statements have not been prepared on a going concern basis. As a result, all assets and liabilities are classified as current in these financial statements.
1.3
Reporting period
The comparatives reported are for the 12 month period to 31 December 2017. The current accounts are for the 18 month period 1 January 2018 to 29 June 2019.
1.4
Turnover
Turnover represents
the sales value of work done in the period and is net
of VAT and trade discounts.
Profit on contracts is calculated in accordance with relevant UK accounting standards and industry practice and may not relate to turnover.
The principle estimation technique used by the company in establishing attributable profit on long term contracts is on a contract by contract basis, focusing on costs to complete and evaluating the final outcome anticipated on that contract, once this can be foreseen with reasonable certainty.
Profit on short term contracts is recognised on completion.
Provision is made for losses incurred on contracts (or foreseen to be incurred) as soon as they become apparent.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WHESSOE OIL & GAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
WHESSOE OIL & GAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2019
- 6 -
2
Creditors: amounts falling due within one year
2019
2017
£'000
£'000
Trade creditors
867
861
Amounts owed to group undertakings
1,625
1,861
Other creditors
1,293
4,510
3,785
7,232
Amounts due to group undertakings include
s
an outstanding loan of £1,119k (201
7
: £1,1
19
k) due to the
ultimate parent undertaking, which has no fixed repayment terms, no interest charge and is unsecured.
Historically it was agreed that the loan would be repaid when the company returned to profit, it is classified
as due in under one year as it is strictly repayable on demand.
3
Called up share capital
2019
2017
£'000
£'000
Ordinary share capital
Issued and fully paid
834,518 ordinary shares of £1 each
835
835
4
Financial commitments, guarantees and contingent liabilities
The outcome of ongoing litigation is uncertain therefore it is not possible to quantify any gain or loss arising from this.
5
Parent company
The Company's immediate parent is ARPIC LNG Investment Company Limited, a company incorporated in the British Virgin Islands.
The Company's ultimate parent undertaking, in the opinion of the director, is the Al Rushaid Petroleum Investment Company of Saudi Arabia, whose registered office is at PO Box 31685 - Al-Khobar 31952, Saudi Arabia.
The ultimate controlling party is Sheikh Abdullah Al Rushaid, who has a majority shareholding in the Al Rushaid Petroleum Investment Company of Saudi Arabia. The registered office for the company is at PO Box 31685, Al-Khobar 31952. Saudi Arabia.