REGISTERED NUMBER: |
VALHALLA OIL AND GAS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
REGISTERED NUMBER: |
VALHALLA OIL AND GAS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
VALHALLA OIL AND GAS LIMITED (REGISTERED NUMBER: 05498467) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
VALHALLA OIL AND GAS LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
VALHALLA OIL AND GAS LIMITED (REGISTERED NUMBER: 05498467) |
BALANCE SHEET |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
VALHALLA OIL AND GAS LIMITED (REGISTERED NUMBER: 05498467) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Valhalla Oil and Gas Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The director has prepared the financial statements on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future and be able to meet its liabilities as they fall due. There are uncertainties that the director has had to consider which may cast doubt on the company's ability to continue as a going concern. |
At 31 December 2022 the company reported net current liabilities of £1,994,003 at that date although this includes £2,014,187 due to its parent company, Valhalla Oil and Gas AS. The director has received assurances from the parent company that it aims to provide the necessary financial support for the period until 30th September 2024 to enable the company to meet its liabilities as and when they fall due. Accordingly the director has concluded that it is appropriate that the financial statements continue to be prepared on the going concern basis. |
Oil and gas assets |
The company uses the successful efforts method of accounting for oil and gas operations, under which all license acquisitions, exploration and evaluation costs are capitalised within intangible assets and classified as exploration and evaluation costs. Directly attributable administration costs are capitalised where they relate to specific exploration activities. Costs incurred prior to obtaining the legal rights to explore an area are expensed to the Income Statement. |
The oil and gas assets held by the company were transferred to a fellow subsidiary company on 4th April 2019 and the fellow subsidiary sold to a third party. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Exploration |
and |
Evaluation |
£ |
COST |
Additions |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
During the year Valhalla Oil and Gas Limited acquired from its parent a Net Profit Interest in a UK onshore Oil and gas licence for a consideration of £700,001. This is being presented at fair value. |
VALHALLA OIL AND GAS LIMITED (REGISTERED NUMBER: 05498467) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Accrued expenses |
7. | RELATED PARTY DISCLOSURES |
At the year end, the company owed its parent company Valhalla Oil and Gas AS £2,014,188 (2021: £1,459,193) in respect of funding for the company's operations. |
Legal fees of £9,946 (2021: £1,719) were paid during the period to Peachey & Co. LLP, including £1,500 (2021: £1,667) for Mr Ashton's services as a director. Mr Ashton is a member of Peachey & Co. LLP. |
8. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent company is considered to be Valhalla Oil and Gas AS, a company incorporated in Norway. |