AAPG - Europe Trading Limited
Financial Statements
For Filing with Registrar
For the year ended 30 June 2019
Company Registration No. 07019444 (England and Wales)
AAPG - Europe Trading Limited
Company Information
Directors
David Curtiss
Stuart Harker
Alan Wegener
Steven Veal
Jonathan Craig
Kathryn Gibbons
Secretary
David Curtiss
Company number
07019444
Registered office
126 New Kings Road
Suite S206
London
England
SW6 4LZ
Auditors
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Bankers
HSBC Bank Plc
Central Area Commercial Centre
London Region, 6th Floor
165 Fleet Street
London
EC4A 2DY
Solicitors
Stone King LLP
16 St John's Lane
London
EC1M 4BS
AAPG - Europe Trading Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AAPG - Europe Trading Limited
Balance Sheet
As at 30 June 2019
Page 1
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
24,785
33,321
Cash at bank and in hand
141,266
107,330
166,051
140,651
Creditors: amounts falling due within one year
4
(153,342)
(76,256)
Net current assets
12,709
64,395
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
12,708
64,394
Total equity
12,709
64,395
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered 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 29 June 2020 and are signed on its behalf by:
David Curtiss
Director
Company Registration No. 07019444
AAPG - Europe Trading Limited
Notes to the Financial Statements
For the year ended 30 June 2019
Page 2
1
Accounting policies
Company information
AAPG - Europe Trading Limited is a
private company limited by shares that is
domiciled and incorporated in England and Wales (Company Registration No, 07019444).
The registered office is
126 New Kings Road, Suite S206, London, England, SW6 4LZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 pound.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In March 2020, the World Health Organization declared a global pandemic over the novel coronavirus known as COVID-19, which continues to spread throughout the United Kingdom and around the world. This outbreak has caused significant global supply chain disruptions which will have an impact on the company’s operations. Due to quarantine and travel restrictions from COVID-19 many events scheduled for fiscal year 2020 have been postponed or cancelled. In response we have taken steps to limit our costs and prepared revised forecasts and projections for the 12 month period following approval of these financial statements. In spite of COVID-19, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is because American Association of Petroleum Geologists, the company's ultimate controlling party, has confirmed that it will provide sufficient financial support to the company to enable it to continue to trade and to meet its liabilities as they fall due, for at least one year from the signing date of approval of the financial statements for the year ended 30 June 2019. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
Turnover
Turnover represents amounts receivable in respect of registration
fees,
exhibition space and sponsorship of exposition
s
, net of related VAT.
Where income is received in advance for exhibitions taking place in future financial periods, this is carried forward at the year end as deferred income and recognised in the relevant accounting period.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand
and
deposits held at call with banks
.
1.5
Financial instruments
Basic financial instruments are measured at amortised cost and taking account of any adjustments to settlement value. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
AAPG - Europe Trading Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
1
Accounting policies
(Continued)
Page 3
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any
material
unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was: 0 (2018: 0).
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
16,411
-
Other debtors
8,374
33,321
24,785
33,321
AAPG - Europe Trading Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2019
Page 4
4
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts due to group undertakings
135,535
60,991
Other taxation and social security
12,907
9,000
Other creditors
4,900
6,265
153,342
76,256
During the prior year, AAPG, the company's ultimate controlling party, wrote off £121,132 owed by the company to AAPG. (£121,132 was the amount owed to AAPG as at 30 June 2017).
5
Called up share capital
2019
2018
£
£
Issued and fully paid
1 Ordinary share of £1
1
1
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Andrew Stickland.
The auditor was Moore Kingston Smith LLP.
7
Parent company
AAPG-Europe, a charitable company limited by guarantee and a company registered in England and Wales, is the immediate parent of AAPG - Europe Trading Limited, as it owns 100% of its issued share capital. AAPG-Europe prepares consolidated accounts. The registered office of AAPG-Europe is 126 New Kings Road, Suite #S206, London, England, SW6 4LZ.
The ultimate controlling party is AAPG (American Association of Petroleum Geologists), an entity registered in the USA and which is the parent company of AAPG-Europe by virtue of being its sole member.