AAPG - Europe Trading Limited
Financial Statements
For the year ended 30 June 2021
For Filing with Registrar
Company Registration No. 07019444 (England and Wales)
AAPG - Europe Trading Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AAPG - Europe Trading Limited
Balance Sheet
As at 30 June 2021
Page 1
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
46,222
22,276
Cash at bank and in hand
14,929
18,833
61,151
41,109
Creditors: amounts falling due within one year
5
(103,943)
(35,459)
Net current (liabilities)/assets
(42,792)
5,650
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(42,793)
5,649
Total equity
(42,792)
5,650
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 25 October 2023 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 2021
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 Devonshire House, 60 Goswell Road, C/O Mks, London, England, EC1M 7AD.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the company had net liabilities of £42,792 (2020 – net assets of £5,650) and recorded net expenditure of £48,442 (2020 - £7,059).true
In March 2020, the World Health Organization declared a global pandemic over the novel coronavirus known as COVID-19. This outbreak caused significant global supply chain disruptions which had an impact on the company’s operations. Many events scheduled for fiscal year 2021 were postponed or cancelled. Although the situation is improving, event activity has not returned to pre-pandemic levels. In light of the difficult financial challenges faced in the current and previous fiscal years, the directors have evaluated whether the use of the going concern basis is appropriate. The directors have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. In particular, the directors have considered the revised forecasts and projections and have taken account of the recent financial pressures on events and the development of new activities.
After making enquiries, the directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is because the 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 2021. This support includes the Executive Committee of AAPG having voted to forgive the legacy debt of the company as at 30 June 2023. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable in respect of registration fees, exhibition space and sponsorship of expositions, 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.
AAPG - Europe Trading Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
1
Accounting policies
(Continued)
Page 3
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 transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
AAPG - Europe Trading Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 4
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was: 0 (2019: 0).
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
8,102
Other debtors
46,222
14,174
46,222
22,276
5
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
97,630
18,693
Taxation and social security
763
8,046
Other creditors
5,550
8,720
103,943
35,459
6
Called up share capital
2021
2020
£
£
Issued and fully paid
1 Ordinary share of £1
1
1
AAPG - Europe Trading Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2021
Page 5
7
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 and the auditor was Moore Kingston Smith LLP.
8
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 6th Floor, 9 Appold Street, London EC2A 2AP.
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.