REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
RUST RESOURCES HOLDCO LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
RUST RESOURCES HOLDCO LIMITED |
RUST RESOURCES HOLDCO LIMITED (REGISTERED NUMBER: 08039437) |
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 |
RUST RESOURCES HOLDCO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants & |
Statutory Auditors |
Ground Floor |
Egerton House |
68 Baker Street |
Weybridge |
Surrey |
KT13 8AL |
RUST RESOURCES HOLDCO LIMITED (REGISTERED NUMBER: 08039437) |
BALANCE SHEET |
31 DECEMBER 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RUST RESOURCES HOLDCO LIMITED (REGISTERED NUMBER: 08039437) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Rust Resources Holdco Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Rust Resources Holdco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
RUST RESOURCES HOLDCO LIMITED (REGISTERED NUMBER: 08039437) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment less is recognised in the Statement of Income and Retained Earnings. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Creditors |
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
RUST RESOURCES HOLDCO LIMITED (REGISTERED NUMBER: 08039437) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | FIXED ASSET INVESTMENTS |
Subsidiary undertakings |
The following are subsidiary undertakings of the Company: |
Name |
Registered office |
Principal activity |
Class of shares |
Holding |
Rust Resources Limited |
Egerton House, 68 Baker Street, Weybridge, England, KT13 8AL |
Management company |
Ordinary |
100% |
Rust Resources Inc |
701 Brazos Ste 720, Austin, Texas, USA 78701 |
Recruitment of personnel and consultants to the oil and gas industry. |
Ordinary |
100% |
Falkland Island Oil Services Limited |
56 John Street, PO Box 21, Stanley, Falkland Islands, FIQQ 1ZZ |
Dormant |
Ordinary |
49% |
RR Personnel (Singapore) PTE. Ltd |
24 Raffles Place, #24-03 Dormant Clifford Centre, Singapore, 048621 |
Dormant |
Ordinary |
100% |
The investments are held at £Nil on the balance sheet (2020 - £Nil). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | £1.00 | 1,100 | 1,100 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
RUST RESOURCES HOLDCO LIMITED (REGISTERED NUMBER: 08039437) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | RELATED PARTY DISCLOSURES |
Included within creditors at the Balance Sheet date are loan notes payable to the directors and their partners to the value of: |
2022 | 2021 |
£ | £ |
R Fielding | 225,108 | 225,108 |
C Fielding | 224,106 | 224,106 |
G Lennox | 228,126 | 228,126 |
A Lennox | 221,632 | 221,632 |
D Spencer | 32,179 | 32,179 |
L Spencer | 32,195 | 32,195 |
M Cooper | 129,219 | 129,219 |
D Cooper | 53,515 | 53,515 |
H Smith | 32,164 | 32,164 |
R Smith | 32,043 | 32,043 |
L Guiliano | 59,350 | 59,350 |
L Polo | 59,350 | 59,350 |
1,328,987 | 1,328,987 |
All loan notes are interest free and repayable on demand. |
10. | GOING CONCERN |
The Company has net liabilities as a result of loan notes payable, with the majority due to the directors and their partners. Confirmation has been received from the loan note holders that the loan notes will not be called for repayment during the going concern period, unless the Company has the financial capability to do so. Consequently, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |