Tethra Energy Limited
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Notes to the Accounts |
for the year ended 31 December 2016
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These financial statements are the first financial statements prepared in accordance with FRS102. There were no adjustments to the financial statements arising from the transition to FRS102.
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of services provided to customers. Turnover is recognised as earned when, and to the extent that, the business obtains the right to consideration for its performance. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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2 |
Employees |
2016 |
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2015 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Debtors |
2016 |
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2015 |
£ |
£ |
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Trade debtors |
53,872 |
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14,915 |
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Other debtors |
4,904 |
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12,440 |
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58,776 |
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27,355 |
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4 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
£ |
£ |
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Corporation tax |
284 |
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264 |
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Other creditors |
111,506 |
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121,002 |
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111,790 |
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121,266 |
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5 |
Related party transactions |
2016 |
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2015 |
£ |
£ |
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Aeolian Energy Limited |
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A company controlled by the director Ms H M Edwards. |
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Purchases made from Aeolian Energy Limited |
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54,720 |
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54,000 |
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Expenses paid by Aeolian Energy Limited |
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7 |
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1,365 |
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Amount due to Aeolian Energy Limited |
55,340 |
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54,613 |
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Aeolian Trading Limited |
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A company controlled by the director Ms H M Edwards. |
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Purchases made from Aeolian Trading Limited |
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54,000 |
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- |
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Expenses paid by Aeolian Trading Limited |
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350 |
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414 |
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Amount due to Aeolian Trading Limited |
31,177 |
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827 |
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Ceres Energy Limited |
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A company controlled by the directors and shareholders of Tethra Energy Limited. |
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Purchases made from Ceres Energy Limited |
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24,680 |
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32,801 |
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Expenses paid by Ceres Energy Limited |
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15 |
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- |
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Amount due to Ceres Energy Limited |
15 |
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9,749 |
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Harper Energy Limited |
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A company controlled by the director Mr R Harper. |
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Purchases made from Harper Energy Limited |
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24,600 |
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54,000 |
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Balance due to Harper Energy Limited |
24,600 |
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54,000 |
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Ms H M Edwards |
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A director and shareholder of the company. |
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Expenses incurred on the company's behalf by Ms H M Edwards |
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6,004 |
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1,420 |
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Balance due to Ms H M Edwards |
164 |
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1,370 |
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6 |
Other information |
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Tethra Energy Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Harlequin House |
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Clayton Road |
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Newcastle Upon Tyne |
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Tyne and Wear |
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NE2 4RP |