Company registration number SC539216 (Scotland)
CYAN ENERGY LIMITED
(FORMERLY KNOWN AS PETRO WELL SERVICES LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CYAN ENERGY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CYAN ENERGY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
153
Current assets
Debtors
4
8,552
9,934
Cash at bank and in hand
4,063
2,928
12,615
12,862
Creditors: amounts falling due within one year
5
(779,658)
(755,537)
Net current liabilities
(767,043)
(742,675)
Total assets less current liabilities
(767,043)
(742,522)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(767,143)
(742,622)
Total equity
(767,043)
(742,522)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 6 September 2023 and are signed on its behalf by:
B BJERKE
Bjorn Bjerke
Director
Company Registration No. SC539216
CYAN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Cyan Energy Limited is a private company limited by shares incorporated in Scotland. The registered office is Brathens Eco-Business Park, Glassel, Banchory, AB31 4BW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has net current liabilities at the year end of true£767,043 (2021 - £742,675). Included within creditors due within 1 year is a balance of £729,127 (2021 - £695,448) due to group companies. The fellow group company has confirmed that it does not intend to seek repayment of the amount due by Cyan Energy Limited until there is adequate working capital in place.
The company provide engineering and project management services for the group and the parent company and shareholders have provided confirmation that they will continue to provide financial support when required, in order for the company to continue to trade for the next 12 months and beyond. The group have a number of opportunities in the pipeline which the directors believe will provide an operating platform for future growth and for the group to continue as a going concern.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
CYAN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021 - 2).
2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
1,196
Depreciation and impairment
At 1 January 2022
1,043
Depreciation charged in the year
153
At 31 December 2022
1,196
Carrying amount
At 31 December 2022
At 31 December 2021
153
CYAN ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
8,552
9,934
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
47,181
54,621
Amounts owed to group undertakings
729,127
695,448
Other creditors
3,350
5,468
779,658
755,537
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
5,616
4,671
7
Related party transactions
The company is a wholly owned subsidiary of trueCyan Energy AS and has taken advantage of the exemption given by section 1AC.35 of Financial Reporting Standard 102, which allows exemption from disclosure of related party transactions with other group companies.
8
Controlling party
The company is a wholly owned subsidiary of Cyan Energy AS, a company registered in Norway.