Company registration number SC564418 (Scotland)
Montague Oil & Gas Limited
Unaudited financial statements
for the year ended 31 March 2022
Pages for filing with registrar
Montague Oil & Gas Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Montague Oil & Gas Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Montague Oil & Gas Limited for the year ended 31 March 2022 which comprise, the Statement Of Financial Position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the
Institute of Chartered Accountants of Scotland
we are subject to its ethical and other professional requirements which are detailed at
http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017
.
This report is made solely to the Board of Directors of Montague Oil & Gas Limited, as a body, in accordance with the terms of our engagement letter dated 14 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Montague Oil & Gas Limited and state those matters that we have agreed to state to the Board of Directors of Montague Oil & Gas Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Montague Oil & Gas Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Montague Oil & Gas Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Montague Oil & Gas Limited. You consider that Montague Oil & Gas Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Montague Oil & Gas Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
27 May 2022
Montague Oil & Gas Limited
Statement of financial position
as at 31 March 2022
31 March 2022
2
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,290
645
Current assets
Debtors
531
2,507
Cash at bank and in hand
124,356
176,662
124,887
179,169
Creditors: amounts falling due within one year
(50,870)
(52,116)
Net current assets
74,017
127,053
Net assets
76,307
127,698
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
76,207
127,598
Total equity
76,307
127,698
In accordance with section 444 of the Companies Act 2006, all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 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.
T
he 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.
Montague Oil & Gas Limited
Statement of financial position (continued)
as at 31 March 2022
31 March 2022
3
The financial statements were approved by the board of directors and authorised for issue on 26 May 2022 and are signed on its behalf by:
Gerhard Templeton
Director
Company registration number SC564418
Montague Oil & Gas Limited
Notes to the financial statements
for the year ended 31 March 2022
4
1
Accounting policies
Company information
Montague Oil & Gas Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Rosewood, Raemoir Road, Banchory, Kincardineshire, United Kingdom, AB31 4ET.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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:
Plant and equipment
3 years 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
.
1.3
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
income statement
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.
Montague Oil & Gas Limited
Notes to the financial statements (continued)
for the year ended 31 March 2022
1
Accounting policies (continued)
5
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
income statement
, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Tangible fixed assets
Total
£
Cost
At 1 April 2021
2,540
Additions
2,021
At 31 March 2022
4,561
Depreciation and impairment
At 1 April 2021
1,895
Depreciation charged in the year
376
At 31 March 2022
2,271
Carrying amount
At 31 March 2022
2,290
At 31 March 2021
645
Montague Oil & Gas Limited
Notes to the financial statements (continued)
for the year ended 31 March 2022
6
4
Directors' transactions
During the year the director entered into the following advances and credits with the company:
Description
Opening credit balance
Amounts advanced
Amounts repaid
Closing credit balance
£
£
£
£
Gerhard Templeton - director
47,958
50,000
(47,795)
50,163
47,958
50,000
(47,795)
50,163