Libra Energy UK Ltd - Period Ending 2018-12-31
Libra Energy UK Ltd - Period Ending 2018-12-31
Year Ended
Registration number:
Libra Energy UK Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Libra Energy UK Ltd
Balance Sheet
31 December 2018
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2018 |
2017 |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 07112058
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Libra Energy UK Ltd
Notes to the Financial Statements
Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal place of business is:
8a Coulman Road Industrial Estate
Thorne
Doncaster
South Yorkshire
DN8 5JU
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company ceased to trade as of 30 November 2018. As a result the accounts are not prepared on a going concern basis as this assumes that the company will continue in operational existence for the foreseeable future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue at the point of dispatch to the customer and amounts received in advance are also recognised at the point of dispatch.
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Libra Energy UK Ltd
Notes to the Financial Statements
Year Ended 31 December 2018
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5 years |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Rentals payable under operating leases are charged in the profit and loss on a straight line basis over the period of the lease.
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Libra Energy UK Ltd
Notes to the Financial Statements
Year Ended 31 December 2018
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Libra Energy UK Ltd
Notes to the Financial Statements
Year Ended 31 December 2018
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 January 2018 |
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At 31 December 2018 |
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Amortisation |
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At 1 January 2018 |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
- |
Tangible assets |
Furniture, fittings and equipment |
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Cost or valuation |
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At 1 January 2018 |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
- |
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Libra Energy UK Ltd
Notes to the Financial Statements
Year Ended 31 December 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Accrued expenses |
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Corporation tax |
- |
4,993 |
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Parent and ultimate parent undertaking |
Relationship between entity and parents
The parent of the smallest group in which these financial statements are consolidated is
The address of Libra Energy International BV is:
Doet1911DB Uigeest
The Netherlands
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