Corfe Energy Limited - Period Ending 2018-12-31
Corfe Energy Limited - Period Ending 2018-12-31
Registration number:
Corfe Energy Limited
for the Period from 1 July 2017 to 31 December 2018
Corfe Energy Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Corfe Energy Limited
Company Information
Directors |
M Butler G B Myles M Hawthorn |
Registered office |
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Page 1 |
Corfe Energy Limited
(Registration number: 06030678)
Abridged Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Other financial assets |
- |
25,967 |
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Current assets |
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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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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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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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Share premium reserve |
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Profit and loss account |
( |
( |
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Total equity |
( |
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For the financial period 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 2 |
Corfe Energy Limited
(Registration number: 06030678)
Abridged Balance Sheet as at 31 December 2018
Approved and authorised by the
.........................................
Director
Page 3 |
Corfe Energy Limited
Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged 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 is dependent on its parent company for support. Having reviewed the Company's budgets and cash flows, and taking into account that the parent company has expressed its willingness to continue providing support, the Directors consider that there is sufficient cash to maintain the Company as a going concern for a period of at least twelve months from the date of signing the accounts.
Revenue recognition
Turnover represents amounts receivable for the sale of crude oil net of taxes, and is recognised on delivery of the crude oil to a third party storage facility.
Tangible assets
Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction demonstrated, then the related capitalised intangible exploration and evaluation cost is transferred into a single field cost centre within tangible assets - development and production assets after testing for impairment (see below). Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not considered commercially viable, all related costs are expensed in the profit and loss account.
Development and production costs are depreciated on a unit-of-production basis based on the commercial proven and probable reserves on a field-by-field basis. Development and production assets are not depreciated until the production commences. The depreciation calculation takes account of the residual value of site equipment and the estimated future costs of development of recognised proven and probable reserves, based on current price levels. Any changes in reserves quantities and costs estimates are recognised prospectively.
Page 4 |
Corfe Energy Limited
Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018
Intangible assets
The Company accounts for oil and gas expenditure using successful efforts based accounting.
Under this method, exploration and evaluation expenditure, which is defined as expenses incurred before commercial reserves are established and technical feasibility for extraction is demonstrated, is expensed, with the exception of costs related to the acquiring of the exploration and production rights/licences. The costs of acquiring the oil exploration and production rights/licences are capitalised as intangible assets and will be amortised when oil production commences on a unit of production basis (see below).
Subsequent to the initial recognition, the intangible assets are assessed for impairment annually and where found to be no longer viable, or where the licences have expired with no intention of renewal, an impairment loss is recognised as exploration costs in the profit and loss account.
Investments
Investments comprise investments in quoted equity instruments and are measured at fair value, with changes to fair value recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 5 |
Corfe Energy Limited
Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Total |
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Cost or valuation |
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At 1 July 2017 |
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Additions acquired separately |
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Disposals |
( |
At 31 December 2018 |
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Amortisation |
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Carrying amount |
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At 31 December 2018 |
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At 30 June 2017 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
Page 6 |
Corfe Energy Limited
Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018
Tangible assets |
Properties under construction |
Total |
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Cost or valuation |
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At 1 July 2017 |
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Disposals |
( |
( |
At 31 December 2018 |
- |
- |
Depreciation |
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At 1 July 2017 |
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Eliminated on disposal |
( |
( |
At 31 December 2018 |
- |
- |
Carrying amount |
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At 31 December 2018 |
- |
- |
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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750.00 |
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750.00 |
Related party transactions |
Summary of transactions with parent
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Page 7 |
Corfe Energy Limited
Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018
Non adjusting events after the financial period |
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Page 8 |