Corfe Resources Limited - Period Ending 2018-12-31

Registration number: 09655155

Corfe Resources Limited

Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 July 2017 to 31 December 2018

Corfe Resources Limited

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Notes to the Abridged Financial Statements	4 to 7

Corfe Resources Limited

Company Information

Directors

G B Myles M Butler M Hawthorn

Company secretary

P M Mohamed

Registered office

1st Floor, Unit 2 Queen's Square, Ascot Business Park Lyndhurst Road Ascot SL5 9FE

Page 1

Corfe Resources Limited

(Registration number: 09655155)
Abridged Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	-	200,000
Investments	5	105,000	105,000
		105,000	305,000
Current assets
Debtors		982,585	86,536
Cash at bank and in hand		631	2,380
		983,216	88,916
Creditors: Amounts falling due within one year		(1,237,996)	(308,911)
Net current liabilities		(254,780)	(219,995)
Total assets less current liabilities		(149,780)	85,005
Accruals and deferred income		(2,250)	(1,500)
Net (liabilities)/assets		(152,030)	83,505
Capital and reserves
Called up share capital	6	1,000	1,000
Share premium reserve		1,099,200	1,099,200
Profit and loss account		(1,252,230)	(1,016,695)
Total equity		(152,030)	83,505

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:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	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.

The notes on pages 4 to 7 form an integral part of these abridged financial statements.

Page 2

Corfe Resources Limited

(Registration number: 09655155)
Abridged Balance Sheet as at 31 December 2018

Approved and authorised by the Board on 20 September 2019 and signed on its behalf by:
 

.........................................

M Butler
Director

The notes on pages 4 to 7 form an integral part of these abridged financial statements.

Page 3

Corfe Resources Limited

Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor, Unit 2
Queen's Square, Ascot Business Park
Lyndhurst Road
Ascot
SL5 9FE

These financial statements were authorised for issue by the Board on 20 September 2019.

2	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.

Group accounts not prepared

Corfe Resources Limited is the parent company of a group which qualifies as small under section 383 of the Companies Act 2006 and has therefore applied the exemption available under section 399 (2A) of that Act not to prepare group accounts..

Going concern

Based on a review of the Company's budgets and cash flows and given that the Company’s major shareholder has undertaken to continue to provide the funds necessary for the licence and other obligations and expenditures into which the Company has entered and intends to enter, the Directors consider that there is sufficient cash available to maintain the Company as a going concern for a period of at least twelve months from the date of signing the accounts.

Tax

The tax expense for the period comprises current 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 income 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.

Page 4

Corfe Resources Limited

Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018

Intangible assets - exploration and evaluation 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.

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 in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5 (2017 - 4).

Page 5

Corfe Resources Limited

Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018

4	Intangible assets

	Total £
Cost or valuation
At 1 July 2017	200,000
Disposals	(200,000)
At 31 December 2018	-
Amortisation
Carrying amount
At 31 December 2018	-
At 30 June 2017	200,000

5	Investments

	Total £
Cost or valuation
At 1 July 2017	105,000
Provision
Carrying amount
At 31 December 2018	105,000
At 30 June 2017	105,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017

Subsidiary undertakings
Corfe Energy Limited	1st Floor, Unit 2, Queen's Square, Ascot Business Park, Lyndhurst Road, Ascot, Sl5 9FE	Ordinary shares	100%	100%
	England

Page 6

Corfe Resources Limited

Notes to the Abridged Financial Statements for the Period from 1 July 2017 to 31 December 2018

The principal activity of Corfe Energy Limited is oil and gas exploration.

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

7	Related party transactions

Summary of transactions with subsidiaries

Amounts due from Corfe Energy Limited, a wholly owned subsidiary, are £982,585 (2017 - £77,000)
 

Summary of transactions with other related parties

Included in creditors is an amount of £1,227,496 (2017 - £298,911) due to N Myles who is the wife of the director, G Myles, This loan is interest free and repayable on demand.

On 24 April 2018 under the company share option plan, 200 shareoptions at a total value of £200,000 were granted to M Butler and M Hawthorn in equal proportions.
 

8	Non adjusting events after the financial period

As part of the development of the exploration areas, each party to the development was required to fund the works on an agreed schedule. Due to cash constraints Corfe Resources was unable to meet its commitments and in July 2019 the ownership of the licence P1918 was transferred In full settlement of debts owed to Corallian Energy Limited. All related costs incurred to 31 December 2018 have been fully provided for in the financial statements.

Page 7