Connect Oil Limited - Filleted accounts

CONNECT OIL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 DECEMBER 2018

Company Registration Number: 04236753

CONNECT OIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

CONNECT OIL LIMITED
COMPANY INFORMATION
FOR THE PERIOD ENDED 31 DECEMBER 2018
DIRECTORS
S Pollard
J Swatton
B Pollard
resigned 28 February 2018
C L Swatton
resigned 7 August 2017
SECRETARY
J Swatton
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
04236753 England and Wales

CONNECT OIL LIMITED
BALANCE SHEET
AS AT 31 December 2018
			Notes		2018				2017
					£				£
FIXED ASSETS
Tangible assets			6				5,583				4,518
CURRENT ASSETS
Debtors			7		451,455				14,707
Cash at bank and in hand					628,675				692,828
					1,080,130				707,535
CREDITORS: Amounts falling due within one year			8		481,856				492,893
NET CURRENT ASSETS							598,274				214,642
TOTAL ASSETS LESS CURRENT LIABILITIES							603,857				219,160
Provisions for liabilities and charges							1,061				858
NET ASSETS							602,796				218,302
CAPITAL AND RESERVES
Called up share capital							56				104
Distributable profit and loss account							602,690				218,198
Capital redemption reserve							50				-
SHAREHOLDERS' FUNDS							602,796				218,302
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial period ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
S Pollard						J Swatton
Director						Director
Date approved by the board: 30 September 2019

CONNECT OIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
1	GENERAL INFORMATION
	Connect Oil Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	Cranbrook House				John Eccles House
	287-291 Banbury Road				Robert Robinson Avenue
	Oxford				Oxford Science Park
	OX2 7JQ				Oxford
					OX4 4GP
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition
	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of commission received as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Office and computer equipment					25% reducing balance basis
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Foreign currencies

	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
	Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.

	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the period. Differences between contributions payable and contributions actually paid in the period are shown as either accruals or prepayments in the balance sheet.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the period was:
									2018		2017
	Average number of employees								3		4
5	DIRECTORS' REMUNERATION
									2018		2017
									£		£
	Remuneration paid to the directors during the period was:								25,400		55,662
6	TANGIBLE ASSETS
											Office and computer equipment
											£
	Cost
	At 1 July 2017										15,719
	Additions										6,408
	Disposals										(9,162)
	At 31 December 2018										12,965
	Accumulated depreciation
	At 1 July 2017										11,201
	Charge for period										3,350
	Disposals										(7,169)
	At 31 December 2018										7,382
	Net book value
	At 1 July 2017										4,518
	At 31 December 2018										5,583
7	DEBTORS
									2018		2017
									£		£
	Trade debtors								51,144		14,707
	Other debtors								400,311		-
									451,455		14,707
8	CREDITORS: Amounts falling due within one year
									2018		2017
									£		£
	Trade creditors								170		1,468
	Taxation and social security								404,099		196,566
	Accruals and deferred income								60,451		66,500
	Other creditors								17,136		228,359
									481,856		492,893