New Eyes Exploration Limited - Filleted accounts

NEW EYES EXPLORATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 MARCH 2020

Company Registration Number: 05380682

NEW EYES EXPLORATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 7

NEW EYES EXPLORATION LIMITED
COMPANY INFORMATION
FOR THE PERIOD ENDED 31 MARCH 2020
DIRECTORS
Windward Exploration & Properties Limited
S A D Bamford
SECRETARY
Windward Exploration & Properties Limited
REGISTERED OFFICE
Windward House
Reading Road
Cholsey
Wallingford
Oxon
OX10 9HG
COMPANY REGISTRATION NUMBER
05380682 England and Wales

NEW EYES EXPLORATION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
			Notes		2020				2018
					£				£
FIXED ASSETS
Investments			5				3,500				3,500
CURRENT ASSETS
Debtors			6		50,659				52,431
Cash at bank and in hand					128				275
					50,787				52,706
CREDITORS: Amounts falling due
within one year			7		4,157				4,157
NET CURRENT ASSETS							46,630				48,549
NET ASSETS							50,130				52,049
CAPITAL AND RESERVES
Called up share capital							70,000				70,000
Distributable profit and loss account							(19,870)				(17,951)
SHAREHOLDER'S FUNDS							50,130				52,049

NEW EYES EXPLORATION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
These accounts have been prepared and delivered 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 March 2020 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 A D Bamford
Director
Date approved by the board: 10 August 2020

NEW EYES EXPLORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
1	GENERAL INFORMATION
	New Eyes Exploration Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Windward House
	Reading Road
	Cholsey
	Wallingford
	Oxon
	OX10 9HG
	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 consultancy services provided to the oil and gas industry 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.

	Investments

	Investments in associates are shown at cost less accumulated impairment losses.

NEW EYES EXPLORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020

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.
	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.
	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.

NEW EYES EXPLORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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:
									2020		2018
	Average number of employees								1		1
5	FIXED ASSET INVESTMENTS
											Other investments
											£
	Cost
	At 1 January 2019										3,500
	At 31 March 2020										3,500
	Net book value
	At 1 January 2019										3,500
	At 31 March 2020										3,500
6	DEBTORS
									2020		2018
									£		£
	Other debtors								50,659		52,431
7	CREDITORS: Amounts falling due within one year
									2020		2018
									£		£
	Accruals and deferred income								2,400		2,400
	Other creditors								1,757		1,757
									4,157		4,157

NEW EYES EXPLORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
8	CONTINGENCIES AND COMMITMENTS
									Not provided
	Deferred Tax Assets								2020		2018
									£		£
	Losses								3,341		2,976
	Balance carried forward								3,341		2,976
9	ULTIMATE PARENT COMPANY
	The company's parent and ultimate parent company is Windward Exploration & Properties Limited by virtue of its 100% interest in the issued share capital of New Eyes Exploration Limited. Windward Exploration & Properties Limited is incorporated in England and Wales.