ACCOUNTS - Final Accounts preparation

BRITANNIA PETROLEUM LIMITED - Company Information

Company registration number: 05177802

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2019

	BRITANNIA PETROLEUM LIMITED


BRITANNIA PETROLEUM LIMITED

COMPANY INFORMATION

Directors	M. R. Beyad
	M. Y. Beyad
	M. Beyad
	A. Beyad


Company secretary	M. R. Beyad


Registered number	05177802


Registered office	320 King Street
	London
	W6 0RR


Accountants	Menzies LLP
	Chartered Accountants
	Ashcombe House
	5 The Crescent
	Leatherhead
	Surrey
	KT22 8DY


BRITANNIA PETROLEUM LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 3


BRITANNIA PETROLEUM LIMITED REGISTERED NUMBER:05177802

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2019

		2019		2018
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	79,830		68,859
Cash at bank and in hand		9,955		20,119
		89,785		88,978
Creditors: amounts falling due within one year	5	(56,114)		(58,719)
Net current assets			33,671		30,259
Total assets less current liabilities			33,671		30,259

Net assets			33,671		30,259

Capital and reserves
Called up share capital	14,000	14,000
Profit and loss account	19,671	16,259
	33,671	30,259

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M. R. Beyad

Director

Date: 5 November 2020

The notes on pages 2 to 3 form part of these financial statements.

Page 1


BRITANNIA PETROLEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

Britannia Petroleum Limited is a private company limited by shares and registered in England and Wales. The Company's registered number and registered office is disclosed on the Company Information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this although, at this stage, it is not possible to reliably forecast what the long term impact of this may be. The directors are working to ensure the safety of all those involved with the company and to maintain the continuity of its operations as far as they are able whilst adhering to Government advice. Although the pandemic will have a financial impact on the Company, at this stage, it is not possible to forecast what this may be. However, the directors are taking all relevant measures to ensure they are able to safeguard cash flow and projects to put it in the best possible position once activities start to return to normal. Despite the uncertainties that exist, it is the directors' opinion that the going concern basis of preparation of the accounts continues to be appropriate.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 4 (2018 - 4).

Page 2


BRITANNIA PETROLEUM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Debtors

					2019	2018
					£	£


Trade debtors	-	1,824
Other debtors	79,830	67,035
	79,830	68,859

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	53,314	53,314
Corporation tax	800	513
Other creditors	-	2,892
Accruals and deferred income	2,000	2,000
	56,114	58,719

Page 3