New Eyes Exploration Limited - Abbreviated accounts

New Eyes Exploration Limited - Abbreviated accounts

NEW EYES BETTER LTD - Company Information

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NEW EYES EXPLORATION LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2014
Company Registration Number: 05380682
NEW EYES EXPLORATION LIMITED
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the abbreviated financial statements 4 to 7
NEW EYES EXPLORATION LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2014
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 December 2014
Notes 2014 2013
£ £
FIXED ASSETS
Investments 2 3,501 50,517
CURRENT ASSETS
Debtors 20,031 24,985
Cash at bank and in hand 38,766 9,890
58,797 34,875
CREDITORS: Amounts falling due 15,627 5,045
within one year
NET CURRENT ASSETS 43,170 29,830
NET ASSETS 46,671 80,347
CAPITAL AND RESERVES
Called up share capital 3 70,000 70,000
Profit and loss account (23,329) 10,347
SHAREHOLDER'S FUNDS 46,671 80,347
These abbreviated accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
For the financial year ended 31 December 2014 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.
Signed on behalf of the board of directors
S A D Bamford
Director
Date approved by the board: 26 July 2015
NEW EYES EXPLORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
1 STATEMENT OF ACCOUNTING POLICIES
Accounting convention
The accounts have been prepared under the historical cost convention and are based on accounts prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value of consultancy services provided to the oil and gas industry, stated net of value added tax.
Turnover is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. The amount of revenue reflects the partial performance of the company's contractual obligations. Where recorded turnover exceeds amounts invoiced to clients, the excess is classified as income.
Investments
Fixed asset investments are shown at cost less provision for permanent diminution in value. The director has carried out an impaiment review and considers that some investments are impaired and have been written down in value accordingly.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Deferred taxation
Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
2 FIXED ASSET INVESTMENTS
Investments
£
Cost
At 1 January 2014 50,517
Additions 12,200
Revaluation (19,200)
Disposals (40,016)
At 31 December 2014 3,501
Net book value
At 1 January 2014 50,517
At 31 December 2014 3,501
During the year ended 31 December 2013, the company exchanged a 16.67% shareholding in Digital Energy Journal Limited for a further 16.67% shareholding in Finding Petroleum Limited as part of the company restructuring. During the year ended 31 December 2014, the company exchanged its remaining 16.67% shareholding in Digital Energy Journal Limited as part of a nil consideration company reorganisation for 116 shares in Future Energy Publishing Limited.
Capital and reserves of Digital Energy Journal Limited 2014 2013
£ £
Called up share capital 99 99
Profit and loss account (36,331) 5,421
Shareholders' funds (36,232) 5,520
(Loss) / profit for the financial year (40,087) 7,633
The capital and reserves of Digital Energy Journal Limited are based on un-audited accounts for the year ended 31 March 2014.
2 FIXED ASSET INVESTMENTS (continued)
The company owns 50% of the ordinary share capital of Finding Petroleum Limited. During the year ended 31 December 2013, following a re-alignment of interests, free of any cash considerations, New Eyes Exploration Limited's shareholding in Finding Petroleum Limited increased from 33.33% to 50%.
Capital and reserves of Finding Petroleum Limited 2014 2013
£ £
Called up share capital 2 2
Profit and loss account 12,385 41,580
Shareholders' funds 12,387 41,582
(Loss) / profit for the financial year (29,195) 35,213
The capital and reserves of Finding Petroleum Limited are based on the un-audited accounts for the year ended 31 December 2014.
During the year ended 31 December 2014, the company exchanged their shareholding of 20% of the ordinary share capital of Carbon Capture Journal Limited as part of a nil consideration company reorganisation for 116 shares in Future Energy Publishing Limited.
Capital and reserves of Carbon Capture Journal Limited 2014 2013
£ £
Called up share capital 100 100
Profit and loss account 16,962 13,175
Shareholders' funds 17,062 13,275
Profit for the financial year 3,787 4,618
The capital and reserves of Carbon Capture Journal Limited are based on draft un-audited accounts for the year ended 31 July 2014.
2 FIXED ASSET INVESTMENTS (continued)
At 31 December 2013 the company owned 20% of the ordinary share capital of Tanker Operator Magazine Limited. During the year ended 31 December 2014, the company exchanged their shareholding of 20% of the share capital of Tanker Operator Magazine Limited as part of a nil consideration company reorganisation for 116 shares in Future Energy Publishing Limited.
Capital and reserves of Tanker Operator Magazine Limited 2014 2013
£ £
Called up share capital 10 10
Profit and loss account 11,212 15,807
Shareholders' funds 11,222 15,817
Profit / (loss) for the financial year (4,595) (11,106)
The capital and reserves of Tanker Operator Magazine Limited are based on un-audited accounts for the year ended 31 August 2014.
During the year ended 31 December 2014, the company acquired 20% of the shareholding of Future Energy Publishing Limited for no cost during a company reorganisation.
Capital and reserves of Future Energy Publishing Limited 2014 2013
£ £
Called up share capital 1,000 4
Profit and loss account - -
Shareholders' funds 1,000 4
Profit / (loss) for the financial year - -
The capital and reserves of Future Energy Publishing Limited are based on un-audited dormant accounts for the year ended 23 July 2014.
During the year a director revalued Petromall Limited shares which cost £19,200 to a nil value. On 16 December 2014, the company transferred 111,265.65 shares in Petromall Limited at Nil cost to it's parent company Windward Exploration & Properties Limited, leaving 22,253.13 shares in the company at nil value.
3 SHARE CAPITAL
Nominal value Number 2014 2013
£ £ £
Allotted, called up and fully paid:
Ordinary shares 0.1 700,000 70,000 70,000
4 PARENT COMPANY
The company is a wholly owned subsidiary undertaking of Windward Exploration & Properties Limited, a company incorporated in the UK.
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