Libra Energy UK Ltd - Period Ending 2014-12-31

 
 
 
 
 
 
 
  Libra Energy UK Ltd
 
  Unaudited Abbreviated Accounts
  Year Ended 31 December 2014
 
  Company Registration Number: 07112058

Libra Energy UK Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Libra Energy UK Ltd
Abbreviated Balance Sheet
31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets		2			1,000			7,000
Tangible fixed assets		2			535			827
					1,535			7,827
Current assets
Stocks					300,923			292,522
Debtors					557,406			296,271
Cash at bank and in hand					54,414			123,862
					912,743			712,655
Creditors: Amounts falling due within one year					(928,441)			(745,640)
Net current liabilities					(15,698)			(32,985)
Net liabilities					(14,163)			(25,158)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(14,263)			(25,258)
Shareholders' deficit					(14,163)			(25,158)

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Libra Energy UK Ltd
Abbreviated Balance Sheet
31 December 2014 ......... continued

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 11 September 2015 and signed on its behalf by:

Mr Jan Joosten
Director

Mr Jeroen Bogaers
Director

Company Registration Number: 07112058

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Libra Energy UK Ltd
Notes to the Abbreviated Accounts
Year Ended 31 December 2014 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The directors have prepared the financial statements on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The continuance of the company's activities is dependent upon the continued support of its fellow group companies. The directors consider that the support will be continuing and that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the support was withdrawn.

Turnover

Turnover represents the value of goods sold excluding Value Added Tax and is recognised at the point of dispatch to the customer. Amounts received in advance are recognised at the point of dispatch.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

Libra Energy UK Ltd
Notes to the Abbreviated Accounts
Year Ended 31 December 2014 ......... continued

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		30,000			1,459			31,459
At 31 December 2014		30,000			1,459			31,459
Depreciation
At 1 January 2014		23,000			632			23,632
Charge for the year		6,000			292			6,292
At 31 December 2014		29,000			924			29,924
Net book value
At 31 December 2014		1,000			535			1,535
At 31 December 2013		7,000			827			7,827

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

4

Control

The immediate parent company is Libra Energy International BV, a company incorporated in The Netherlands. Rosa Lize BV, a company incorporated in the Netherlands, is the ultimate parent company. J A Joosten, a director of Libra Energy UK Limited is the sole shareholder of Rosa Lize BV

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Page 4