Clarion Petroleum Limited 31/08/2022 iXBRL

Clarion Petroleum Limited 31/08/2022 iXBRL

CLARION PETROLEUM LTD - Company Information

Print Friendly Version

0 31/08/2022 2022-08-31 true false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-09-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09734277 2021-09-01 2022-08-31 09734277 2022-08-31 09734277 2021-08-31 09734277 bus:RegisteredOffice 2021-09-01 2022-08-31 09734277 bus:LeadAgentIfApplicable 2021-09-01 2022-08-31 09734277 bus:Director1 2021-09-01 2022-08-31 09734277 bus:Director2 2021-09-01 2022-08-31 09734277 bus:Director3 2021-09-01 2022-08-31 09734277 bus:Director4 2021-09-01 2022-08-31 09734277 bus:Director5 2021-09-01 2022-08-31 09734277 core:WithinOneYear 2022-08-31 09734277 core:WithinOneYear 2021-08-31 09734277 core:ShareCapital 2022-08-31 09734277 core:ShareCapital 2021-08-31 09734277 core:RetainedEarningsAccumulatedLosses 2022-08-31 09734277 core:RetainedEarningsAccumulatedLosses 2021-08-31 09734277 bus:Director2 2021-08-31 09734277 bus:Director2 2022-08-31 09734277 bus:Director2 2020-08-31 09734277 bus:Director2 2021-08-31 09734277 bus:Director2 2020-09-01 2021-08-31 09734277 bus:SmallEntities 2021-09-01 2022-08-31 09734277 bus:AuditExemptWithAccountantsReport 2021-09-01 2022-08-31 09734277 bus:FullAccounts 2021-09-01 2022-08-31 09734277 bus:SmallCompaniesRegimeForAccounts 2021-09-01 2022-08-31 09734277 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31
Company registration number: 09734277
Clarion Petroleum Limited
Unaudited filleted financial statements
31 August 2022
Clarion Petroleum Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Clarion Petroleum Limited
Directors and other information
Directors Mr PM Griggs
Mr PC Logan
Mr GV Lyon
Mr AE Robinson
Mr D Tsvetkov
Company number 09734277
Registered office Quintella
33 Grays Lane
Ashtead
Surrey
KT21 1BZ
Business address Quintella
33 Grays Lane
Ashtead
Surrey
KT21 1BZ
Accountants Hardcastle Blake
2 Liscombe West
Liscombe Park
Soulbury
Leighton Buzzard
LU7 0JL
Clarion Petroleum Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Clarion Petroleum Limited
Year ended 31 August 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clarion Petroleum Limited for the year ended 31 August 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Clarion Petroleum Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Clarion Petroleum Limited and state those matters that we have agreed to state to the board of directors of Clarion Petroleum Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clarion Petroleum Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Clarion Petroleum Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Clarion Petroleum Limited. You consider that Clarion Petroleum Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Clarion Petroleum Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hardcastle Blake
ICAEW
2 Liscombe West
Liscombe Park
Soulbury
Leighton Buzzard
LU7 0JL
10 May 2023
Clarion Petroleum Limited
Statement of financial position
31 August 2022
2022 2021
Note £ £ £ £
Current assets
Debtors 4 7,901 8,766
Investments 5 29,894 29,894
Cash at bank and in hand 950 271
_______ _______
38,745 38,931
Creditors: amounts falling due
within one year 6 ( 46,329) ( 45,354)
_______ _______
Net current liabilities ( 7,584) ( 6,423)
_______ _______
Total assets less current liabilities ( 7,584) ( 6,423)
_______ _______
Net liabilities ( 7,584) ( 6,423)
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account ( 7,784) ( 6,623)
_______ _______
Shareholders deficit ( 7,584) ( 6,423)
_______ _______
For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 May 2023 , and are signed on behalf of the board by:
Mr PC Logan
Director
Company registration number: 09734277
Clarion Petroleum Limited
Notes to the financial statements
Year ended 31 August 2022
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Quintella, 33 Grays Lane, Ashtead, Surrey, KT21 1BZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net liabilities of £7,584. Liabilities include loans made to the company by the directors and a shareholder of £45,929. The loans are technically repayable on demand, but the lenders have indicated that repayment will be postponed until the company is in a financial position to do so. The lenders have also confirmed their willingness to continue to fund the day to day operational expenses for the foreseeable future.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Debtors
2022 2021
£ £
Other debtors 7,901 8,766
_______ _______
5. Investments
2022 2021
£ £
Other investments 29,894 29,894
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Other creditors 46,329 45,354
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr PC Logan 8,750 ( 965) 7,785
_______ _______ _______
2021
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr PC Logan 9,750 ( 1,000) 8,750
_______ _______ _______
8. Controlling party
The company shareholding is structured so that no one individual shareholder has control of the company