Tetra Energy UK Onshore Ltd - Period Ending 2022-12-31

Tetra Energy UK Onshore Ltd

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Unaudited Financial Statements	4 to 7

Tetra Energy UK Onshore Ltd

Company Information

Directors

M Hawthorn Charles Wood

Registered office

57a Broadway Leigh-On-Sea Essex SS9 1PE

Accountants

Cameron & Associates Limited The Hour House 32 High Street Rickmansworth Hertfordshire WD3 1ER

Tetra Energy UK Onshore Ltd

(Registration number: 06030678)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed Assets
Intangible assets	4	525,781	525,781
Current assets
Debtors	5	-	392
Cash at bank and in hand		3,319	2,721
		3,319	3,113
Creditors: Amounts falling due within one year	6	(2,688,410)	(2,688,444)
Net current liabilities		(2,685,091)	(2,685,331)
Total assets less current liabilities		(2,159,310)	(2,159,550)
Provisions for liabilities		(40,000)	(40,000)
Net liabilities		(2,199,310)	(2,199,550)
Capital and reserves
Called up share capital	7	750	750
Share premium reserve		2,176,604	2,176,604
Retained earnings		(4,376,664)	(4,376,904)
Shareholders' deficit		(2,199,310)	(2,199,550)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

......................................... Charles Wood Director

Tetra Energy UK Onshore Ltd

Statement of Changes in Equity for the Year Ended 31 December 2022

	Share capital £	Share premium £	Retained earnings £	Total £
At 1 January 2022	750	2,176,604	(4,376,904)	(2,199,550)
Profit for the year	-	-	240	240
At 31 December 2022	750	2,176,604	(4,376,664)	(2,199,310)

	Share capital £	Share premium £	Retained earnings £	Total £
At 1 January 2021	750	2,176,604	(4,360,066)	(2,182,712)
Loss for the year	-	-	(16,838)	(16,838)
At 31 December 2021	750	2,176,604	(4,376,904)	(2,199,550)

Tetra Energy UK Onshore Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Corfe Energy Limited.

The address of its registered office is:
57a Broadway
Leigh-On-Sea
Essex
SS9 1PE
United Kingdom

These financial statements were authorised for issue by the Board on 29 September 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The Company is dependent on its parent company for support. Having reviewed the Company's budgets and cash flows, and taking into account that the parent company has expressed its willingness to continue providing support, the Directors consider that there is sufficient cash to maintain the Company as a going concern for a period of at least twelve months from the date of signing the accounts.

Revenue recognition

Turnover represents amounts receivable for the sale of crude oil net of taxes, and is recognised on delivery of the crude oil to a third party storage facility.

Tangible - development and production assets

Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction demonstrated, then the related capitalised intangible exploration and evaluation cost is transferred into a single field cost centre within tangible assets - development and production assets after testing for impairment (see below). Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not considered commercially viable, all related costs are expensed in the profit and loss account.

Development and production costs are depreciated on a unit-of-production basis based on the commercial proven and probable reserves on a field-by-field basis. Development and production assets are not depreciated until the production commences. The depreciation calculation takes account of the residual value of site equipment and the estimated future costs of development of recognised proven and probable reserves, based on current price levels. Any changes in reserves quantities and costs estimates are recognised prospectively.

Tetra Energy UK Onshore Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Intangible - exploration and evaluation assets

The Company accounts for oil and gas expenditure using successful efforts based accounting.

Under this method, exploration and evaluation expenditure, which is defined as expenses incurred before commercial reserves are established and technical feasibility for extraction is demonstrated, is expensed, with the exception of costs related to the acquiring of the exploration and production rights/licences. The costs of acquiring the oil exploration and production rights/licences are capitalised as intangible assets and will be amortised when oil production commences on a unit of production basis (see below).

Subsequent to the initial recognition, the intangible assets are assessed for impairment annually and where found to be no longer viable, or where the licences have expired with no intention of renewal, an impairment loss is recognised as exploration costs in the profit and loss account.

Impairment

Intangible exploration and evaluation assets are reviewed regularly for indicators of impairment. If events or changes in circumstances indicate that the net book amount of capitalised expenditure may not be recoverable from anticipated future net revenue from oil and gas reserves attributable to the Company's interest in the field, the intangible asset is tested for impairment on a field-by-field basis. Any impairment arising is recognised in the profit and loss account for the year.

Impairment reviews on tangible development and production assets are carried out on each cash-generating unit identified in accordance with FRS 11 'Impairment of Fixed Assets and Goodwill'. The Company's cash-generating units are those assets which generate largely independent cash flows and are normally, but not always, single development areas.

At each reporting date, where there are indicators of impairment, the net book value of the cash-generating unit is compared with the associated expected future net cash flows, discounted at a rate of 10%. If the net book value is higher, then the difference is written off to the profit and loss account as impairment. The forecasted cash flow represents the period to January 2023.

Investments

Investments comprise investments in quoted equity instruments and are measured at fair value, with changes to fair value recognised in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

Tetra Energy UK Onshore Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4	Intangible assets

	Exploration and evaluation assets  £
Cost or valuation
At 1 January 2022	525,781
At 31 December 2022	525,781
Carrying amount
At 31 December 2022	525,781
At 31 December 2021	525,781

5

Debtors

Current	2022 £	2021 £
Other debtors	-	392

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Trade creditors		774	1,926
Amounts owed to parent company	8	2,684,868	2,685,518
Taxation and social security		1,768	-
Other creditors		1,000	1,000
		2,688,410	2,688,444

7	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £0.0001 each	7,500,000	750.00	7,500,000	750.00

8	Related party transactions

Summary of transactions with parent

Amounts due to Tetra Energy Gamma Ltd, the parent company, are £2,684,868 (2020 - £2,685,518).
 

Tetra Energy UK Onshore Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9	Parent and ultimate parent undertaking

Tetra Energies Ltd acquired 100% of the share capital of Tetra Energy Gamma Ltd, the immediate parent of Tetra Energy UK Onshore Ltd, on 4 August 2023.

 The company's immediate parent is Tetra Energy Gamma Ltd, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Tetra Energies Ltd. These financial statements are available upon request from 57a Broadway, Leigh-On-Sea, Essex, United Kingdom SS9 1PE.

 The ultimate controlling party is Tetra Energies Ltd by virtue of the fact that it owns 100% of the issued share capital of the parent company.