| Courage Energy (U.K.) Limited |
| Registered number: |
03446506 |
| Abbreviated Balance Sheet |
| as at 31 December 2015 |
|
| Notes |
|
|
2015 |
|
|
2014 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
121,460 |
|
|
178,610 |
|
| Current assets |
| Debtors |
|
|
34,833 |
|
|
32,504 |
|
| Creditors: amounts falling due within one year |
|
|
(204,418) |
|
|
(160,777) |
|
| Net current liabilities |
|
|
|
(169,585) |
|
|
(128,273) |
|
| Total assets less current liabilities |
|
|
|
(48,125) |
|
|
50,337 |
|
|
| Provisions for liabilities |
|
|
|
(40,274) |
|
|
(39,823) |
|
|
| Net (liabilities)/assets |
|
|
|
(88,399) |
|
|
10,514 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
3 |
|
|
2,750,002 |
|
|
2,750,002 |
| Profit and loss account |
|
|
|
(2,838,401) |
|
|
(2,739,488) |
|
| Shareholders' funds |
|
|
|
(88,399) |
|
|
10,514 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The 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. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Rupert Lycett Green |
| Director |
| Approved by the board on 28 September 2016 |
|
| Courage Energy (U.K.) Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 December 2015 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Statement of Recommended Practice "Accounting for oil and gas exploration, development, production and decommissioning activities" published by the Institute of Petroleum on behalf of the UK Oil Industry Accounting Committee.
The company is engaged in oil and gas exploration, development and production through unincorporated joint arrangements. The company accounts for its share of the results and net assets of these joint arrangements.
The directors have prepared forecasts and have considered the position for at least 12 months hence and consider that the company will be able to meet its liabilities as they fall due subject to ongoing support from the parent company. On this basis the financial statements have been prepared on a going concern basis. |
|
|
Exploration and appraisal costs |
|
The company adopts the "full cost" method of accounting for exploration and development expenditure. Where exploration expenditure so capitalised is not subsequently considered likely to result in the commercial exploitation of hydrocarbons, such expenditure is written off in full against income in the year that this view arises, following annual review of all capitalised exploration expenditure by management. |
|
|
Site restoration |
|
Licensees are required to restore oil and gas sites at the end of the producing lives of the fields to a condition acceptable to the authorities. Provision for the expected costs of the assumed abandonment programme and site restoration based on removal of the facilities and total restoration of each producing site is made on a discounted basis over the life of each field. |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Improvement to leasehold site |
12.5% straight line |
|
Exploration & appraisal |
20% straight line |
|
Plant and equipment |
20% straight line |
|
De-commissioning costs |
19.5% reducing balance |
|
|
Deferred taxation |
|
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 January 2015 |
337,553 |
|
At 31 December 2015 |
337,553 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2015 |
158,943 |
|
Charge for the year |
57,150 |
|
At 31 December 2015 |
216,093 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2015 |
121,460 |
|
At 31 December 2014 |
178,610 |
|
|
|
|
|
|
|
|
| 3 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2,750,002 |
|
2,750,002 |
|
2,750,002 |
|
|
|
|
|
|
|
|
|
