Abbreviated Company Accounts - SHEBA EXPLORATION LIMITED

Abbreviated Company Accounts - SHEBA EXPLORATION LIMITED

SHEBA EXPLORATION LIMITED - Company Information

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Registered Number 03512706

SHEBA EXPLORATION LIMITED

Abbreviated Accounts

28 February 2016

SHEBA EXPLORATION LIMITED Registered Number 03512706

Abbreviated Balance Sheet as at 28 February 2016

Notes 2016 2015
£ £
Called up share capital not paid - -
Fixed assets
Intangible assets - -
Tangible assets 2 239,022 274,943
Investments - -
239,022 274,943
Current assets
Stocks - -
Debtors 3 657,020 342,897
Investments - -
Cash at bank and in hand 13,493 37,875
670,513 380,772
Prepayments and accrued income - -
Creditors: amounts falling due within one year (211,119) 0
Net current assets (liabilities) 459,394 380,772
Total assets less current liabilities 698,416 655,715
Creditors: amounts falling due after more than one year (1,671,983) (316,707)
Provisions for liabilities 0 0
Accruals and deferred income 0 0
Total net assets (liabilities) (973,567) 339,008
Capital and reserves
Called up share capital 4 4,000 4,000
Share premium account 88,448 88,448
Revaluation reserve 0 0
Other reserves 0 0
Profit and loss account (1,066,015) 246,560
Shareholders' funds (973,567) 339,008
  • For the year ending 28 February 2016 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 30 November 2016

And signed on their behalf by:
Andrew Pardey, Director
Josef El-Raghy, Director

SHEBA EXPLORATION LIMITED Registered Number 03512706

Notes to the Abbreviated Accounts for the period ended 28 February 2016

1Accounting Policies

Basis of measurement and preparation of accounts
These financial statements are prepared under the historical cost convention, and in accordance with applicable accounting standards.

Other accounting policies
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the ruling on the date of the transaction.Exchange gains and losses are recognised in the Profit and loss account.

2Tangible fixed assets
£
Cost
At 1 March 2015 354,253
Additions 2,605
Disposals 0
Revaluations 0
Transfers 0
At 28 February 2016 356,858
Depreciation
At 1 March 2015 79,310
Charge for the year 38,526
On disposals 0
At 28 February 2016 117,836
Net book values
At 28 February 2016 239,022
At 28 February 2015 274,943

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
Plant and Machinery 10% reducing balance
Computer Equipment 25% reducing balance
Furniture & Fittings 20% reducing balance
Office Equipment 14% reducing balance
Residual value is calculated on prices prevailing at the date of acquisition or revaluation.

3Debtors
2016
£		 2015
£
Debtors include the following amounts due after more than one year 488,553 0
4Called Up Share Capital
Allotted, called up and fully paid:
2016
£		 2015
£
4,000 Ordinary shares of £1 each 4,000 4,000