New Eyes Exploration Limited - Filleted accounts

New Eyes Exploration Limited - Filleted accounts

NEW EYES BETTER LTD - Company Information

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NEW EYES EXPLORATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2016
Company Registration Number: 05380682
NEW EYES EXPLORATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
NEW EYES EXPLORATION LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2016
DIRECTORS
Windward Exploration & Properties Limited
S A D Bamford
SECRETARY
Windward Exploration & Properties Limited
REGISTERED OFFICE
Windward House
Reading Road
Cholsey
Wallingford
Oxon
OX10 9HG
COMPANY REGISTRATION NUMBER
05380682 England and Wales
NEW EYES EXPLORATION LIMITED
BALANCE SHEET
AS AT 31 December 2016
Notes 2016 2015
£ £
FIXED ASSETS
Investments 6 3,500 3,500
CURRENT ASSETS
Debtors 7 72,590 54,649
Cash at bank and in hand 252 21,627
72,842 76,276
CREDITORS: Amounts falling due 8 5,059 12,062
within one year
NET CURRENT ASSETS 67,783 64,214
NET ASSETS 71,283 67,714
CAPITAL AND RESERVES
Called up share capital 70,000 70,000
Distributable profit and loss account 1,283 (2,286)
SHAREHOLDER'S FUNDS 71,283 67,714
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
S A D Bamford
Director
Date approved by the board: 28 September 2017
NEW EYES EXPLORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
1 GENERAL INFORMATION
New Eyes Exploration Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Windward House
Reading Road
Cholsey
Wallingford
Oxon
OX10 9HG
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services provided to the oil and gas industry as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Investments
Fixed asset investments are shown at cost less provision for permanent diminution in value.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measued at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
3 TRANSITION TO FRS 102
This is the first year in which the financial statements have been prepared under FRS 102. Note 11 gives an explanation of the effects of the transition.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
5 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2016 2015
Average number of employees 1 1
6 FIXED ASSET INVESTMENTS
Other investments
£
Cost
At 1 January 2016 3,500
At 31 December 2016 3,500
Net book value
At 1 January 2016 3,500
At 31 December 2016 3,500
7 DEBTORS
2016 2015
£ £
Trade debtors 18,899 22,899
Amounts owed by group undertakings 51,598 29,657
Other debtors 2,093 2,093
72,590 54,649
8 CREDITORS: Amounts falling due within one year
2016 2015
£ £
Corporation tax 892 5,404
Other taxation and social security - 2,691
Amounts owed to group undertakings 1,757 1,757
Accruals and deferred income 2,400 2,200
Other creditors 10 10
5,059 12,062
Included in other creditors is an advance from a director (Note 9) of £10 (2015 = £10). This advance is interest free and has no fixed date of repayment.
9 RELATED PARTY TRANSACTIONS
A director made an advance to the company during the year. The following amount was due to the director at the year end:
2016 2015
£ £
S A D Bamford 10 10
The company has claimed exemptions from reporting disclosure of related party transactions for the following wholly owned entities:
Windward Exploration & Properties Limited Parent Company
New Eyes Asset Management Limited Connected Party
During the year, the following transactions with related parties took place:
Finding Petroleum Limited
Investment 2016 2015
£ £
Rendering or receiving of services 10,000 14,586
Amount due to related party at 31 December 2016 34 34
10 ULTIMATE PARENT COMPANY
The company's parent and ultimate parent company is Windward Exploration & Properties Limited by virtue of its 100% interest in the issued share capital of New Eyes Exploration Limited. Windward Exploration & Properties Limited is incorporated in England and Wales.
11 RECONCILIATIONS ON ADOPTION OF FRS 102
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 January 2015.
Profit and loss for the year ended 31 December 2015 £
Profit for the year under former UK GAAP 21,043
Profit for the year under FRS 102 21,043
Balance sheet at 31 December 2015 £
Equity under former UK GAAP 67,714
Equity under FRS 102 67,714
Balance sheet at 1 January 2015 £
Equity under former UK GAAP 46,671
Equity under FRS 102 46,671
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