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 2014

SHEBA EXPLORATION LIMITED Registered Number 03512706

Abbreviated Balance Sheet as at 28 February 2014

Notes 2014 2013
£ £
Called up share capital not paid - -
Fixed assets
Intangible assets - -
Tangible assets 2 301,632 153,772
Investments - -
301,632 153,772
Current assets
Stocks - -
Debtors 126,302 38,800
Investments - -
Cash at bank and in hand 220,383 506,895
346,685 545,695
Prepayments and accrued income - -
Creditors: amounts falling due within one year (3,888,724) (2,605,582)
Net current assets (liabilities) (3,542,039) (2,059,887)
Total assets less current liabilities (3,240,407) (1,906,115)
Creditors: amounts falling due after more than one year 0 0
Provisions for liabilities 0 0
Accruals and deferred income 0 0
Total net assets (liabilities) (3,240,407) (1,906,115)
Capital and reserves
Called up share capital 3 4,000 4,000
Share premium account 88,448 88,448
Revaluation reserve 0 0
Other reserves 0 0
Profit and loss account (3,332,855) (1,998,563)
Shareholders' funds (3,240,407) (1,906,115)
  • For the year ending 28 February 2014 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 12 December 2014

And signed on their behalf by:
Pierre Louw, Director
Josef El'Raghy, Director

SHEBA EXPLORATION LIMITED Registered Number 03512706

Notes to the Abbreviated Accounts for the period ended 28 February 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the 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 2013 168,581
Additions 178,023
Disposals 0
Revaluations 0
Transfers 0
At 28 February 2014 346,604
Depreciation
At 1 March 2013 14,809
Charge for the year 30,163
On disposals 0
At 28 February 2014 44,972
Net book values
At 28 February 2014 301,632
At 28 February 2013 153,772

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.

3Called Up Share Capital
Allotted, called up and fully paid:
2014
£		 2013
£
4,000 Ordinary shares of £1 each 4,000 4,000