African Continental Energy Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08796591 (England and Wales)

Financial Statements for the Year Ended 31 December 2017

for

African Continental Energy Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Buchanan

T Shobo

S Fadahunsi

A Macfarlane

M G Sullivan

REGISTERED OFFICE:

238 Station Road

Addlestone

Surrey

KT15 2PS

REGISTERED NUMBER:

08796591 (England and Wales)

ACCOUNTANTS:

Turner Hampton

Chartered Certified Accountants

238 Station Road

Addlestone

Surrey

KT15 2PS

FIXED ASSETS

Investments

4

27,880

34,544

CURRENT ASSETS

Debtors

5

110,130

91,510

Cash at bank

310,716

344,894

420,846

436,404

CREDITORS

Amounts falling due within one year

6

(15,760

)

(20,506

)

NET CURRENT ASSETS

405,086

415,898

TOTAL ASSETS LESS CURRENT LIABILITIES

432,966

450,442

CAPITAL AND RESERVES

Called up share capital

550,000

550,000

Retained earnings

(117,034

)

(99,558

)

SHAREHOLDERS' FUNDS

432,966

450,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 June 2018 and were signed on its behalf by:

P Buchanan - Director

1.	STATUTORY INFORMATION

African Continental Energy Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 5 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2017

34,544

Exchange differences

(6,664

)

At 31 December 2017

27,880

NET BOOK VALUE

At 31 December 2017

27,880

At 31 December 2016

34,544

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Amounts owed by group undertakings

83,799

61,035

Other debtors

26,125

26,125

VAT

206

226

Prepayments

-

4,124

110,130

91,510

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

1,260

6,006

Accruals and deferred income

14,500

14,500

15,760

20,506