PACIFIC_WEST_COAL_(UK)_LI - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Pacific West Coal (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is .

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 September 2017 are the first financial statements of Pacific West Coal (UK) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

At 30 September 2017 the company had net liabilities of £238,477 and is reliant on the loan and unpaid interest from Torkard Construction Co Limited not being recalled. The lender has confirmed that they will not request repayment of the loan and interest until such time as the company can pay all its other liabilities as they fall due. On this basis the director considers it appropriate to prepare the accounts on a going concern basis.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Current asset investments are stated at the lower of cost and net realisable value.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).

The investments comprise a 50% holding in Pacific West Coal Limited, a company incorporated in Canada. At 31 August 2017 the negative reserves of that company were £98,293 (2016: £114,230) and the profit for the year then ended was £19,423 (2016: £28,146)

At the year end, the company also held 3,171 10 cent shares in Compliance Energy Corporation, a company incorporated in Canada and listed on the Vancouver/ Calgary Stock Exchange. These comprise a 1.1% interest in Compliance Energy Corporation.

Torkard Construction Limited

A 10% shareholder in the company.

Amount due to related party at the balance sheet date £113,000 (2016 £113,000)

The loan bears an interest rate of 15% per annum, plus a premium of £5,000 per annum. At 30 September 2017 the full balance was outstanding plus unpaid interest of £47,244 (2016: £47,244) totalling £160,244. On 28 October 2014 an agreement was reached to give a further interest holiday period until 15 July 2017. The lender has subsequently further agreed verbally that they will give an interest holiday indefinitely subject to the company's financial position.

Pacific West Coal Limited

A company in which the company owns a 50% holding.

Amount due from related party at the balance sheet date £84,313 (2016 £108,948)

The ultimate controlling party is S A Harrison by virtue of her controlling interest in the equity capital of the company.