REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
ORIENT PETROLEUM (UK) LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
ORIENT PETROLEUM (UK) LIMITED |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
ORIENT PETROLEUM (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
24 Bedford Row |
London |
WC1R 4TQ |
HOLDING COMPANY: |
Pakistan Ltd) |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
The director presents his report with the financial statements of the company for the year ended 31 December 2021. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a representative office for its parent company,Orient Petroleum Inc (formerly Ocean Pakistan Ltd).The company's activities involve tapping the UK financial market to fund its parent company's growth. |
REVIEW OF BUSINESS |
The result for the financial position of the company are as shown in the annexed financial statement. |
DIRECTOR |
HOLDING COMPANY |
Orient Petroleum Inc (formerly Ocean Pakistan Ltd) is the holder of all the issued share capital of Orient Petroleum (UK) limited. |
TAXATION |
The company is a close company within the provision of the Income and Corporation Taxes Act 2010. |
RELATED PARTY TRANSACTION |
The directors had no material interest at any time during the period in any contracts of significance in relation to the business of the company other than that stated in note 14 to the financial statements. |
GOING CONCERN - COVID 19 |
Given that the current situation is evolving, the Board considers it to be appropriate to adopt the going concern basis of in preparing these financial statements. It should nonetheless be stated that the future remains unpredictable in the light of COVID-19. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Mehta & Tengra, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORIENT PETROLEUM (UK) LIMITED |
Opinion |
We have audited the financial statements of Orient Petroleum (UK) Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORIENT PETROLEUM (UK) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORIENT PETROLEUM (UK) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, and then design and perform audit procedures to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. |
- results of our enquiries of management about their own identification and assessment of the risks and irregularities; |
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified that greatest potential for fraud is revenue recognition.In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.The key laws and regulations we considered in this context include the UK Companies Act, pension legislation and tax legislation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ORIENT PETROLEUM (UK) LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
24 Bedford Row |
London |
WC1R 4TQ |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
(290,472 | ) | (292,493 | ) |
Other operating income |
OPERATING LOSS | 4 | ( |
) | ( |
) |
Interest payable and similar expenses | 5 | ( |
) |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 6 | ( |
) | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME |
Capital contribution reserve |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital contribution reserve | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | 15 |
The financial statements were approved by the director and authorised for issue on |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Called up | Capital |
share | Retained | contribution | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2020 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31 December 2020 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31 December 2021 | ( |
) |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Capital contribution reserve |
Net cash from investing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
2,484 |
Cash and cash equivalents at end of year | 2 | 50,648 | 34,222 |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2021 | 2020 |
£ | £ |
Loss before taxation | ( |
) | ( |
) |
Finance costs | 44 | - |
(278,277 | ) | (277,101 | ) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 50,648 | 34,222 |
Year ended 31 December 2020 |
31.12.20 | 1.1.20 |
£ | £ |
Cash and cash equivalents | 34,222 | 2,484 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.21 | Cash flow | At 31.12.21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 34,222 | 16,426 | 50,648 |
34,222 | 50,648 |
Total | 34,222 | 16,426 | 50,648 |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Orient Petroleum (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in £ Sterling and prepared on a going concern basis. |
The Company is a representative office for its parent company,Orient Petroleum Inc (formerly Ocean Pakistan Ltd) |
The Company does not trade and therefore does not generate income. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Tangible fixed assets |
Furniture & Equipment | - |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those asset have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is recognised when income or expenses from an associate have been recognised, and will be assessed for tax in a future period, except where: |
- it is probable that the timing difference will not reverse in the foreseeable future. |
A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised. |
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
With the exception of changes arising on the initial recognition of a business combination , the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax asset and deferred tax liabilities are offset only if: |
- the company has a legally enforceable right to set off current tax assets against current tax liabilities, and |
- the deferred tax asset and deferred tax liabilities relate to income taxes levied by the same taxation |
authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously |
Leases |
Rental payable under operating leases are charged to profit or loss on a straight line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the group recognises annual rent expense equal to amounts owed to the lessor. |
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company operates a small self administrated pension scheme for its directors. The pension is a defined contribution scheme,the assets of which are held separately from the company in an independently administrated fund. |
The company also operates a defined contribution scheme for its staff under "auto enrolment" |
Capital contribution reserve |
Funds contributed by the parent company Orient Petroleum Inc, are treated as an increase in the cost of investment by the parent company and as a capital contribution by the company and not recognised as income for tax purposes. |
. |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
As the company has no turnover, being a representative office, Corporation tax is calculated based on a 10% mark up of the total expenses incurred by the company. |
Any other income received is taxed at the current corporation tax rate. |
3. | EMPLOYEES AND DIRECTORS |
2021 | 2020 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2021 | 2020 |
2021 | 2020 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
2021 | 2020 |
£ | £ |
Hire of plant and machinery |
Auditors' remuneration |
Auditors'-Non audit services |
Operating license on buildings |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2021 | 2020 |
£ | £ |
Other interest |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on loss |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2021 | 2020 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2020 - |
( |
) |
( |
) |
Effects of: |
Transfer Pricing adjustment | 60,487 | 58,351 |
Capital Allowance | (138 | ) | (169 | ) |
Disallowed expenses | 36 | 7 |
previous |
Total tax charge | 7,504 | 5,540 |
Tax effects relating to effects of other comprehensive income |
2021 |
Gross | Tax | Net |
£ | £ | £ |
Capital contribution reserve | - | 307,719 |
2020 |
Gross | Tax | Net |
£ | £ | £ |
Capital contribution reserve | - | 317,550 |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
7. | TANGIBLE FIXED ASSETS |
Furniture |
& Equipment |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Rent Deposit | 14,000 | 14,000 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Corporation tax |
Social security and other taxes |
Other creditors |
Net wages due | 5,606 | - |
Accrued expenses |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
The company signed a one year licence agreement on 18 October 2021. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary A Shares | 1 | 1 | 1 |
ORIENT PETROLEUM (UK) LIMITED (REGISTERED NUMBER: 05460237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
12. | RESERVES |
Capital |
Retained | contribution |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2021 | ( |
) | 21,260 |
Deficit for the year | ( |
) | ( |
) |
Capital contribution reserve | - | 307,719 | 307,719 |
At 31 December 2021 | ( |
) | 43,154 |
13. | PENSION COMMITMENTS |
The contribution for the year charged to the profit and loss account amounted to £1,319 (2020: £1,314). |
The amounts outstanding at the balance sheet date was £257 (2020:£Nil). |
14. | RELATED PARTY DISCLOSURES |
Other than transactions between members of the group headed by the parent company for which exemption under FRS 102 section 33.1A was adopted,there were no related party transactions. |
15. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2021 | 2020 |
£ | £ |
Loss for the financial year | ( |
) | ( |
) |
Other comprehensive income relating to the year (net) | 307,719 | 317,550 |
Net addition to shareholders' funds | 21,894 | 34,909 |
Opening shareholders' funds | 21,261 | (13,648 | ) |
Closing shareholders' funds | 43,155 | 21,261 |
16. | ULTIMATE PARENT COMPANY AND PARENT UNDERTAKING OF LARGER GROUP |
The company is a subsidiary of Orient Petroleum Inc (formerly Ocean Pakistan Ltd) which is a company incorporated in the Cayman Islands. |
The ultimate parent company is Tri-Resources (Cayman) Limited, a company incorporated in Cayman Islands. |
17. | GOING CONCERN |
The Parent company has agreed to support the company by continuing to contribute towards the company's operating costs for the foreseeable future. |
Given that the current situation is evolving, the Board considers it to be appropriate to adopt the going concern basis of in preparing these financial statements. It should nonetheless be stated that the future remains unpredictable in the light of COVID-19. |