Company Registration No. 02591961 (England and Wales)
JEBCO SEISMIC (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
JEBCO SEISMIC (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JEBCO SEISMIC (UK) LIMITED (REGISTERED NUMBER: 02591961)
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
$
$
$
$
Fixed assets
Tangible assets
3
186
248
Current assets
Debtors
4
5,774
5,994
Cash at bank and in hand
21,606
4,757
27,380
10,751
Creditors: amounts falling due within one year
5
(34,058)
(8,631)
Net current (liabilities)/assets
(6,678)
2,120
Net (liabilities)/assets
(6,492)
2,368
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(6,494)
2,366
Total equity
(6,492)
2,368
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
P Wigger
Director
JEBCO SEISMIC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Jebco Seismic (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
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 dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
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:
Computer equipment
- 25% on reducing balance
1.4
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
JEBCO SEISMIC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Foreign exchange
Transactions in currencies other than US dollars 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Tangible fixed assets
Computer equipment
$
Cost
At 1 January 2021 and 31 December 2021
787
Depreciation and impairment
At 1 January 2021
539
Depreciation charged in the year
62
At 31 December 2021
601
Carrying amount
At 31 December 2021
186
At 31 December 2020
248
4
Debtors
2021
2020
Amounts falling due within one year:
$
$
Other debtors
5,774
5,994
JEBCO SEISMIC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
5
Creditors: amounts falling due within one year
2021
2020
$
$
Trade creditors
773
570
Other creditors
33,285
8,061
34,058
8,631
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary of $1 each
2
2
2
2
7
Financial commitments, guarantees and contingent liabilities
The company gives the bank a fixed and floating charge over its assets and undertaking owned now and in the future.
8
Parent company
The immediate parent undertaking of the company is JEBCO Group, L.P. a Delaware Limited Partnership, resident in the United States. The ultimate parent undertaking is Seismic Investments, L.P. also a Delaware Limited Partnership, resident in the United States.
The directors regard Mr D.W. Turner as the ultimate controlling party.
At 31 December 2021, Jebco Seismic (UK) Limited owed $23812 to JEBCO Group LP.