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Lone Star Analysis Ltd

Registered number: 13046439
Annual report
For the year ended 31 December 2022

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
REGISTERED NUMBER: 13046439

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
871
1,307

  
871
1,307

Current assets
  

Debtors: amounts falling due after more than one year
 5 
3,000
-

Debtors: amounts falling due within one year
 5 
88,365
33,315

Cash and cash equivalents
  
2,282
6,243

  
93,647
39,558

Creditors: amounts falling due within one year
 6 
(31,942)
(14,568)

Net current assets
  
 
 
61,705
 
 
24,990

Total assets less current liabilities
  
62,576
26,297

Creditors: amounts falling due after more than one year
 7 
(720,628)
(193,596)

  

Net liabilities
  
(658,052)
(167,299)


Capital and reserves
  

Called up share capital 
 8 
2
2

Capital redemption reserve
  
38,039
38,039

Profit and loss account
  
(696,093)
(205,340)

Total equity
  
(658,052)
(167,299)


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 13046439
31 December 2022
LONE STAR ANALYSIS LTD
REGISTERED NUMBER: 13046439
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M N Bowers
Director

Date: 10 October 2023

The notes on pages 3 to 10 form part of these financial statements.

- 2 -

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Lone Star Analysis Ltd (Registered number 13046439) is a private company limited by shares, incorporated and registered in England and Wales. The registered office is Rex House, 4-12 Regent Street, London, England, SW1Y 4PE.
The principal activity of the Company is to provide training programs for the oil and gas industry.
The prior year comparatives are for a 13 month period and therefore the results are not directly comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 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. The Company made a loss for the year of £490,753 (13 month period to 2021: £205,340) and as at the balance sheet date had net liabilities of £658,052 (2021: £167,299). As the Company is newly incorporated the current year financial performance and financial position are in line with directors' expectations and in line with the longer term business plan. The Company receives continued support from Lone Star Aerospace Inc., its immediate parent Company, further enabling the company to grow. The directors believe that the Company will be able to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. Consequently the financial statements have been prepared on a going concern basis.

- 3 -

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest payable and similar expenses

Interest payable and similar expenses are charged.  to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

- 4 -

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.



 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

- 5 -

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors: amounts falling due within one year

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

- 6 -

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including the directors, during the year was 5 (13 month period ended 31 December 2021: 3).


4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2022
1,743



At 31 December 2022

1,743



Depreciation


At 1 January 2022
436


Charge for the year
436



At 31 December 2022

872



Net book value



At 31 December 2022
871



At 31 December 2021
1,307

- 7 -

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£

Due after more than one year

Other debtors
3,000
-


2022
2021
£
£

Due within one year

Trade debtors
75,810
33,065

Other debtors
4,333
-

Prepayments and accrued income
8,222
250

88,365
33,315



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
17,225
6,759

Other taxation and social security
1,203
7,809

Other creditors
8,027
-

Accruals and deferred income
5,487
-

31,942
14,568



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
720,628
193,596


- 8 -

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



2 (2021: 2) ordinary shares of £1 each
2
2

The Company has one class of ordinary shares which carry voting rights and payment of dividends and distribution.



9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. At the end of the year, the amounts payable to the fund was £8,027 (2021: £nil).


10.


Related party transactions

The Company has taken advantage of the exemption under paragraph 33.1A of Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the Group.
Included within the Statement of comprehensive income are expenses of £34,496 paid to Pegasus Potential Ltd, a company over which G Waterfall has significant influence. The balance outstanding as at the year-end was £nil (2021: £nil).
Included within the Statement of comprehensive income are expenses of £61,641 paid to Touchstone Leadership Limited, a company controlled by a close family member of R Adlam. The balance outstanding as at the year-end was £nil (2021: £nil).


11.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


12.


Controlling party

The immediate parent undertaking is Lone Star Aerospace, Inc., a company incorporated and registered in the United States of America.  The smallest and largest group into which the entity is consolidated is Lone Star Aerospace, Inc. Its registered office is 5085 West Park Boulevard Suite 100, Plano, TX 75093.
The ultimate parent undertaking is Incucomm Holdings Management LLC, a company incorporated and registered in the United States of America.  Its registered office is 4555 Excel Parkway Suite 500 Addison, TX 75001.

- 9 -

 
 13046439
31 December 2022
LONE STAR ANALYSIS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 12 October 2023 by Lesley Fox (Senior statutory auditor) on behalf of Mazars LLP.

- 10 -