Trans-Africa Energy Limited 12835465 false 2021-09-01 2022-08-31 2022-08-31 The principal activity of the company is that of an open-ended investment company. Digita Accounts Production Advanced 6.30.9574.0 true true 12835465 2021-09-01 2022-08-31 12835465 2022-08-31 12835465 core:CurrentFinancialInstruments 2022-08-31 12835465 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 12835465 bus:SmallEntities 2021-09-01 2022-08-31 12835465 bus:AuditExemptWithAccountantsReport 2021-09-01 2022-08-31 12835465 bus:FullAccounts 2021-09-01 2022-08-31 12835465 bus:SmallCompaniesRegimeForAccounts 2021-09-01 2022-08-31 12835465 bus:RegisteredOffice 2021-09-01 2022-08-31 12835465 bus:Director1 2021-09-01 2022-08-31 12835465 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31 12835465 core:OtherRelatedParties 2021-09-01 2022-08-31 12835465 countries:EnglandWales 2021-09-01 2022-08-31 12835465 2020-09-01 2021-08-31 12835465 2021-08-31 12835465 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2021-08-31 12835465 core:CurrentFinancialInstruments core:RestatedAmount 2021-08-31 12835465 core:RestatedAmount 2021-08-31 iso4217:GBP xbrli:pure

Registration number: 12835465

Prepared for the registrar

Trans-Africa Energy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2022

 

Trans-Africa Energy Limited

(Registration number: 12835465)
Balance Sheet as at 31 August 2022

Note

2022
£

(As restated)

2021
£

Current assets

 

Stocks

590,400

-

Debtors

4

9,981

32,209

 

600,381

32,209

Creditors: Amounts falling due within one year

5

(2,569,352)

(1,274,177)

Net liabilities

 

(1,968,971)

(1,241,968)

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

(1,968,981)

(1,241,978)

Shareholders' deficit

 

(1,968,971)

(1,241,968)

For the financial year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 


R T Kelly
Director

 

Trans-Africa Energy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Knightsbridge Green
London
SW1X 7QA

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Prior period errors

The prior period figures have been restated to correct the share capital issued, and to reclassify the investment in unlisted companies as a loan to an unlisted company. The effect has been to reduce fixed asset investments to £nil, increase other debtors by £30,711, decrease share capital by £990 and increase amounts owed to related parties by £990.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The current 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 taxable income.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Trans-Africa Energy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 6).

 

4

Debtors

2022
 £

(As restated)
2021
 £

Other debtors

9,981

32,209

 

Trans-Africa Energy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

 

5

Creditors

Note

2022
 £

(As restated)
2021
 £

Due within one year

 

Trade creditors

 

254,075

34,067

Amounts due to related parties

6

2,213,523

1,189,818

Other creditors

 

87,514

50,292

Accrued expenses

 

3,500

-

Corporation tax liability

10,740

-

 

2,569,352

1,274,177

 

6

Related party transactions

Summary of transactions with other related parties

At 31 August 2022 the company owed £383,958 (2021: £nil) to The Highlands Group Limited, its 75% shareholder. No interest was charged on this balance and there are no fixed repayment terms.
 

 

7

Parent and ultimate parent undertaking

The company's immediate parent is The Highlands Group Limited, incorporated in England and Wales.