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REGISTERED NUMBER: 14124180 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

EUPHRATES ENERGY LTD

EUPHRATES ENERGY LTD (REGISTERED NUMBER: 14124180)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EUPHRATES ENERGY LTD

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr Simon Norman Byrne
Mr Alan Charles Cutler
Mr Mahdi Mohammed Sajjad
Mr Majid Akbar Qamarudeen





SECRETARY: Mr Ergin Balli





REGISTERED OFFICE: 413 Linen Hall
162 - 168 Regent Street,
London,
W1B 5TE





REGISTERED NUMBER: 14124180 (England and Wales)





ACCOUNTANTS: ADPL LLP
Chartered Certified Accountants
& Business Advisers
Ernest House
293 Green Lanes
Palmers Green
London
N13 4XS

EUPHRATES ENERGY LTD (REGISTERED NUMBER: 14124180)

Balance Sheet
31 DECEMBER 2023

31.12.23 31.12.22
Notes $    $    $    $   
FIXED ASSETS
Intangible assets 4 310,827 -
Tangible assets 5 1,268 1,691
312,095 1,691

CURRENT ASSETS
Debtors 6 2,828 7,040
Investments 7 20 -
Cash at bank 2,654,270 1,151,855
2,657,118 1,158,895
CREDITORS
Amounts falling due within one year 8 227,547 25,486
NET CURRENT ASSETS 2,429,571 1,133,409
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,741,666

1,135,100

CREDITORS
Amounts falling due after more than one
year

9

20

-
NET ASSETS 2,741,646 1,135,100

CAPITAL AND RESERVES
Called up share capital 1,742,610 1,047,610
Share premium 1,607,500 600,000
Retained earnings (608,464 ) (512,510 )
2,741,646 1,135,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

EUPHRATES ENERGY LTD (REGISTERED NUMBER: 14124180)

Balance Sheet - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





Mr Alan Charles Cutler - Director


EUPHRATES ENERGY LTD (REGISTERED NUMBER: 14124180)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Euphrates Energy Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company's functional currency is considered to be US Dollars. The reporting currency in these Financial Statements is therefore US Dollars.

Intangible assets
Costs of purchased data used to assist with formulating strategy for licence applications and asset purchases are accumulated and capitalised as Other Intangibles.
Such assets are considered to have an indefinite useful life and are not subject to amortisation but are tested annually for impairment and elements that have no ongoing commercial value are written-off in the Income Statement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - NIL ) .

EUPHRATES ENERGY LTD (REGISTERED NUMBER: 14124180)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
$   
COST
Additions 310,827
At 31 December 2023 310,827
NET BOOK VALUE
At 31 December 2023 310,827

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
$   
COST
At 1 January 2023
and 31 December 2023 2,255
DEPRECIATION
At 1 January 2023 564
Charge for year 423
At 31 December 2023 987
NET BOOK VALUE
At 31 December 2023 1,268
At 31 December 2022 1,691

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
$    $   
Other debtors 2,828 7,040

7. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
$    $   
Shares in group undertakings 20 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
$    $   
Trade creditors 27,547 23,671
Other creditors 200,000 1,815
227,547 25,486

EUPHRATES ENERGY LTD (REGISTERED NUMBER: 14124180)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
$    $   
Other creditors 20 -

10. POST BALANCE SHEET EVENTS

Following the year end, the Board of Directors decided not to continue with the Oman Licence Round application. In accordance with our accounting policy, in the year to 31st December 2024, the Board will review the expenditures held as Intangible Assets and consider whether there has been any impairment of value, in which case such impaired value will be expensed to the Income Statement