REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
EUPHRATES ENERGY LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
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 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
$ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
31.12.23 | 31.12.22 |
$ | $ |
Shares in group undertakings |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Trade creditors |
Other creditors |
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 |
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 |