REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Findrack (Ventures) Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Findrack (Ventures) Ltd |
Findrack (Ventures) Ltd (Registered number: SC722057) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Findrack (Ventures) Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
46 High Street |
Banchory |
Aberdeenshire |
AB31 5SR |
Findrack (Ventures) Ltd (Registered number: SC722057) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Findrack (Ventures) Ltd (Registered number: SC722057) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Findrack (Ventures) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements are prepared in sterling and monetary amounts in these financial statements are rounded to the nearest £. The functional currency is US dollars which is the currency of the primary economic environment in which the company operates. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Impairment of fixed assets |
Management determines at each reporting date whether there-are any indicators of impairment relating to the group's tangible fixed assets or intangible fixed assets including exploration and evaluation assets. The impairment testing is based on calculating the recoverable amount of each cash generating unit, based on post-tax cash flows. Exploration and evaluation assets are also assessed for impairment at the date of their transfer to a development and production asset. |
The recoverable amount is most sensitive to price assumptions, foreign exchange rate assumptions and discount rates used in the cash flow models. |
Findrack (Ventures) Ltd (Registered number: SC722057) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Exploration and evaluation assets |
Exploration and evaluation ("E&E") assets consist of the company's crude oil and natural gas exploration projects. |
E&E costs are initially capitalised and include costs directly associated with the acquisition of licences, technical services and studies, seismic acquisition, exploration drilling and evaluation overhead and administration expenses, and the estimate of any asset retirement costs. E&E costs do not include general prospecting or evaluation costs incurred prior to having obtained the legal rights to explore an area. These costs are recognised in the profit or loss account. E&E costs are not amortised prior to the conclusion of appraisal activities. |
At completion of appraisal activities if technical feasibility is demonstrated and commercial reserves are discovered then, following development sanction, the carrying value of the relevant E&E asset is reclassified as a development and production ("D&P"\ asset. This re-classification takes place after the relevant E&E asset has been assessed for impairment and the carrying value adjusted if required. |
If, at the completion of the E&E phase, there is no future economic benefit to the company, the E&E asset is written off to the statement of comprehensive income. |
E&E assets are stated at cost less accumulated impairment losses. The company monitors internal and external indicators of impairment relating to E&E assets. |
Oil and gas assets - development and production assets ("D&P") |
Once a project is technically feasible and commercially viable the carrying value of relevant E&E assets are transferred to development and production oil and gas assets after the impairment test (see exploration and evaluation assets policy). Development and production assets are accumulated generally on a field-by-field basis and represent the full cost of developing the commercial reserves discovered and bringing them into production. |
An impairment test is performed whenever events and circumstances arising during the development or production phase indicate that the carrying value of an oil and gas asset may exceed its recoverable amount The carrying value is compared against the expected recoverable amount of the asset. generally by reference to the present value of the future net cash flows expected to be derived from production of commercial reserves. Any impairment identified is charged to the income statement. |
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. |
Findrack (Ventures) Ltd (Registered number: SC722057) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the date of transaction. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Joint arrangements |
The company's exploration and production activities are conducted in unincorporated joint arrangements with other companies. These are known as joint operations in the oil and gas industry. The financial statements reflect the relevant proportions of income, expenditure, assets and liabilities relating to the company's interests. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Exploration |
and |
evaluation |
assets |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |