Company registration number SC562811 (Scotland)
Volcanic Basin Energy Research UK Ltd
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with registrar
Volcanic Basin Energy Research UK Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Volcanic Basin Energy Research UK Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Volcanic Basin Energy Research UK Ltd for the year ended 31 December 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Volcanic Basin Energy Research UK Ltd, as a body, in accordance with the terms of our engagement letter dated 9 May 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Volcanic Basin Energy Research UK Ltd and state those matters that we have agreed to state to the Board of Directors of Volcanic Basin Energy Research UK Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Volcanic Basin Energy Research UK Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Volcanic Basin Energy Research UK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Volcanic Basin Energy Research UK Ltd. You consider that Volcanic Basin Energy Research UK Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Volcanic Basin Energy Research UK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
12 September 2024
Volcanic Basin Energy Research UK Ltd
Statement of financial position
as at 31 December 2023
31 December 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
638
797
Current assets
Debtors
17,131
24,840
Cash at bank and in hand
2,169
10,598
19,300
35,438
Creditors: amounts falling due within one year
(17,727)
(32,234)
Net current assets
1,573
3,204
Net assets
2,211
4,001
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,211
3,001
Total equity
2,211
4,001
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Volcanic Basin Energy Research UK Ltd
Statement of financial position (continued)
as at 31 December 2023
31 December 2023
3
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
Ellen Eckhoff Planke
Director
Company registration number SC562811 (Scotland)
Volcanic Basin Energy Research UK Ltd
Notes to the financial statements
for the year ended 31 December 2023
4
1
Accounting policies
Company information
Volcanic Basin Energy Research UK Ltd is a private company limited by shares incorporated in Scotland. The registered office is Berryton, Alvah, Banff, Aberdeenshire, AB45 3UR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Volcanic Basin Energy Research UK Ltd
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
5
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Total
£
Cost
At 1 January 2023 and 31 December 2023
1,426
Depreciation and impairment
At 1 January 2023
629
Depreciation charged in the year
159
At 31 December 2023
788
Carrying amount
At 31 December 2023
638
At 31 December 2022
797
4
Related party transactions
During the year £nil (2022 - £23,026) was repaid to Volcanic Basin Energy Research AS, the ultimate parent undertaking. At the year end, £Nil (2022 - £nil) was due to Volcanic Basin Energy Research AS.
5
Parent company
The ultimate parent undertaking is Volcanic Basin Energy Research AS, whose registered address is Blindernveien 5, 0361 Oslo, Norway. Volcanic Basin Petroleum Research AS owns all the shares of this company.
Ellen Eckhoff Planke and Sverre Planke control the company by virtue of a controlling interest of 90% of the share capital in Volcanic Basin Energy Research AS, the ultimate parent undertaking.