Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-01falseSoftware DevelopmentfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05413158 2023-01-01 2023-12-31 05413158 2022-01-01 2022-12-31 05413158 2023-12-31 05413158 2022-12-31 05413158 c:Director4 2023-01-01 2023-12-31 05413158 d:MotorVehicles 2023-01-01 2023-12-31 05413158 d:MotorVehicles 2023-12-31 05413158 d:MotorVehicles 2022-12-31 05413158 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05413158 d:FurnitureFittings 2023-01-01 2023-12-31 05413158 d:OfficeEquipment 2023-01-01 2023-12-31 05413158 d:OfficeEquipment 2023-12-31 05413158 d:OfficeEquipment 2022-12-31 05413158 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05413158 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05413158 d:CurrentFinancialInstruments 2023-12-31 05413158 d:CurrentFinancialInstruments 2022-12-31 05413158 d:Non-currentFinancialInstruments 2023-12-31 05413158 d:Non-currentFinancialInstruments 2022-12-31 05413158 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05413158 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05413158 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05413158 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05413158 d:ShareCapital 2023-12-31 05413158 d:ShareCapital 2022-12-31 05413158 d:SharePremium 2023-12-31 05413158 d:SharePremium 2022-12-31 05413158 d:RetainedEarningsAccumulatedLosses 2023-12-31 05413158 d:RetainedEarningsAccumulatedLosses 2022-12-31 05413158 d:RetainedEarningsAccumulatedLosses 2022-01-01 05413158 c:FRS102 2023-01-01 2023-12-31 05413158 c:IndependentExaminationCharity 2023-01-01 2023-12-31 05413158 c:FullAccounts 2023-01-01 2023-12-31 05413158 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05413158 d:Subsidiary1 2023-01-01 2023-12-31 05413158 d:Subsidiary1 1 2023-01-01 2023-12-31 05413158 d:Subsidiary2 2023-01-01 2023-12-31 05413158 d:Subsidiary2 1 2023-01-01 2023-12-31 05413158 c:Consolidated 2023-12-31 05413158 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 05413158 2 2023-01-01 2023-12-31 05413158 6 2023-01-01 2023-12-31 05413158 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 05413158












TARGET ENERGY SOLUTIONS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED
 31 DECEMBER 2023



















 


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01483 755 399
hamlyns.com

 
TARGET ENERGY SOLUTIONS LIMITED
REGISTERED NUMBER: 05413158

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
563
1,596

  
563
1,596

Current assets
  

Debtors: amounts falling due within one year
 7 
31,568
35,768

Cash at bank and in hand
 8 
13,061
1,439

  
44,629
37,207

Creditors: amounts falling due within one year
 9 
(93,830)
(86,928)

Net current liabilities
  
 
 
(49,201)
 
 
(49,721)

Total assets less current liabilities
  
(48,638)
(48,125)

Creditors: amounts falling due after more than one year
 10 
(390,343)
(390,343)

Provisions for liabilities
  

Net assets excluding pension asset
  
(438,981)
(438,468)

Net liabilities
  
(438,981)
(438,468)


Capital and reserves
  

Called up share capital 
  
822
822

Share premium account
  
2,127,109
2,127,109

Profit and loss account
  
(2,566,912)
(2,566,399)

Equity attributable to owners of the parent Company
  
(438,981)
(438,468)

  
(438,981)
(438,468)


Page 1

 
TARGET ENERGY SOLUTIONS LIMITED
REGISTERED NUMBER: 05413158

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the consolidated profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2024.




___________________________
L M Campbell
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 2

 
TARGET ENERGY SOLUTIONS LIMITED
REGISTERED NUMBER: 05413158

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
563
1,596

Investments
 6 
25,447
25,447

  
26,010
27,043

Current assets
  

Debtors: amounts falling due within one year
 7 
24,243
23,361

Cash at bank and in hand
 8 
2,222
1,039

  
26,465
24,400

Creditors: amounts falling due within one year
 9 
(69,885)
(75,415)

Net current liabilities
  
 
 
(43,420)
 
 
(51,015)

Total assets less current liabilities
  
(17,410)
(23,972)

  

Creditors: amounts falling due after more than one year
 10 
(390,343)
(390,343)

  

Net assets excluding pension asset
  
(407,753)
(414,315)

Net liabilities
  
(407,753)
(414,315)


Capital and reserves
  

Called up share capital 
  
822
822

Share premium account
  
2,127,109
2,127,109

Profit and loss account brought forward
  
(2,542,246)
(2,279,858)

Profit/(loss) for the year
  
6,562
(262,388)

Profit and loss account carried forward
  
(2,535,684)
(2,542,246)

  
(407,753)
(414,315)


Page 3

 
TARGET ENERGY SOLUTIONS LIMITED
REGISTERED NUMBER: 05413158

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2024.


___________________________
L M Campbell
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Target Energy Solutions Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below: 
Registered number: 05413158
Registered office: Sundial House High Street, Horsell, Woking, Surrey, England, GU21 4SU 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

 
2.3

Going concern

The directors believe the entity will continue to be a going concern for the next twelve months and that the going concern basis of preparation is correct.
Assurances have been received from the directors and immediate parent company that they will continue to provide financial support as necessary for the group and the company to meet their liabilities as they fall due. Any additional funding would be made available by way of loans or share capital should this be necessary. Accordingly, the financial statements have been prepared on a going concern basis. 

Page 5

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
on cost
Computer equipment
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the consolidated profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 7

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 9).


4.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The profit after tax of the parent Company for the year was £7,172 (2022 - loss £262,388).

Page 8

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets

Group






Computer equipment
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
109,848
15,854
125,702


Additions
216
-
216


Disposals
-
(1,877)
(1,877)



At 31 December 2023

110,064
13,977
124,041



Depreciation


At 1 January 2023
108,252
15,854
124,106


Charge for the year on owned assets
1,249
-
1,249


Disposals
-
(1,877)
(1,877)



At 31 December 2023

109,501
13,977
123,478



Net book value



At 31 December 2023
563
-
563



At 31 December 2022
1,596
-
1,596

Page 9

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)


Company






Computer equipment
Office equipment
Total

£
£
£

Cost or valuation


At 1 January 2023
109,848
6,003
115,851


Additions
216
-
216



At 31 December 2023

110,064
6,003
116,067



Depreciation


At 1 January 2023
108,252
6,003
114,255


Charge for the year on owned assets
1,249
-
1,249



At 31 December 2023

109,501
6,003
115,504



Net book value



At 31 December 2023
563
-
563



At 31 December 2022
1,596
-
1,596






Page 10

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
26,214



At 31 December 2023

26,214



Impairment


At 1 January 2023
767



At 31 December 2023

767



Net book value



At 31 December 2023
25,447



At 31 December 2022
25,447




The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Target Energy Solutions, Inc
1334 Brittmore Road,Houston 77043, Texas, USA
Ordinary
100%
Target Digital Information Technology Trade Limited
Mustafa Kernal, Mahallesi Dumlupinar Blv, No:280 G/1260, Ankara, Turkey
Ordinary
100%

Page 11

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Other debtors
30,755
35,768
23,430
23,361

Prepayments and accrued income
813
-
813
-

31,568
35,768
24,243
23,361



8.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
13,061
1,439
2,222
1,039

Less: bank overdrafts
(14)
-
(14)
-

13,047
1,439
2,208
1,039



9.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
14
-
14
-

Trade creditors
12,506
18,430
4,761
18,430

Corporation tax
36
-
-
-

Other taxation and social security
9,331
8,075
6,763
6,384

Other creditors
13,666
15,022
1,665
5,198

Accruals and deferred income
58,277
45,401
56,682
45,403

93,830
86,928
69,885
75,415



10.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans
390,343
390,343
390,343
390,343

390,343
390,343
390,343
390,343


Page 12

 
TARGET ENERGY SOLUTIONS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Ultimate controlling party

The ultimate parent undertaking is Target Oilfield Services LLC, a company incoporated in Oman. In the opinion of the directors, Target Oilfield Services LLC is considered to be the ultimate controlling party by virtue of its shareholding in the company. 


Page 13