Registered number
06030678
Tetra Energy UK Onshore Ltd
Unaudited Filleted Accounts
31 December 2023
Tetra Energy UK Onshore Ltd
Registered number: 06030678
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 525,781 525,781
Current assets
Cash at bank and in hand 709 3,319
Creditors: amounts falling due within one year 4 (2,749,935) (2,728,410)
Net current liabilities (2,749,226) (2,725,091)
Net liabilities (2,223,445) (2,199,310)
Capital and reserves
Called up share capital 750 750
Share premium 2,176,604 2,176,604
Profit and loss account (4,400,799) (4,376,664)
Shareholders' funds (2,223,445) (2,199,310)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Wood
Director
Approved by the board on 23 September 2024
Tetra Energy UK Onshore Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents amounts receivable for the sale of crude oil net of taxes, and is recognised on delivery of the crude oil to a third party storage facility.
Intangible fixed assets
The Company accounts for oil and gas expenditure using successful efforts based accounting.
Under this method, exploration and evaluation expenditure, which is defined as expenses incurred before commercial reserves are established and technical feasibility for extraction is demonstrated, is expensed, with the exception of costs related to the acquiring of the exploration and production rights/licences. The costs of acquiring the oil exploration and production
rights/licences are capitalised as intangible assets and will be amortised when oil production commences on a unit of production basis (see below).

Subsequent to the initial recognition, the intangible assets are assessed for impairment annually and where found to be no longer viable, or where the licences have expired with no intention of renewal, an impairment loss is recognised as exploration costs in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Exploration and evaluation assets:
Cost
At 1 January 2023 525,781
At 31 December 2023 525,781
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 525,781
At 31 December 2022 525,781
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 774
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,709,868 2,684,868
Taxation and social security costs (1,133) 1,769
Other creditors 41,200 40,999
2,749,935 2,728,410
5 Related party transactions
The company has taken advantage of exemption, under the terms of FRS102, not to disclose
related party transactions with wholly owned subsidiaries within a group.
6 Controlling party
Tetra Energy Gamma Ltd (CRN 09655155) is the immediate parent company of Tetra Energy UK Onshore Ltd. Tetra Energy Gamma Ltd is a 100% subsidiary of the ultimate parent company Tetra Energies Ltd (CRN 13999731).
7 Other information
Tetra Energy UK Onshore Ltd is a private company limited by shares and incorporated in England. Its registered office is:
57a Broadway
Leigh on Sea
Essex
SS9 1PE
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