Derwent Resources Limited 04339853 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is consultancy in relation to extraction of crude petroleum. Digita Accounts Production Advanced 6.30.9574.0 true 04339853 2023-01-01 2023-12-31 04339853 2023-12-31 04339853 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-12-31 04339853 core:CurrentFinancialInstruments 2023-12-31 04339853 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04339853 core:FurnitureFittingsToolsEquipment 2023-12-31 04339853 core:MotorVehicles 2023-12-31 04339853 bus:SmallEntities 2023-01-01 2023-12-31 04339853 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04339853 bus:FilletedAccounts 2023-01-01 2023-12-31 04339853 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04339853 bus:RegisteredOffice 2023-01-01 2023-12-31 04339853 bus:CompanySecretary1 2023-01-01 2023-12-31 04339853 bus:Director1 2023-01-01 2023-12-31 04339853 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04339853 core:ComputerEquipment 2023-01-01 2023-12-31 04339853 core:FurnitureFittings 2023-01-01 2023-12-31 04339853 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04339853 core:MotorVehicles 2023-01-01 2023-12-31 04339853 countries:EnglandWales 2023-01-01 2023-12-31 04339853 2022-12-31 04339853 core:FurnitureFittingsToolsEquipment 2022-12-31 04339853 core:MotorVehicles 2022-12-31 04339853 2022-01-01 2022-12-31 04339853 2022-12-31 04339853 core:CurrentFinancialInstruments 2022-12-31 04339853 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04339853 core:FurnitureFittingsToolsEquipment 2022-12-31 04339853 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 04339853

Derwent Resources Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Derwent Resources Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Derwent Resources Limited

Company Information

Director

Dr George Henry Stephen Staley

Company secretary

Dr Petra Katherina Staley

Registered office

The Hollow
Penn Lane
Melbourne
Derbyshire
DE73 8EP

Accountants

Coates and Partners Limited
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Derwent Resources Limited

(Registration number: 04339853)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,723

8,539

Investment property

5

697,152

524,576

Other financial assets

7

65,363

46,807

 

770,238

579,922

Current assets

 

Debtors

8

35,725

39,067

Cash at bank and in hand

 

346,600

471,368

 

382,325

510,435

Creditors: Amounts falling due within one year

9

(32,328)

(17,456)

Net current assets

 

349,997

492,979

Total assets less current liabilities

 

1,120,235

1,072,901

Provisions for liabilities

(55,286)

(26,837)

Net assets

 

1,064,949

1,046,064

Capital and reserves

 

Called up share capital

100

100

Other reserves

145,150

89,850

Retained earnings

919,699

956,114

Shareholders' funds

 

1,064,949

1,046,064

 

Derwent Resources Limited

(Registration number: 04339853)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the director on 26 September 2024
 

.........................................
Dr George Henry Stephen Staley
Director

   
     
 

Derwent Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 04339853.

The address of its registered office is:
The Hollow
Penn Lane
Melbourne
Derbyshire
DE73 8EP

These financial statements were authorised for issue by the director on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Derwent Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

 

Derwent Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Derwent Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

34,018

32,000

66,018

Additions

2,041

-

2,041

At 31 December 2023

36,059

32,000

68,059

Depreciation

At 1 January 2023

31,174

26,305

57,479

Charge for the year

1,433

1,424

2,857

At 31 December 2023

32,607

27,729

60,336

Carrying amount

At 31 December 2023

3,452

4,271

7,723

At 31 December 2022

2,844

5,695

8,539

5

Investment properties

£

At 1 January 2023

524,576

Additions

122,576

Fair value adjustments

50,000

At 31 December 2023

697,152

The investment properties class of fixed assets were revalued on 31 December 2023 by the director who is internal to the company. The basis of this valuation was at open market value. This class of asset has a current value of £697,152 (2022: £524,576) and a carrying amount at historical cost of £404,962 (2022: £404,962). The depreciation of the historical cost is £Nil (2022: £Nil).

There has been no valuation of investment property by an independent valuer.

 

Derwent Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Investments

Other investments

The market value of the listed investments at 31 December 2023 was £62,874 (2022 - £41,698).

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

46,807

46,807

Fair value adjustments

18,272

18,272

Additions

284

284

At 31 December 2023

65,363

65,363

Impairment

Carrying amount

At 31 December 2023

65,363

65,363

8

Debtors

Current

2023
£

2022
£

Trade debtors

2,515

2,315

Prepayments

3,673

1,529

Other debtors

29,537

35,223

 

35,725

39,067

 

Derwent Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,753

2,003

Taxation and social security

10,459

8,303

Accruals and deferred income

15,609

6,184

Other creditors

4,507

966

32,328

17,456

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,835 (2022 - £3,835).

11

Related party transactions

The director was a non-executive director of 88 Energy Limited during the year. During the year, sales were made to 88 Energy Limited totalling £28,608 (2022; £28,195). At the year end, 88 Energy Limited owed £Nil (2022: £Nil) to Derwent Resources Limited.

The director was a non-executive director of Nostra Terra Oil and Gas Company Plc. During the year, sales were made to Nostra Terra Oil and Gas Company Plc totalling £50,520 (2022; £50,339). At the year end, Nostra Terra Oil and Gas Company Plc owed £Nil (2022: £Nil) to Derwent Resources Limited.