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Company No: 03970466 (England and Wales)

OASIS PETROLEUM EXPLORATION CONSULTANTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

OASIS PETROLEUM EXPLORATION CONSULTANTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

OASIS PETROLEUM EXPLORATION CONSULTANTS LIMITED

BALANCE SHEET

As at 30 April 2024
OASIS PETROLEUM EXPLORATION CONSULTANTS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,324 2,186
2,324 2,186
Current assets
Stocks 4 18,476 53,080
Debtors 5 158,240 295,820
Cash at bank and in hand 461,456 491,137
638,172 840,037
Creditors: amounts falling due within one year 6 ( 31,481) ( 71,221)
Net current assets 606,691 768,816
Total assets less current liabilities 609,015 771,002
Provision for liabilities 0 ( 547)
Net assets 609,015 770,455
Capital and reserves
Called-up share capital 7 10 10
Profit and loss account 609,005 770,445
Total shareholders' funds 609,015 770,455

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Oasis Petroleum Exploration Consultants Limited (registered number: 03970466) were approved and authorised for issue by the Board of Directors on 09 January 2025. They were signed on its behalf by:

S M Henderson
Director
OASIS PETROLEUM EXPLORATION CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
OASIS PETROLEUM EXPLORATION CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oasis Petroleum Exploration Consultants Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Bakers Row, Breage, Helston, TR13 9PH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 25 % reducing balance
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 May 2023 15,949 26,274 42,223
Additions 0 716 716
At 30 April 2024 15,949 26,990 42,939
Accumulated depreciation
At 01 May 2023 15,949 24,088 40,037
Charge for the financial year 0 578 578
At 30 April 2024 15,949 24,666 40,615
Net book value
At 30 April 2024 0 2,324 2,324
At 30 April 2023 0 2,186 2,186

4. Stocks

2024 2023
£ £
Work in progress 18,476 53,080

5. Debtors

2024 2023
£ £
Trade debtors 54,339 149,629
Corporation tax 0 4,724
Other debtors 103,901 141,467
158,240 295,820

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 49,079
Taxation and social security 13,094 3,626
Other creditors 18,387 18,516
31,481 71,221

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Balance outstanding at 30 April 73,888 140,208

During the year the company made advances of £93,806 to the Directors and received repayments of £160,126 from the Directors.