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REGISTERED NUMBER: 05359248 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

CBM OIL LTD

CBM OIL LTD (REGISTERED NUMBER: 05359248)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


CBM OIL LTD

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTOR: M Villaume





REGISTERED OFFICE: 116 Ballards Lane
London
N3 2DN





REGISTERED NUMBER: 05359248 (England and Wales)






CBM OIL LTD (REGISTERED NUMBER: 05359248)

ABRIDGED BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 74,473 80,679
Tangible assets 5 - -
74,473 80,679

CURRENT ASSETS
Debtors 2,391,995 2,391,995

CREDITORS
Amounts falling due within one year 1,104,105 1,048,997
NET CURRENT ASSETS 1,287,890 1,342,998
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,362,363

1,423,677

CAPITAL AND RESERVES
Called up share capital 3,741,694 3,741,694
Share premium 956,890 956,890
Retained earnings (3,336,221 ) (3,274,907 )
SHAREHOLDERS' FUNDS 1,362,363 1,423,677

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





M Villaume - Director


CBM OIL LTD (REGISTERED NUMBER: 05359248)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Cbm Oil Ltd is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Goodwill is not subject to amortisation but is tested for impairment.

Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal.

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class - Joint operating agreement licence
Amortisation method and rate - 24 year straight line method

Tangible fixed assets
Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment 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:
Fixtures and fittings over its useful economic life
Property, plant and equipment over its useful economic life

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CBM OIL LTD (REGISTERED NUMBER: 05359248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern
The financial statements have been prepared on a going concern basis.

When assessing the foreseeable future, the directors have looked at a period of twelve months from the date of approval of this report. The forecast cashflow requirements of the business are contingent upon the ability of the company to generate future funding.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023
and 29 February 2024 148,945
AMORTISATION
At 1 March 2023 68,266
Amortisation for year 6,206
At 29 February 2024 74,472
NET BOOK VALUE

At 29 February 2024 74,473
At 28 February 2023 80,679

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023
and 29 February 2024 380
DEPRECIATION
At 1 March 2023
and 29 February 2024 380
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

CBM OIL LTD (REGISTERED NUMBER: 05359248)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

6. RELATED PARTY DISCLOSURES

Summary of transactions with parent entities:
As at the balance sheet date the Company owed £164,471 (2022: £164,471) to its parent company Etech Investissements S.A. for loans made. These loans are non-interest bearing and repayable on demand.

Summary of transactions with other related parties:
As at the balance sheet date the company owed £922,687 (2023: £870,313), shown in Other Creditors, to companies controlled by the beneficial owner. The loans were provided for working capital and are non-interest bearing and repayable on demand. The amounts are broken down as follows:
Rendul Securities Ltd - £36,000 (2023: £36,000)
Forest Partners Ltd - £30,338 (2023: £30,338)
Alessandro Benedetti - £856,350 (2023: £803,976)