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COMPANY REGISTRATION NUMBER: 12107817
Manocap Energy Limited
Filleted Unaudited Financial Statements
31 March 2024
Manocap Energy Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Manocap Energy Limited
Officers and Professional Advisers
The board of directors
T M Cairnes
K L Karimjee
Registered office
Floor 8
71 Queen Victoria Street
London
EC4V 4AY
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Manocap Energy Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Manocap Energy Limited
Year ended 31 March 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
24 March 2025
Manocap Energy Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
1,724,510
1,787,270
Current assets
Debtors
6
463,131
615,127
Cash at bank and in hand
303,186
7,103
---------
---------
766,317
622,230
Creditors: amounts falling due within one year
7
701,506
479,498
---------
---------
Net current assets
64,811
142,732
------------
------------
Total assets less current liabilities
1,789,321
1,930,002
------------
------------
Net assets
1,789,321
1,930,002
------------
------------
Capital and reserves
Called up share capital
8
43
43
Share premium account
2,564,965
2,564,965
Profit and loss account
( 775,687)
( 635,006)
------------
------------
Shareholders funds
1,789,321
1,930,002
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Manocap Energy Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
T M Cairnes
Director
Company registration number: 12107817
Manocap Energy Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Floor 8, 71 Queen Victoria Street, London, EC4V 4AY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The Company's functional currency is USD. This differs from the presentational currency which is GBP. The reason for the difference is that is GBP is used as the presentational currency of the Company to maintain consistency with its ultimate controlling party, ManoCap Energy Limited.
Interest income
Interest income is recognised in profit or loss using the effective interest method.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company 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
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.
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.
Foreign currencies
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.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2023
1,868,650
Revaluations
( 62,760)
------------
At 31 March 2024
1,805,890
------------
Impairment
At 1 April 2023 and 31 March 2024
81,380
------------
Carrying amount
At 31 March 2024
1,724,510
------------
At 31 March 2023
1,787,270
------------
The investment in subsidiaries represents a 90% holding in ManoCap Energy Ghana Limited and a 100% holding of ManoCap Energy Asset Company Limited. .
6. Debtors
2024
2023
£
£
Trade debtors
106,475
63,121
Amounts owed by group undertakings and undertakings in which the company has a participating interest
26,084
14,280
Other debtors
330,572
537,726
---------
---------
463,131
615,127
---------
---------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
516,026
----
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,694
18,580
Amounts owed to group undertakings and undertakings in which the company has a participating interest
343,988
132,883
Social security and other taxes
22,531
6,666
Other creditors
318,293
321,369
---------
---------
701,506
479,498
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares shares of £ 0.00001 each
812,500
8
812,500
8
Redeemable Preference shares shares of £ 0.00001 each
650,000
7
650,000
7
Series A1 non-convertible redeemable preference shares of £ 0.00001 each
850,000
9
850,000
9
Series A2 non-convertible redeemable preference shares of £ 0.00001 each
1,700,000
17
1,700,000
17
Series Ac onvertible redeemable preference shares of £ 0.00001 each
300,000
3
300,000
3
------------
----
------------
----
4,312,500
43
4,312,500
43
------------
----
------------
----