Registered number
03080778
Cirque Energy (UK) Limited
Filleted Accounts
31 December 2024
Cirque Energy (UK) Limited
Registered number: 03080778
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1 1
Current assets
Stocks 20,000 20,000
Debtors 4 1,902 915
Cash at bank and in hand 1,213 208
23,115 21,123
Creditors: amounts falling due within one year 5 (3,651,830) (3,599,560)
Net current liabilities (3,628,715) (3,578,437)
Net liabilities (3,628,714) (3,578,436)
Capital and reserves
Called up share capital 100 100
Profit and loss account (3,628,814) (3,578,536)
Shareholders' funds (3,628,714) (3,578,436)
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.
S Bushell
Director
Approved by the board on 12 May 2025
Cirque Energy (UK) Limited
Notes to the Accounts
for the year ended 31 December 2024
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).
Going concern
The shareholder's deficit at 31 December 2024 is £(3,628,714) (2023 - £(3,578,436)). The directors are of the opinion that the company has adequate rescources to continue in operational existence for the forseeable future, being not less than one year from the approval of these financial statements. The four investors have undertaken to give such financial support as the company requires to enable it to continue to trade and pay its liabilities as they fall due for the forseeable future. The loans from the four investors were interest free and all of the investors have confirmed that they will not demand repayment to the detriment of the company. For these reasons, and based on the information available to the directors at the date of approval, the directors consider it appropriate to adopt the going concern basis in preparing these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Oil exploration and development costs are accounted for in accordance with the full cost method. Expenditures are capitalised, to the extent that they relate directly to the cost of oil exploration and development. Where exploration expenditures so capitalised are not subsequently considered likely to result in the commercial exploitation of hydrocarbons, such expenditures are written off in full against income in the year that this view arises, following an annual review of all capitalised exploration expenditures by management.
Capitalised expenditures are classified as an intangible asset and are stated at cost less provision for impairment. The carrying value of capitalised oil exploration and development costs is assessed annually by way of ceiling tests, having regard to estimated reserves to determine whether the value is excessive. Provision is made for any permanent impairments so identified.
Capitalised expenditures are depleted on the unit-of-production method using estimated gross proven petroleum and natural gas reserves as determined by management. Costs of acquiring and evaluating unproven properties are excluded from the depletion calculation until it is determined whether or not proven reserves are attributable to the properties or impairment occurs.
Proceeds from the sale of petroleum and natural gas properties and related equipment are applied against capitalised costs with any excess being credited to the profit and loss account.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33.33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Plant and machinery etc
£ £
Cost
At 1 January 2024 1,240 1,240
At 31 December 2024 1,240 1,240
Depreciation
At 1 January 2024 1,239 1,239
At 31 December 2024 1,239 1,239
Net book value
At 31 December 2024 1 1
At 31 December 2023 1 1
4 Debtors 2024 2023
£ £
Trade debtors - 7
Other debtors 1,902 908
1,902 915
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 237 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,650,094 3,598,309
Accruals 1,499 1,251
3,651,830 3,599,560
6 Related party transactions
Key management personnel
Directors
Summary of transactions with other related parties
Companies owned by the directors and shareholders and companies in which the directors are shareholders.
Expenditure with and payable to related parties
2024 2023
£ £
Other related parties
Rendering of services 46,500 28,200
Amounts payable to related parties 268,059 216,474
Loans from related parties
Key Other related Total
Management paries
2024
At start of period 18,263 3,363,572 3,381,835
Advanced/(repaid) 200 - 200
At end of period 18,463 3,363,572 3,382,035
2023
At start of period 15,699 3,374,852 3,390,551
Advanced/(repaid) 2,564 (11,280) (8,716)
At end of period 18,263 3,363,572 3,381,835
Terms of loans from related parties
The loans from related parties were interst free and all parties have confirmed that they will not demand repayment to the detriment of the company.
7 Controlling party
The company knows or has reasonable cause to believe that there is no registerable person or registerable legal entity in relation to the company.
8 Other information
Cirque Energy (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
5a Bath Place
Taunton
Somerset
TA1 4ER
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