For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Tetra Energy UK Onshore Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 57a Broadway, Leigh-On-Sea, Essex, SS9 1PE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts receivable for the sale of crude oil net of taxes, and is recognised on delivery of the crude oil to a third party storage facility.

The Company accounts for oil and gas expenditure using successful efforts based accounting. Under this method, exploration and evaluation expenditure, which is defined as expenses incurred before commercial reserves are established and technical feasibility for extraction is demonstrated, is expensed, with the exception of costs related to the acquiring of the exploration and production rights/licences. The costs of acquiring the oil exploration and production rights/licences are capitalised as intangible assets and will be amortised when oil production commences on a unit of production basis (see below).

Subsequent to the initial recognition, the intangible assets are assessed for impairment annually and where found to be no longer viable, or where the licences have expired with no intention of renewal, an impairment loss is recognised as exploration costs in the profit and loss account.

Intangible exploration and evaluation assets are reviewed regularly for indicators of impairment. If events or changes in circumstances indicate that the net book amount of capitalised expenditure may not be recoverable from anticipated future net revenue from oil and gas reserves attributable to the Company's interest in the field, the intangible asset is tested for impairment on a field-by-field basis. Any impairment arising is recognised in the profit and loss account for the year.

Impairment reviews on tangible development and production assets are carried out on each cash-generating unit identified in accordance with FRS 11 'Impairment of Fixed Assets and Goodwill'. The Company's cash-generating units are those assets which generate largely independent cash flows and are normally, but not always, single development areas.

At each reporting date, where there are indicators of impairment, the net book value of the cash-generating unit is compared with the associated expected future net cash flows, discounted at a rate of 10%. If the net book value is higher, then the difference is written off to the profit and loss account as impairment. The forecasted cash flow represents the period to January 2023.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The Company has taken advantage of exemption, under paragraph 33.1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tetra Energy Gamma Ltd (CRN 09655155) is the immediate parent company of Tetra Energy UK Onshore Ltd. Tetra Energy Gamma Ltd is a 100% subsidiary of the ultimate parent company Tetra Energies Ltd (CRN 13999731).

A intercompany loan balance with ultimate parent company Tetra Energies Ltd was fully written off in 2023 after an audit of parent companies accounts, prior to the 2023 company accounts being submitted. This has been reflected in these accounts by restating prior year figures.

This has resulted in profit and loss reserves changing by £25,000 with no effect on tax payable.