Euphrates Energy Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 14124180 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

EUPHRATES ENERGY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Simon Norman Byrne

Mr Alan Charles Cutler

Mr Mahdi Mohammed Sajjad

Mr Majid Akbar Qamarudeen

SECRETARY:

Mr Ergin Balli

REGISTERED OFFICE:

413 Linen Hall

162 - 168 Regent Street,

London,

W1B 5TE

REGISTERED NUMBER:

14124180 (England and Wales)

ACCOUNTANTS:

ADPL LLP

Chartered Certified Accountants

& Business Advisers

Ernest House

293 Green Lanes

Palmers Green

London

N13 4XS

FIXED ASSETS

Intangible assets

4

-

310,827

Tangible assets

5

951

1,268

951

312,095

CURRENT ASSETS

Debtors

6

8,619

2,828

Investments

7

20

Cash at bank

2,328,806

2,654,270

2,337,445

2,657,118

CREDITORS

Amounts falling due within one year

8

280

227,547

NET CURRENT ASSETS

2,337,165

2,429,571

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,338,116

2,741,666

CREDITORS

Amounts falling due after more than one
year

9

20

NET ASSETS

2,338,096

2,741,646

CAPITAL AND RESERVES

Called up share capital

10

1,742,610

Share premium

1,607,500

Retained earnings

(1,012,014

)

(608,464

)

2,338,096

2,741,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

Mr Alan Charles Cutler - Director

1.	STATUTORY INFORMATION

Euphrates Energy Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These 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.

The Company's functional currency is considered to be US Dollars. The reporting currency in these Financial Statements is therefore US Dollars.

Intangible assets

Costs of purchased data used to assist with formulating strategy for licence applications and asset purchases are accumulated and capitalised as Other Intangibles.

Such assets are considered to have an indefinite useful life and are not subject to amortisation but are tested annually for impairment and elements that have no ongoing commercial value are written-off in the Income Statement.

The Board have agreed to expense the carrying value of the Intangible Asset as at 31 December 2024, as it has limited commercial value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful 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.

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 directors have considered the financial position of the company, including the recurring losses incurred during the financial year. The current run-rate of expenses, together with the Board's strong control over the company's financial commitments, provides the directors with confidence that the company will have adequate resources to continue in existence for at least the next 12 months. Accordingly, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. These financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

$

COST

At 1 January 2024

310,827

Disposals

(310,827

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

310,827

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

$

COST

At 1 January 2024

and 31 December 2024

2,255

DEPRECIATION

At 1 January 2024

987

Charge for year

317

At 31 December 2024

1,304

NET BOOK VALUE

At 31 December 2024

951

At 31 December 2023

1,268

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

$

Other debtors

8,619

2,828

7.	CURRENT ASSET INVESTMENTS

31.12.24

31.12.23

$

Shares in group undertakings

20

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

$

Trade creditors

280

27,547

Other creditors

-

200,000

280

227,547

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

$

Other creditors

20

10.	CALLED UP SHARE CAPITAL

The Company operates two share option schemes, with essentially equivalent terms, to incentivise members of its management and technical teams who are not otherwise remunerated through the Company's start-up phase. The options granted under the schemes will vest upon the completion of a material acquisition by the Company.

As at 31st December 2024, 10,825,000 options (2023:10,075,000) granted over the ordinary shares of the Company were outstanding and un-vested.