REGISTERED NUMBER: 04531428 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE PETROLEUM ECONOMIST LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Royall

SECRETARY:

A Mills

REGISTERED OFFICE:

55 Loudoun Road

St. John's Wood

London

NW8 0DL

REGISTERED NUMBER:

04531428 (England and Wales)

ACCOUNTANTS:

MGR Weston Kay LLP

Chartered Accountants

55 Loudoun Road

St John's Wood

London

NW8 0DL

FIXED ASSETS

Intangible assets

4

295,112

527,449

Tangible assets

5

3,656

5,179

298,768

532,628

CURRENT ASSETS

Debtors

6

52,749

605,734

Cash at bank

42,603

13,690

95,352

619,424

CREDITORS

Amounts falling due within one year

7

(1,182,752

)

(1,280,719

)

NET CURRENT LIABILITIES

(1,087,400

)

(661,295

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(788,632

)

(128,667

)

CAPITAL AND RESERVES

Called up share capital

9

104

104

Share premium account

2,394,689

2,394,689

Profit and loss reserves

(3,183,425

)

(2,523,460

)

SHAREHOLDERS' FUNDS

(788,632

)

(128,667

)

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 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.

In accordance with Section 444 of the Companies Act 2006, the Profit And Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2025 and were signed by:

J Royall - Director

1.	STATUTORY INFORMATION

The Petroleum Economist Limited 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.

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

2.	ACCOUNTING POLICIES

Accounting convention

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.

Going concern

The company recorded a loss for the year of £659,965 (2023: £376,406), had net current liabilities at the year-end of £1,087,400 (2023: £661,295) and net liabilities of £788,632 (2023: 128,667).

The company is funded by a loan from the holding company Gulf Publishing Holdings LLC of £989,348 and has confirmed that, if in the event that the company is unable meet its day to day working capital requirements, it would provide sufficient funding to enable it to do so. Accordingly, the directors considers it appropriate to prepare these financial statements on a going concern basis and they do not include any adjustments that would result from a withdrawal of support.

Turnover

Turnover represents income from subscription, adverts from the publication of financial journals, and the organisation of events on related matters. Turnover is recognised at the fair value of the consideration received or receivable and represents amounts receivable for goods provided and services rendered, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover invoiced but relating to future periods is deferred and treated as deferred income on the Balance Sheet.

Goodwill

Goodwill represents the excess of the cost of acquisition of assets and liabilities transferred from a limited company over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software and website

3 years straight line

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings

3 years straight line

Fixtures, fittings and equipment

3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Foreign exchange

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 are included in the profit and loss account for the period.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

3,059,976

59,411

3,119,387

AMORTISATION

At 1 January 2024

2,543,532

48,406

2,591,938

Amortisation for year

221,332

11,005

232,337

At 31 December 2024

2,764,864

59,411

2,824,275

NET BOOK VALUE

At 31 December 2024

295,112

-

295,112

At 31 December 2023

516,444

11,005

527,449

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

27,199

Additions

1,566

Disposals

(17,871

)

At 31 December 2024

10,894

DEPRECIATION

At 1 January 2024

22,020

Charge for year

3,089

Eliminated on disposal

(17,871

)

At 31 December 2024

7,238

NET BOOK VALUE

At 31 December 2024

3,656

At 31 December 2023

5,179

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

-

230,631

Amounts owed by group undertakings

48,620

343,870

Other debtors

4,129

31,233

52,749

605,734

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

16,331

16,465

Amounts owed to group undertakings

989,348

980,809

Taxation and social security

27,713

26,360

Other creditors

149,360

257,085

1,182,752

1,280,719

8.	LEASING AGREEMENTS

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non cancellable operating leases, as follows:

31.12.24

31.12.23

£

£

-

19,570

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

104

Ordinary share capital

£1

104

104

10.	ULTIMATE CONTROLLING PARTY

The immediate parent and controlling party is Gulf Publishing Holdings, LLC, whose registered office is 8 Greenway Plaza, Ste 1440, Houston, TX 77046.