REGISTERED NUMBER: 06150339 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLOBAL ENERGY VENTURES

(UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs EL Stanley

Mr BD Stanley

REGISTERED OFFICE:

7 Clarendon Place

Leamington Spa

Warwickshire

CV32 5QL

REGISTERED NUMBER:

06150339 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr P Bott FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

FIXED ASSETS

Intangible assets

4

92,765

146,692

Tangible assets

5

191,612

145,600

284,377

292,292

CURRENT ASSETS

Debtors

6

2,281,091

1,949,802

Cash at bank

351,215

67,895

2,632,306

2,017,697

CREDITORS

Amounts falling due within one year

7

1,754,235

1,438,639

NET CURRENT ASSETS

878,071

579,058

TOTAL ASSETS LESS CURRENT LIABILITIES

1,162,448

871,350

CREDITORS

Amounts falling due after more than one year

8

499,187

44,898

NET ASSETS

663,261

826,452

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

11

662,261

825,452

SHAREHOLDERS' FUNDS

663,261

826,452

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 25 September 2025 and were signed on its behalf by:

Mr BD Stanley - Director

1.	STATUTORY INFORMATION

Global Energy Ventures (UK) 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.

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 presentation currency of the financial statements is in pound sterling (£).

Turnover

Turnover represents the fair value of services supplied to oilfields across Africa and is recognised upon provision of the service. Work undertaken that has not been invoiced at a period end is reviewed to ascertain the probable revenue it will generate and is shown as part of revenue and within amounts recoverable on contract.

Intangible fixed assets

Intangible assets, comprising of computer software, are written off over 4 or 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Taxation

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if the group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Creditors

Short term trade 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.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

443,901

Additions

8,975

At 31 December 2024

452,876

AMORTISATION

At 1 January 2024

297,209

Charge for year

62,902

At 31 December 2024

360,111

NET BOOK VALUE

At 31 December 2024

92,765

At 31 December 2023

146,692

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

235,820

130,016

157,652

523,488

Additions

1,810

7,281

134,000

143,091

Disposals

-

-

(100,273

)

(100,273

)

At 31 December 2024

237,630

137,297

191,379

566,306

DEPRECIATION

At 1 January 2024

225,163

74,212

78,513

377,888

Charge for year

4,489

20,387

47,135

72,011

Eliminated on disposal

-

-

(75,205

)

(75,205

)

At 31 December 2024

229,652

94,599

50,443

374,694

NET BOOK VALUE

At 31 December 2024

7,978

42,698

140,936

191,612

At 31 December 2023

10,657

55,804

79,139

145,600

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

157,652

Additions

134,000

Disposals

(100,273

)

Transfer to ownership

(57,379

)

At 31 December 2024

134,000

DEPRECIATION

At 1 January 2024

78,513

Charge for year

47,135

Eliminated on disposal

(75,205

)

Transfer to ownership

(32,276

)

At 31 December 2024

18,167

NET BOOK VALUE

At 31 December 2024

115,833

At 31 December 2023

79,139

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

161,585

304,675

Amounts owed by group undertakings

1,702,946

1,244,771

Other debtors

416,560

400,356

2,281,091

1,949,802

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

125,135

87,000

Hire purchase contracts (see note 9)

26,106

91,087

Trade creditors

452,287

420,743

Amounts owed to group undertakings

1,084,288

790,667

Taxation and social security

10,997

12,675

Other creditors

55,422

36,467

1,754,235

1,438,639

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

412,672

44,898

Hire purchase contracts (see note 9)

86,515

-

499,187

44,898

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

£

Net obligations repayable:

Within one year

26,106

91,087

Between one and five years

86,515

-

112,621

91,087

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

537,807

-

Hire purchase contracts

112,621

91,087

650,428

91,087

Amounts owing under hire purchase contracts are secured on the assets concerned.

Amounts owing under bank loans are secured with fixed and floating charges over the company assets.

11.

RESERVES

Retained

earnings

£

At 1 January 2024

825,452

Profit for the year

206,268

Dividends

(369,459

)

At 31 December 2024

662,261

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr P Bott FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Mrs EL Stanley

Balance outstanding at start of year

362,069

267,425

Amounts advanced

386,084

362,069

Amounts repaid

(362,069

)

(267,425

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

386,084

362,069

Interest is charged on the loan at the official rate of interest and the loan is repayable on demand.

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms 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.

At the year end the company was owed £642,189 (2023: £277,501 was owed to GRO Oilfield Alliance Ghana Ltd) from GRO Oilfield Alliance Ghana Ltd. It is incorporated in Ghana.

At the year end the company was owed £273,236 (2023: £247,786) by Global Energy Ventures Senegal. It is incorporated in Senegal.

GRO Oilfield Alliance Ghana Ltd is a 90% subsidiary of GEV Ghana Limited, which is a wholly owned subsidiary of Global Energy Ventures (Holdings) Limited.

Global Energy Ventures Senegal is a 95% subsidiary of Global Energy Ventures (Holdings) Limited.

Mr BD Stanley and Mrs EL Stanley have provided a personal guarantee of £50,000 (2023: £50,000) to the company's bank.

Mr BD Stanley and Mrs EL Stanley have provided a personal guarantee of £200,000 (2023: £NIL) to the company's loan provider.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Global Energy Ventures (Holdings)Limited.