LUKOIL_CAPITAL_MARKETS_LT - Accounts


Company Registration No. 10596850 (England and Wales)
LUKOIL CAPITAL MARKETS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
LUKOIL CAPITAL MARKETS LTD
COMPANY INFORMATION
Directors
A Matytsyn
P Zhandov
C J Birch
Secretary
O A Belakova
Company number
10596850
Registered office
17c Curzon Street
London
W1J 5HU
Auditor
Haines Watts Farnborough LLP
30 Camp Road
Farnborough
Hampshire
GU14 6EW
LUKOIL CAPITAL MARKETS LTD
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 4
Income statement
5
Statement of financial position
6
Statement of changes in equity
7
Notes to the financial statements
8 - 16
LUKOIL CAPITAL MARKETS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2018.

Principal activities

The principal activity of the company is that of managing and marketing investor relations and supporting the ADR Program of PJSC LUKOIL.

Results and dividends

The results for the year are set out on page 5.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Matytsyn
P Zhandov
C J Birch
Statement of directors' responsibilities

The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

  •     select suitable accounting policies and then apply them consistently;

  •     make judgements and accounting estimates that are reasonable and prudent;

  •     state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  •     prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LUKOIL CAPITAL MARKETS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
C J Birch
Director
31 May 2019
LUKOIL CAPITAL MARKETS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUKOIL CAPITAL MARKETS LTD
- 3 -
Opinion

We have audited the financial statements of LUKOIL Capital Markets Ltd (the 'company') for the year ended 31 December 2018 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

  •     give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for the year then ended;

  •     have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

  •     have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

  •     the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

  •     the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audittrue:

  • •    the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

  • •    the directors' report has been prepared in accordance with applicable legal requirements.

LUKOIL CAPITAL MARKETS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUKOIL CAPITAL MARKETS LTD
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

  •     adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

  •     the financial statements are not in agreement with the accounting records and returns; or

  •     certain disclosures of directors' remuneration specified by law are not made; or

  •     we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Barry Potter (Senior Statutory Auditor)
for and on behalf of Haines Watts Farnborough LLP
31 May 2019
Chartered Accountants
Statutory Auditor
30 Camp Road
Farnborough
Hampshire
GU14 6EW
LUKOIL CAPITAL MARKETS LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
Year
Period
ended
ended
31 December
31 December
2018
2017
Notes
$
$
Revenue
3
6,059,778
3,401,954
Administrative expenses
(2,853,907)
(1,657,359)
Operating profit
4
3,205,871
1,744,595
Investment income
7
27,393
-
Profit before taxation
3,233,264
1,744,595
Tax on profit
8
(617,045)
(350,580)
Profit and total comprehensive income for the financial year
16
2,616,219
1,394,015

The income statement has been prepared on the basis that all operations are continuing operations.

LUKOIL CAPITAL MARKETS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2018
31 December 2018
- 6 -
2018
2017
Notes
$
$
Non-current assets
Property, plant and equipment
9
332,646
7,365
Current assets
Trade and other receivables
10
4,369,186
29,461
Cash and cash equivalents
62,943
2,359,729
4,432,129
2,389,190
Current liabilities
Trade and other payables
11
138,877
527,532
Taxation and social security
457,131
350,580
596,008
878,112
Net current assets
3,836,121
1,511,078
Total assets less current liabilities
4,168,767
1,518,443
Provisions for liabilities
Deferred tax liabilities
12
34,105
-
Net assets
4,134,662
1,518,443
Equity
Called up share capital
14
126
126
Share premium account
15
124,302
124,302
Retained earnings
16
4,010,234
1,394,015
Total equity
4,134,662
1,518,443
The financial statements were approved by the board of directors and authorised for issue on 31 May 2019 and are signed on its behalf by:
C J Birch
Director
Company Registration No. 10596850
LUKOIL CAPITAL MARKETS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
Share capital
Share premium account
Retained earnings
Total
Notes
$
$
$
$
Balance at 2 February 2017
-
-
-
-
Period ended 31 December 2017:
Profit and total comprehensive income for the period
-
-
1,394,015
1,394,015
Issue of share capital
14
126
124,302
-
124,428
Balance at 31 December 2017
126
124,302
1,394,015
1,518,443
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
2,616,219
2,616,219
Balance at 31 December 2018
126
124,302
4,010,234
4,134,662
LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
1
Accounting policies
Company information

LUKOIL Capital Markets Ltd is a private company limited by shares incorporated in England and Wales. The registered office and business address is 17c Curzon Street, London, W1J 5HU.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest dollar.

 

The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Hence they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised in accordance with the respective service agreements in place, and is accounted for on a receivable basis, when the application for payment has been approved.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Fixtures and fittings
5 years straight line
IT equipment
3 years straight line
1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held on call with banks.

LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 9 -
1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

 

Financial assets are initially measured at fair value plus transaction costs, other than those classified as fair value through profit and loss, which are measured at fair value.

Loans and receivables

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

1.9
Financial liabilities

Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities.

Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

 

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 10 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method

1.12
Employee benefits

The cost of any material unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

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

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

1.15
Foreign exchange

Transactions in currencies, other than dollars, 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 income statement for the period.

1.16

Reporting period

The comparatives relate to the period from 17 February 2017, the date of incorporation, to 31 December 2017.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements
Revenue recognition

Revenue recognition is accounted for as detailed in note 1.3. The directors consider this to be the most suitable policy based on the underlying contractual arrangements.

LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 11 -
3
Revenue
2018
2017
$
$
Revenue analysed by class of business
Investor relation services
5,788,276
3,401,954
Recharges
271,502
-
6,059,778
3,401,954
2018
2017
$
$
Other significant revenue
Interest income
27,393
-
4
Operating profit
2018
2017
$
$
Operating profit for the year is stated after charging/(crediting):
Exchange losses
39,574
2,041
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
18,215
Depreciation of property, plant and equipment
14,135
-
5
Employees

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

2018
2017
Number
Number
Administrative
6
2

Their aggregate remuneration comprised:

2018
2017
$
$
Wages and salaries
1,322,669
65,941
Social security costs
173,251
7,672
Pension costs
4,253
-
1,500,173
73,613
LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 12 -
6
Directors' remuneration
2018
2017
$
$
Remuneration for qualifying services
737,054
61,015
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
319,141
52,805

In the prior year, included in administrative expenses was $349,047 in respect of fees for advisory services provided by the directors.

7
Investment income
2018
2017
$
$
Interest income
Other interest income
27,393
-
8
Income tax expense
2018
2017
$
$
Current tax
UK corporation tax on profits for the current period
583,299
350,580
Adjustments in respect of prior periods
(359)
-
Total UK current tax
582,940
350,580
Deferred tax
Origination and reversal of temporary differences
34,105
-
Total tax charge
617,045
350,580
LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
8
Income tax expense
(Continued)
- 13 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2018
2017
$
$
Profit before taxation
3,233,264
1,744,595
Expected tax charge based on a corporation tax rate of 19.00%
614,320
331,473
Effect of expenses not deductible in determining taxable profit
8,334
662
Adjustment in respect of prior years
(359)
-
Permanent capital allowances in excess of depreciation
(32,259)
(92)
Tax at marginal rate
-
3,185
Foreign exchange differences
(7,096)
15,352
Deferred tax timing difference
34,105
-
Taxation charge for the year
617,045
350,580

The above taxation charge is all in respect of UK corporation tax.

 

The corporation tax return will be filed by the statutory deadline which is 31 December 2019. The corporation tax liability will be settled in sterling and as this will be paid nine months after the balance sheet date, the amount payable will be subject to exchange rate movement.

9
Property, plant and equipment
Fixtures and fittings
IT equipment
Total
$
$
$
Cost
At 31 December 2017
-
7,365
7,365
Additions
323,047
16,369
339,416
At 31 December 2018
323,047
23,734
346,781
Accumulated depreciation and impairment
Charge for the year
11,680
2,455
14,135
At 31 December 2018
11,680
2,455
14,135
Carrying amount
At 31 December 2018
311,367
21,279
332,646
At 31 December 2017
-
7,365
7,365
LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 14 -
10
Trade and other receivables
2018
2017
$
$
Other receivables
115,987
142
VAT recoverable
61,995
29,319
Amounts owed by fellow group undertakings
4,156,713
-
Prepayments
34,491
-
4,369,186
29,461

Included within the other receivables is an amount due more than twelve months amounting to $88,592 (2017 - $nil).

11
Trade and other payables
Current
2018
2017
$
$
Trade payables
66,913
9,317
Accruals
30,870
518,215
Other payables
41,094
-
138,877
527,532
12
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
$
Deferred tax liability at 1 January 2017 and 1 January 2018
-
Deferred tax movements in current year
Charge to profit or loss
34,105
Deferred tax liability at 31 December 2018
34,105
LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
12
Deferred taxation
(Continued)
- 15 -

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

2018
2017
$
$
Deferred tax liabilities
34,105
-
13
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The total costs charged to income in respect of defined contribution plans is $4,253 (2017 - $nil).

14
Share capital
2018
2017
$
$
Ordinary share capital
Issued and fully paid
101Ordinary shares of $1.24303 each
126
126
126
126
15
Share premium account
2018
2017
$
$
At beginning of year
124,302
-
Issue of new shares
-
124,302
At end of year
124,302
124,302
16
Retained earnings
2018
2017
$
$
At the beginning of the year
1,394,015
-
Profit for the year
2,616,219
1,394,015
At the end of the year
4,010,234
1,394,015
LUKOIL CAPITAL MARKETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 16 -
17
Operating lease commitments
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements are as follows:

2018
2017
$
$
Minimum lease payments under operating leases
35,287
-

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

2018
2017
Land and buildings
$
$
Within one year
108,584
-
Between two and five years
460,283
-
568,867
-
18
Related party transactions
Remuneration of key management personnel

The remuneration of the directors, who are key management personnel, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

The remuneration of the directors, who are key management personnel, is disclosed in note 6.

Other transactions with related parties

The company has taken advantage of the exemption of FRS 101 not to disclose transactions with its parent company and wholly owned subsidiary. No transactions or balances with members of the group and fellow subsidiaries where wholly owned, have been disclosed.true

19
Controlling party

The immediate parent company is Lukoil International GMBH, a company registered in Austria. The ultimate parent company is PJSC Lukoil a company registered in Russia. The financial statements for PJSC Lukoil are available from 11, Sretensky Boulevard, Moscow, Russia, 101000.

The company is included in the consolidated financial statements of the ultimate parent company, referred to above.

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