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WARREGO ENERGY LIMITED
REGISTERED NUMBER: SC323899
ABBREVIATED BALANCE SHEET
AS AT 31 JULY 2014
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CREDITORS: amounts falling due within one year
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 July 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 5 form part of these financial statements.
Page 1
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WARREGO ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2014
At 31 July 2014, the company has net assets of £1,129,209 (2013 - £1,101,281).
In the period from 1st August 2013 to the date of signing the accounts, the company has continued to invest monies in the development of its interests in the Southern Hemisphere.
In the absence of income being generated and in order to continue to finance interests in Western Australia, the directors have secured AUS $40m of funding (by way of farm-out of the interest in West Erregulla Field (Licence EP469). The company via its wholly owned Australian subsidiary entered into farm out agreements for licence EP469 with Mazarine Energy Australia PTY Ltd and Dyas Australia PTY Ltd. On the effective date of these agreements Dyas and Mazarine made a payment to reimburse historic costs. They also will pay 100% of exploration and appraisal costs to earn 80% equity in the licence. This expenditure is capped approximately at AUS $40m. After completion of the farm in obligation the company will maintain a 20% holding in the licence. The directors are also engaged in an equity funding process to raise further working capital.
In addition, included in debtors is an amount of £1,266,661 due by a subsidiary undertaking. This debt will only be recoverable if the parent company is successful in its fund raising activities.
Based on the fund raising activities to date, the directors are of the opinion that the company will have adequate working capital to execute its operations and as a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements
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2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Page 2
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WARREGO ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2014
2.ACCOUNTING POLICIES (continued)
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Current tax, including UK corporation tax and foreign 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.
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.
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3.TANGIBLE FIXED ASSETS
Page 3
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WARREGO ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2014
4.FIXED ASSET INVESTMENTS
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At 1 August 2013 and 31 July 2014
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Subsidiary undertakings
The following were subsidiary undertakings of the company:
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Warrego Energy Pty Limited
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Country of incorporation:
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Proportion of shares held:
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The aggregate of the share capital and reserves as at 31 July 2014 and of the profit for the year ended 31 July 2014 of the subsidary undertaking were AUS $ (211,987) and AUS $ 149,297.
5.SHARE CAPITAL
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Allotted, called up and fully paid
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2,530,300 Ordinary shares of £0.10 each
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Page 4
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WARREGO ENERGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2014
6.CONTINGENT LIABILITIES
On 6 August 2008, the company issued £220,000 unsecured loan notes 2008. These loan notes are only repayable in certain future specified circumstances which are as follows:
- A sale of the company; or
- Quotation of the company on a recognised stock exchange; or
- Any sale transaction, including a series of sales transactions, pursuant to which a material part of the business and assets of the company are disposed of to any one or more persons for a consideration of not less than the amount of the loan notes then outstanding; or
- Cumulative investment in the company by way of equity exceeding £10,000,000.
Further, the loan notes become payable immediately when the company ceases to trade or in certain circumstances when the company enters in to a winding up.
The loan notes bear no interest, except where the company fails to pay any amount of principal on any loan note within 30 days of such repayment becoming due, as described above.
The directors do not, at this point in time, believe that it is probable that any of the aforesaid events will arise in the foreseeable future and have therefore not recognised the liability on the balance sheet. The directors will recognise such liability as and when it becomes clear that such future event is more probable than not.
OTHER CONTINGENT LIABILITY:
After the year end a claim has been made against the company for costs relating to recruitment of an employee. The claim is estimated at £80,000.
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