Abbreviated Company Accounts - GROLIFFE LIMITED

Abbreviated Company Accounts - GROLIFFE LIMITED

GROLIFFE LIMITED - Company Information

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Registered Number 08312690

GROLIFFE LIMITED

Abbreviated Accounts

31 December 2013

GROLIFFE LIMITED Registered Number 08312690

Abbreviated Balance Sheet as at 31 December 2013

Notes 2013
£
Called up share capital not paid -
Fixed assets
Intangible assets -
Tangible assets -
Investments -
-
Current assets
Stocks -
Debtors 3,416
Investments -
Cash at bank and in hand 311,305
314,721
Prepayments and accrued income -
Creditors: amounts falling due within one year (54,040)
Net current assets (liabilities) 260,681
Total assets less current liabilities 260,681
Creditors: amounts falling due after more than one year 0
Provisions for liabilities 0
Accruals and deferred income 0
Total net assets (liabilities) 260,681
Capital and reserves
Called up share capital 2 150,000
Share premium account 0
Revaluation reserve 0
Other reserves 0
Profit and loss account 110,681
Shareholders' funds 260,681
  • For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 27 August 2014

And signed on their behalf by:
Chris Johnson, Director

GROLIFFE LIMITED Registered Number 08312690

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the period, exclusive of Value Added Tax and trade discounts.

Intangible assets amortisation policy
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.

The Company accounts for oil and gas expenditure under the successful efforts method of accounting.

Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Profit and Loss Account.

All licence acquisition, exploration and evaluation costs are initially capitalised in cost centres by well, field or exploration area as appropriate. Directly attributable administration costs are capitalised insofar as they relate to specific exploration and development activities.

These costs are written off unless commercial reserves have been established or the determination process has not been completed and there are no indications of impairment.

If a project is deemed commercial all of the attributable costs are transferred into a single field cost centre within Property, Plant and Equipment. These costs are then mortised from the commencement of production on a unit of production basis.

Other accounting policies
Joint Ventures
The Company is engaged in oil and gas exploration and appraisal through unincorporated joint ventures. The Company accounts for its share of the results and net assets of these joint ventures as jointly controlled assets.

2Called Up Share Capital
Allotted, called up and fully paid:
2013
£
150,000 Ordinary shares of £1 each 150,000