Abbreviated Company Accounts - GROLIFFE LIMITED
Abbreviated Company Accounts - GROLIFFE LIMITED
Registered Number 08312690
GROLIFFE LIMITED
Abbreviated Accounts
31 December 2014
GROLIFFE LIMITED Registered Number 08312690
Abbreviated Balance Sheet as at 31 December 2014
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Called up share capital not paid |
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Fixed assets | |||
Intangible assets | 2 |
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Tangible assets |
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Investments |
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Current assets | |||
Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: amounts falling due within one year |
( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Provisions for liabilities |
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Accruals and deferred income |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Share premium account |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 December 2014 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
And signed on their behalf by:
GROLIFFE LIMITED Registered Number 08312690
Notes to the Abbreviated Accounts for the period ended 31 December 2014
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Intangible assets amortisation policy
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
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.
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Cost | |
At 1 January 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2014 |
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Amortisation | |
At 1 January 2014 |
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Charge for the year |
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On disposals |
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At 31 December 2014 |
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Net book values | |
At 31 December 2014 | 22,012 |
At 31 December 2013 | 0 |