PETRONAS ENERGY TRADING LIMITED

• ⚠

  Material uncertainty over going concern

  The financial statements have been prepared on other than going concern basis. The Company has provided warranties and indemnities to the buyer of Humbly Grove Energy Limited which the Company sold in March 2020. The warranties consist of general and tax warranties, which are normally found in a sale and purchase agreement. Some of the general warranties expired in September 2021, while others expired in March 2023. Tax warranties are due to expire in March 2027. The Company will therefore maintain an active company status during this period, after which the intent is to liquidate the company. The Directors have determined that the accounting policies applied in the preparation of financial statements are consistent with those adopted in prior year and no change is required due to the financial statements being prepared on the basis that the Company will no longer be a going concern. Remaining liquidation costs are within the Company's working capital level and expected to be immaterial. Consequently, the financial statements have been prepared on the basis that the company will no longer be a going concern.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. PETRONAS ENERGY TRADING LIMITED 2011-02-16 → present
2. PETGAS TRADING (UK) LTD 2004-09-29 → 2011-02-16
3. PETRONAS CARIGALI OVERSEAS (UK) LIMITED 1997-04-18 → 2004-09-29

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The financial statements have been prepared on other than going concern basis. The Company has provided warranties and indemnities to the buyer of Humbly Grove Energy Limited which the Company sold in March 2020. The warranties consist of general and tax warranties, which are normally found in a sale and purchase agreement. Some of the general warranties expired in September 2021, while others expired in March 2023. Tax warranties are due to expire in March 2027. The Company will therefore maintain an active company status during this period, after which the intent is to liquidate the company. The Directors have determined that the accounting policies applied in the preparation of financial statements are consistent with those adopted in prior year and no change is required due to the financial statements being prepared on the basis that the Company will no longer be a going concern. Remaining liquidation costs are within the Company's working capital level and expected to be immaterial. Consequently, the financial statements have been prepared on the basis that the company will no longer be a going concern.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -8.1%

  £2,859,000 → £2,627,000

• Net assets

  -7.9%

  £2,834,000 → £2,610,000

• Employees

  —

  Not reported

• Operating profit

  +5.9%

  -£255,000 → -£240,000

• Profit before tax

  -0.4%

  -£223,000 → -£224,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers