2022-08-012023-07-312023-07-31false09145204P W WELL TEST 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P W WELL TEST LIMITED

Registered Number
09145204
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

P W WELL TEST LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

BONE, Ryan Wesley
PALMER, John Nicholas

Registered Address

77 Fosse Road
Farndon
Newark
NG24 3TL

Registered Number

09145204 (England and Wales)
P W WELL TEST LIMITED
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets660,48180,642
Investments72525
60,50680,667
Current assets
Debtors9151,354191,253
Current asset investments136,385136,385
Cash at bank and on hand471,004160,817
758,743488,455
Creditors amounts falling due within one year10(196,230)(126,828)
Net current assets (liabilities)562,513361,627
Total assets less current liabilities623,019442,294
Provisions for liabilities11(12,707)(15,321)
Net assets610,312426,973
Capital and reserves
Called up share capital118118
Profit and loss account610,194426,855
Shareholders' funds610,312426,973
The financial statements were approved and authorised for issue by the Board of Directors on 27 November 2023, and are signed on its behalf by:
PALMER, John Nicholas
Director
Registered Company No. 09145204
P W WELL TEST LIMITED
Notes to the Financial Statements
for the year ended 31 July 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is oil well testing services.
4.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Vehicles25
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year11
6.Property, plant and equipment

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 August 22168,50033,0632,847204,410
At 31 July 23168,50033,0632,847204,410
Depreciation and impairment
At 01 August 22107,86713,8652,036123,768
Charge for year15,1584,80020320,161
At 31 July 23123,02518,6652,239143,929
Net book value
At 31 July 2345,47514,39860860,481
At 31 July 2260,63319,19881180,642
7.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 August 222525
At 31 July 232525
Net book value
At 31 July 232525
At 31 July 222525

Notes

1Investments in group undertakings and participating interests
8.Description of nature of transactions and balances with related parties
A loan account exists. At the balance sheet date the amount owed by Onshore Petroleum Limited, an associated company of P W Well Test Ltd, was £50,843 (2022 £50,343). A loan account exists. At the balance sheet date the amount owed by B Capital Limited, an associated company of P W Well Test Ltd, was £18 (2022 £18). A loan account exists. At the balance sheet date the amount owed to P W Well (Holdings) Limited, an associated company of P W Well Test Ltd, was £116,459 (2022 £116,459).
9.Debtors

2023

2022

££
Trade debtors / trade receivables78,85530,384
Amounts owed by group undertakings50,86150,361
Other debtors-107,247
Prepayments and accrued income21,6383,261
Total151,354191,253
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables6762,167
Amounts owed to related parties116,459116,459
Taxation and social security76,4625,869
Other creditors3434
Accrued liabilities and deferred income2,5992,299
Total196,230126,828
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)12,70715,321
Total12,70715,321