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Registered number: 13967714











HIGH POWER PETROLEUM (EXPLORATION) UK LTD

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023
















TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
HIGH POWER PETROLEUM (EXPLORATION) UK LTD
REGISTERED NUMBER: 13967714

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
$
$

  

Current assets
  

Debtors: amounts falling due within one year
 3 
127
-

  
127
-

Total assets less current liabilities
  
 
 
127
 
 
-

  

Net assets
  
127
-


Capital and reserves
  

Called up share capital 
 4 
132
-

Profit and loss account
  
(5)
-

  
127
-


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 April 2024.




S H Aitken
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
HIGH POWER PETROLEUM (EXPLORATION) UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

High Power Petroleum (Exploration) UK Limited  (the "Company") is a  private company limited by shares incorporated in England and Wales. The registered office of the Company is 93-95 Gloucester Place, London W1U 6JQ. 
The principal activity of the Company is to manage a mining operation and extraction. The Company was not trading in the period.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Going concern

The Company is, in the short term, wholly dependent on cash collections from sister companies
within the I-Pulse Inc. (“I-Pulse”) group of companies and funding from its immediate and ultimate
parent companies, High Power Petroleum LLC (“H2P”) and I-Pulse. 
The group of companies that this entity is a part of is currently undergoing a restructure that the
Directors expect to conclude within the next 12 months of approval of these financial statements. The
company will be part of a new group and have a new ultimate controlling party and parent company.
The Directors expect that the entity will continue to trade and receive support from its group and
therefore believe the entity remains a going concern

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
HIGH POWER PETROLEUM (EXPLORATION) UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


3.


Debtors

2023
2022
$
$


Amounts owed by group undertakings
127
-

127
-



4.


Share capital

2023
$
Allotted, called up and fully paid


100,000 Ordinary shares of £0.00100 each
132





5.


Related party transactions

The  Company has taken  advantage of the exemption  available  under paragraph  33.1A  of  FRS  102 whereby  it  has  not  disclosed  transactions  with  the  ultimate  parent  company  or  any  wholly  owned subsidiary undertakings of the group.


6.


Controlling party

The immediate and ultimate parent undertaking and controlling entity of the Company is I-Pulse Inc., a company incorporated in United States of America and registered in the state of Delaware. 
I-Pulse Inc. is the parent of the smallest and largest group in which the Company is consolidated. Copies of the accounts of I-Pulse Inc. are available at the parent company's registered office address 251 Little Falls Drive, Wilmington, Delaware.

Page 3

 
HIGH POWER PETROLEUM (EXPLORATION) UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Auditor's information

The auditor's report on the financial statements for the period ended 31 March 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements. These events or conditions indicate that a
material uncertainty exists that may cast significant doubt on the company's ability to continue as a going
concern. While we did not see anything during our work that indicated the company and the group of
companies it is a part of would be closed we were unable to obtain sufficient evidence regarding parent
company support or intentions for the entity for at least the next 12 months from date of approval of these
accounts. Our opinion is not modified in respect of this matter.

The audit report was signed on 16 April 2024 by Paul Hawksley FCA CTA MAAT (Senior Statutory Auditor) on behalf of TWP Accounting LLP.

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's
members those matters we are required to state to them in an Auditor's Report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company's members, as a body, for our audit work, for this report, or for the opinions
we have formed.


Page 4