HIGH POWER PETROLEUM (EXPLORATION) UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
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
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Basis of preparation of financial statements
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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.
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
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Foreign currency translation
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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'.
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