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REGISTERED NUMBER: 11911847 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Zero Petroleum Limited

Zero Petroleum Limited (Registered number: 11911847)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Zero Petroleum Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: P A Lowe
N Shah
A Danshina
D McKiernan





REGISTERED OFFICE: Michelin House
81 Fulham Road
London
SW3 6RD





REGISTERED NUMBER: 11911847 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
1st Floor
One Suffolk Way
Sevenoaks
Kent
TN13 1YL

Zero Petroleum Limited (Registered number: 11911847)

Balance Sheet
31 March 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,719,595 2,089,899
Investments 6 730,371 730,371
4,449,966 2,820,270

CURRENT ASSETS
Debtors 7 2,394,544 2,565,689
Cash at bank 1,729,888 1,191,311
4,124,432 3,757,000
CREDITORS
Amounts falling due within one year 8 1,749,106 3,521,084
NET CURRENT ASSETS 2,375,326 235,916
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,825,292

3,056,186

CREDITORS
Amounts falling due after more than one year 9 494,688 153,739
NET ASSETS 6,330,604 2,902,447

CAPITAL AND RESERVES
Called up share capital 11 127 127
Share premium 12 2,484,629 2,684,629
Other reserves 12 5,407,000 -
Retained earnings 12 (1,561,152 ) 217,691
SHAREHOLDERS' FUNDS 6,330,604 2,902,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Zero Petroleum Limited (Registered number: 11911847)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





P A Lowe - Director


Zero Petroleum Limited (Registered number: 11911847)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Zero Petroleum Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes recognised in line with milestone completions.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of four years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Grant income
Government grants have been recognised under the performance model and is therefore included once the conditions are probable to be met.

Investments in associates
Investments in associate undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Zero Petroleum Limited (Registered number: 11911847)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basis of preparation
The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

Significant judgements and estimates
In the application of the company's accounting policies the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The company does not make significant estimates and assumptions concerning the future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development Computer
licences costs software Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 24,756 495,947 165,150 685,853
AMORTISATION
At 1 April 2023
and 31 March 2024 24,756 495,947 165,150 685,853
NET BOOK VALUE
At 31 March 2024 - - - -
At 31 March 2023 - - - -

Zero Petroleum Limited (Registered number: 11911847)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,472,417 521,241 48,893 79,381 2,121,932
Additions 308,441 1,394,117 39,264 249,905 1,991,727
At 31 March 2024 1,780,858 1,915,358 88,157 329,286 4,113,659
DEPRECIATION
At 1 April 2023 - 19,126 5,230 7,677 32,033
Charge for year 138,407 138,647 18,380 66,597 362,031
At 31 March 2024 138,407 157,773 23,610 74,274 394,064
NET BOOK VALUE
At 31 March 2024 1,642,451 1,757,585 64,547 255,012 3,719,595
At 31 March 2023 1,472,417 502,115 43,663 71,704 2,089,899

Tangible Fixed Assets as shown above have been restated as at 31 March 2023 as advised per the disclosure in note 6.

6. FIXED ASSET INVESTMENTS
Interest
in Other
associate investments Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 730,297 74 730,371
NET BOOK VALUE
At 31 March 2024 730,297 74 730,371
At 31 March 2023 730,297 74 730,371

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Zero Petroleum Inc
Registered office: 100 Wilshire Blvd, Santa Monica, CA 90401, United States of America
Nature of business:
%
Class of shares: holding
Ordinary 100.00

Associated company

IGTL Technology Ltd
Registered office: 4 Broad Street, Kirkwall, Scotland, KW15 1NX
Nature of business:
%
Class of shares: holding
Ordinary 16.30

Zero Petroleum Limited (Registered number: 11911847)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. DEBTORS
2024 2023
as restated
£    £   
Amounts falling due within one year:
Trade debtors - 1,757,351
Amounts owed by group undertakings 944,085 266,689
Other debtors 955,771 480,245
1,899,856 2,504,285

Amounts falling due after more than one year:
Other debtors 494,688 61,404

Aggregate amounts 2,394,544 2,565,689

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 846,322 822,739
Taxation and social security 113,027 412,115
Other creditors 789,757 2,286,230
1,749,106 3,521,084

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Taxation and social security 494,688 153,739

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
as restated
£    £   
Within one year 559,650 195,460
Between one and five years 499,450 -
1,059,100 195,460

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
1,268,983 Ordinary 0.000 1 127 127

Zero Petroleum Limited (Registered number: 11911847)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


12. RESERVES
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 April 2023 (1,037,112 ) 2,684,629 - 1,647,517
Prior year adjustment 1,254,803 1,254,803
217,691 2,902,320
Deficit for the year (1,778,843 ) (1,778,843 )
Advanced Share Subscriptions - (200,000 ) 5,407,000 5,207,000
At 31 March 2024 (1,561,152 ) 2,484,629 5,407,000 6,330,477

13. ULTIMATE CONTROLLING PARTY

The controlling party is P A Lowe.