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REGISTERED NUMBER: SC388357 (Scotland)









ARTIFICIAL LIFT PERFORMANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






ARTIFICIAL LIFT PERFORMANCE LIMITED (REGISTERED NUMBER: SC388357)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


ARTIFICIAL LIFT PERFORMANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: A E Jolley
P E Mahoney





REGISTERED OFFICE: 2 Marischal Square, Broad Street
Aberdeen
AB10 1DQ





REGISTERED NUMBER: SC388357 (Scotland)





ACCOUNTANTS: russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ARTIFICIAL LIFT PERFORMANCE LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Artificial Lift Performance Limited for the year ended 31st December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Artificial Lift Performance Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Artificial Lift Performance Limited and state those matters that we have agreed to state to the Board of Directors of Artificial Lift Performance Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Artificial Lift Performance Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Artificial Lift Performance Limited. You consider that Artificial Lift Performance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Artificial Lift Performance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL


24th September 2024

ARTIFICIAL LIFT PERFORMANCE LIMITED (REGISTERED NUMBER: SC388357)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 872,364 701,098
Tangible assets 5 - -
Investments 6 531,302 291,075
1,403,666 992,173

CURRENT ASSETS
Debtors 7 62,937 79,599
Cash at bank 288,458 93,647
351,395 173,246
CREDITORS
Amounts falling due within one year 8 919,631 476,402
NET CURRENT LIABILITIES (568,236 ) (303,156 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

835,430

689,017

CAPITAL AND RESERVES
Called up share capital 9 1,020 1,000
Share premium 1,488 -
Retained earnings 832,922 688,017
SHAREHOLDERS' FUNDS 835,430 689,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

ARTIFICIAL LIFT PERFORMANCE LIMITED (REGISTERED NUMBER: SC388357)

BALANCE SHEET - continued
31ST DECEMBER 2023


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 24th September 2024 and were signed on its behalf by:





A E Jolley - Director


ARTIFICIAL LIFT PERFORMANCE LIMITED (REGISTERED NUMBER: SC388357)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Artificial Lift Performance Limited is a private company, limited by shares , registered in Scotland. 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.

Going Concern

The financial statements have been prepared on the going concern basis. The director believes that the company has adequate resources and support to continue to operate for the foreseeable future

Preparation of consolidated financial statements
The financial statements contain information about Artificial Lift Performance Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
The turnover shown in the profit and loss account represents the sales value consultancy work provided and software created to enhance performance of artificial lifts and equipment in the oil industry for the year, exclusive of Value Added Tax.

Research and development
Expenditure on research is written off to the statement of comprehensive income in the accounting period in which it is incurred.

Development expenditure is capitalised only where there is a clearly defined project, the expenditure is separately identifiable, the outcome of the project can be assessed with reasonable certainty, aggregate costs are expected to be exceeded by related future profits and adequate resources exist to enable the project to be completed. Development expenditure capitalised relates to the development of software products and this expenditure is to be written off over the useful life of each software package.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Research and development - 20% straight line.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Software-100% straight line
Office equipment-100% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

ARTIFICIAL LIFT PERFORMANCE LIMITED (REGISTERED NUMBER: SC388357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

ARTIFICIAL LIFT PERFORMANCE LIMITED (REGISTERED NUMBER: SC388357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1st January 2023 1,788,228
Additions 419,693
At 31st December 2023 2,207,921
AMORTISATION
At 1st January 2023 1,087,130
Amortisation for year 248,427
At 31st December 2023 1,335,557
NET BOOK VALUE
At 31st December 2023 872,364
At 31st December 2022 701,098

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
Software fittings equipment Totals
£    £    £    £   
COST
At 1st January 2023 15,698 7,973 70,603 94,274
Additions - - 35,045 35,045
At 31st December 2023 15,698 7,973 105,648 129,319
DEPRECIATION
At 1st January 2023 15,698 7,973 70,603 94,274
Charge for year - - 35,045 35,045
At 31st December 2023 15,698 7,973 105,648 129,319
NET BOOK VALUE
At 31st December 2023 - - - -
At 31st December 2022 - - - -

6. FIXED ASSET INVESTMENTS

31.12.23 31.12.22
£    £   
Shares in group undertakings 796 796
Loans to group undertakings 530,506 290,279
531,302 291,075

ARTIFICIAL LIFT PERFORMANCE LIMITED (REGISTERED NUMBER: SC388357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 796
NET BOOK VALUE
At 31st December 2023 796
At 31st December 2022 796
Loans to
group
undertakings
£   
At 1st January 2023 290,279
New in year 240,227
At 31st December 2023 530,506

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 62,937 79,599

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 36,542 22,534
Taxation and social security 57,894 32,915
Other creditors 825,195 420,953
919,631 476,402

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Ordinary £0.10 1,000 1,000
200 B Ordinary £0.10 20 -
1,020 1,000

200 B Ordinary shares of £0.10 each were allotted as fully paid at a premium of £7.44 per share during the year.

ARTIFICIAL LIFT PERFORMANCE LIMITED (REGISTERED NUMBER: SC388357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022:

31.12.23 31.12.22
£    £   
A Williams
Balance outstanding at start of year (18,495 ) -
Amounts advanced 35,473 -
Amounts repaid (10,965 ) (18,495 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,013 (18,495 )

11. ULTIMATE CONTROLLING PARTY

The company was under the control of A. Williams throughout the current and previous year.