REGISTERED NUMBER: |
Deeping Energy Limited |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
REGISTERED NUMBER: |
Deeping Energy Limited |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
Deeping Energy Limited (Registered number: 10553645) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 |
Notes to the financial statements | 4 | to | 7 |
Deeping Energy Limited |
Company Information |
for the Year Ended 31 January 2024 |
Director: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Deeping Energy Limited |
The following reproduces the text of the report prepared for the director 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 Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Director's report 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 Deeping Energy Limited for the year ended 31 January 2024 which comprise the Statement of income and retained earnings, Statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Deeping Energy Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Deeping Energy Limited and state those matters that we have agreed to state to the director of Deeping Energy Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Deeping Energy Limited and its director for our work or for this report. |
It is your duty to ensure that Deeping Energy 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 loss of Deeping Energy Limited. You consider that Deeping Energy 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 Deeping Energy 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. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Deeping Energy Limited (Registered number: 10553645) |
Statement of Financial Position |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Deeping Energy Limited (Registered number: 10553645) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | Statutory information |
Deeping Energy Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit and loss. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
An increase in the carrying amount of an asset as a result of a revaluation, is recongised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recongised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recongised in other comprehensive income to the extent of any previously recongised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recongised in profit or loss. |
Deeping Energy Limited (Registered number: 10553645) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | Accounting policies - continued |
Financial instruments |
A financial asset or a financial liability is recongised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recongised at the transaction price unless the arrangement constitutes a financing transaction, where it is recongised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Where investments is non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recongised in profit or loss. All other such investments are subsequently measured at cost less impairment. |
Other financial instruments, including derivatives, are initially recongised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Other financial instruments are subsequently measured at fair value, with any changes recongised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recongised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recongised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recongised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Deeping Energy Limited (Registered number: 10553645) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
3. | Accounting policies - continued |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. |
Finance leases and hire purchase contracts |
Assets held under finance leases are recongised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recongised as an asset |
4. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
5. | Tangible fixed assets |
Plant and |
machinery |
£ |
Cost |
At 1 February 2023 |
and 31 January 2024 |
Depreciation |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
Deeping Energy Limited (Registered number: 10553645) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT |
Deferred tax asset |
Prepayments and accrued income |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT | - | 191 |
Accruals and deferred income |
8. | Secured debts |
Included in creditors are obligations under financial leases and hire purchase contracts which are secured on the assets to which they relate. |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary share | £1 | 100 | 100 |