1066219210662192
HIGH POWER PETROLEUM SERVICES UK LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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HIGH POWER PETROLEUM SERVICES UK LIMITED
REGISTERED NUMBER: 10662192
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 statement of comprehensive income 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 11 February 2025.
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Scott Aitken
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The notes on pages 2 to 7 form part of these financial statements.
Page 1
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HIGH POWER PETROLEUM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
High Power Petroleum Services UK Limited (the 'Company') is a private company limited by shares incorporated in England and Wales. The registered office of the 93-95 Gloucester Place, London, W1U 6JQ.
The principle activity of the company is that of management services to other group companies.
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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
The Company is, in the short term, wholly dependent on funding from its immediate and ultimate parent companies, High Power Petroleum LLC and Blue Spark Energy Systems Inc (BSES). BSES intend to fund their operations and growth through a combination of operating cash flows and, to a significant extent, proceeds from new private placement equity raises.
BSES is currently engaging with a range of potential investors and is confident that additional finance will be secured within the required timeframe, this is though not wholly within BSES control. Therefore, whilst the directors are confident that the Company has the support of its parent company to continue in operational existence for the foreseeable future and meet its financial obligations, the aforementioned factors indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. The directors have a reasonable expectation that the entity remains a going concern and accordingly, have prepared the financial statements on a going concern basis of accounting.
Page 2
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HIGH POWER PETROLEUM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP and rounded to the nearest £.
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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover is measured at the fair value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Revenue from the rendering of services is recognised when the outcome of a transaction can be estimated reliably and services have been fulfilled, according to the company contractual obligations. Where the outcome cannot be measured reliably, turnover is only recognised to the extent of expenses recognised that are recoverable.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Intangible assets are recognised from the development phase of a project only if certain specific criterias are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
Amortisation is charged over three years straight-line method once the development has been completed.
The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 5 years.
Interest income is recognised in profit or loss using the effective interest method.
Page 3
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HIGH POWER PETROLEUM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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An analysis of turnover by class of business is as follows:
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The average monthly number of employees, including directors, during the year was 7 (2022 - 8).
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Page 4
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HIGH POWER PETROLEUM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Amounts owed by group undertaking are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Page 5
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HIGH POWER PETROLEUM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts owed to group undertaking are unsecured, interest free and repayable on demand. The amount consists of balances owed to the parent company High Power Petroleum LLC (“HPP LLC”) and the ultimate parent company I-Pulse Inc. (“I-Pulse”)..
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Creditors: Amounts falling due after more than one year
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £0.01 each
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Profit and loss account
The profit and loss account represents cumulative profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions paid by the Company to the fund and amounted to £49,300 (2022 - £48,411).
Page 6
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HIGH POWER PETROLEUM SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate parent undertaking of the Company is High Power Petroleum LLC, a company incorporated in the United States of America and registered in the state of Delaware.
As at 31 December 2023, the ultimate parent undertaking and controlling party of the Company is I-Pulse Inc., a company incorporated in the United States of America and registered in the state of Delaware. Copies of the accounts of I-Pulse Inc. are available at the parent company's registered office address from 251 Little Falls Drive, Wilmington, Delaware.
However, following a restructuring after year-end, as of 31 May 2024, the Company is now wholly owned by Blue Spark Energy Systems Inc.
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The auditor's report on the financial statements for the year ended 31 December 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 that the company and the group of companies would be closed, we were unable to obtain sufficient evidence regarding the parent company support or intentions for the entity for at least the next 12 months from the date of approval of these accounts. Our opinion is not modified in respect of this matter.
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The audit report was signed on 13 February 2025 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. The audit work has been undertaken so that Auditors' might state to the company’s members those matters the Auditors' are required to state in an auditor’s report and for no other purpose. To the fullest extent permitted by law, TWP Accounting LLP will not accept or assume responsibility to anyone other than the company and the company’s members as a body, for the audit work, for the Independent Auditors' Report, or for the opinions formed.
Page 7
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