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P W WELL TEST LIMITED

Registered Number
09145204
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

P W WELL TEST LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

R W Bone
J N Palmer

Registered Address

77 Fosse Road
Farndon
Newark
NG24 3TL

Registered Number

09145204 (England and Wales)
P W WELL TEST LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3759,17860,481
Investments52525
759,20360,506
Current assets
Stocks630,000-
Debtors764,888151,352
Current asset investments122,746136,385
Cash at bank and on hand126,616471,004
344,250758,741
Creditors amounts falling due within one year8(133,135)(196,232)
Net current assets (liabilities)211,115562,509
Total assets less current liabilities970,318623,015
Provisions for liabilities9(189,794)(12,707)
Net assets780,524610,308
Capital and reserves
Called up share capital118118
Revaluation reserve515,469-
Profit and loss account264,937610,190
Shareholders' funds780,524610,308
The financial statements were approved and authorised for issue by the Board of Directors on 25 April 2025, and are signed on its behalf by:
J N Palmer
Director
Registered Company No. 09145204
P W WELL TEST LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery10
Vehicles25
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 August 23168,50033,0632,847204,410
Revaluations579,425--579,425
At 31 July 24747,92533,0632,847783,835
Depreciation and impairment
At 01 August 23123,02518,6652,239143,929
Charge for year-3,6001533,753
Revaluation surplus(123,025)--(123,025)
At 31 July 24-22,2652,39224,657
Net book value
At 31 July 24747,92510,798455759,178
At 31 July 2345,47514,39860860,481
4.Revaluation of property, plant and equipment
The director's have revalued the assets in line with the current market value shown below, depreciation has not been charged in the year on the revalued assets.

2024

2023

££
Plant and machinery747,925-
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 August 232525
At 31 July 242525
Net book value
At 31 July 242525
At 31 July 232525

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Work in progress30,000-
Total30,000-
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables11,16078,855
Amounts owed by group undertakings50,84350,843
Amounts owed by associates and joint ventures / participating interests-18
Prepayments and accrued income2,88521,636
Total64,888151,352
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,202676
Amounts owed to related parties-116,459
Taxation and social security27,69976,462
Other creditors3435
Accrued liabilities and deferred income103,2002,600
Total133,135196,232
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)189,79412,707
Total189,79412,707
10.Related party transactions
A loan account exists. At the balance sheet date the amount owed by Onshore Petroleum Limited, an associated company of P W Well Test Ltd, was £50,843 (2023 - £50,843)