Registration number:
Petroc Energy Services Limited
for the Period from 6 October 2023 to 31 July 2024
Petroc Energy Services Limited
Contents
Statement of Directors' Responsibilities |
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Statement of Financial Position |
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Notes to the Financial Statements |
Petroc Energy Services Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Petroc Energy Services Limited
(Registration number: 15193561)
Statement of Financial Position as at 31 July 2024
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2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
6,500,000 |
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Profit and loss account |
(2,766) |
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Shareholders' funds |
6,497,234 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
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Petroc Energy Services Limited
Notes to the Financial Statements for the Period from 6 October 2023 to 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The accounts have been prepared for the period from 6 October 2023 to 31 July 2024 in order to align the year end with its parent company.
Principal activity
The principal activity of the company is development of building projects and production of electricity
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to the period presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Petroc Energy Services Limited
Notes to the Financial Statements for the Period from 6 October 2023 to 31 July 2024 (continued)
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Accounting policies (continued) |
Going concern
The financial statements have been prepared on a going concern basis.
The parent undertaking (Petroc – an FE college) on the 27th of April 2024 become a guarantor on the NEC3 buildings contract executed between Petroc Energy Services Limited and Lorne Stewart. This contract relates to the company’s principal activity, the delivery of the Salix decarbonisation project, which the company is managing on behalf of the College and is due for completion in 2025. Following ‘Managing Public Money’ guidelines, approval was sought through the Department for Education and obtained on the 19th of December 2023. The approval runs to December 2026.
The scheme is being partially funded by Salix through the ‘Phase 3 Public Sector Decarbonisation Scheme’ with the balance of funds being met using a ‘College’s Capital loan’ obtained from the Department of Education by the College for which the company is a guarantor.
Audit report
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Key sources of estimation uncertainty
Assets under construction are accounted for at cost, based on the value of architects’ certificates and other direct costs, incurred to 31 July. They are not depreciated until they are brought into use.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Assets under construction |
Not depreciated until complete |
Petroc Energy Services Limited
Notes to the Financial Statements for the Period from 6 October 2023 to 31 July 2024 (continued)
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Accounting policies (continued) |
Impairment
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Petroc Energy Services Limited
Notes to the Financial Statements for the Period from 6 October 2023 to 31 July 2024 (continued)
Tangible assets |
Assets under construction |
Total |
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Cost or valuation |
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Additions |
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At 31 July 2024 |
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Depreciation |
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Carrying amount |
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At 31 July 2024 |
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Debtors |
2024 |
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Other debtors |
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Called up share capital not paid |
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Creditors |
Creditors: amounts falling due within one year
2024 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Petroc Energy Services Limited
Notes to the Financial Statements for the Period from 6 October 2023 to 31 July 2024 (continued)
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses. The accumulated losses for the period are £2,766.
Capital commitments |
Amounts not provided for in the statement of financial position
The total amount of capital commitments not included in the statement of financial position is £
Parent undertaking |
The parent undertaking in which these financial statements are consolidated is Petroc, registered address Old Sticklepath Hill, Barnstaple, Devon, EX31 1BQ.