HPI Energy Services Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05214035

HPI Energy Services Ltd

Filleted Unaudited Financial Statements

For the year ended

31 December 2024

HPI Energy Services Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5	5,683	7,480
Investments	6	360,670	360,670
		----------	----------
		366,353	368,150

Current assets

Debtors	7	3,875,023	1,858,813
Cash at bank and in hand		2,047,344	253,766
		-------------	-------------
		5,922,367	2,112,579

Creditors: amounts falling due within one year	8	4,868,115		1,595,348
		-------------		-------------
Net current assets			1,054,252	517,231
			-------------	----------
Total assets less current liabilities			1,420,605	885,381
			-------------	----------
Net assets			1,420,605	885,381
			-------------	----------

Capital and reserves

Called up share capital	3,300,480	3,300,480
Profit and loss account	( 1,879,875)	( 2,415,099)
	-------------	-------------
Shareholders funds	1,420,605	885,381
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HPI Energy Services Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 14 October 2025 , and are signed on behalf of the board by:

J J Wheelwright

Director

Company registration number: 05214035

HPI Energy Services Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 1-4, Gallagher Enterprise Park, Runcorn Road, Lincoln, LN6 3QP, Lincolnshire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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 or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to continue trading over the next 12 months and that no material uncertainties exist. Therefore, the accounts have been prepared on a going concern basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

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 recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised 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 recognised in profit or loss.

Depreciation

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

Plant and machinery	-	15% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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. Subsequent to initial recognition, financial assets and liabilities are measured at amortised cost using the effective interest method, where applicable. The company does not hold or issue any financial instruments that are measured at fair value through profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2023: 16 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	45,192	67,572	7,800	120,564
Additions	–	2,201	–	2,201
	---------	---------	-------	----------
At 31 December 2024	45,192	69,773	7,800	122,765
	---------	---------	-------	----------
Depreciation
At 1 January 2024	42,428	62,856	7,800	113,084
Charge for the year	759	3,239	–	3,998
	---------	---------	-------	----------
At 31 December 2024	43,187	66,095	7,800	117,082
	---------	---------	-------	----------
Carrying amount
At 31 December 2024	2,005	3,678	–	5,683
	---------	---------	-------	----------
At 31 December 2023	2,764	4,716	–	7,480
	---------	---------	-------	----------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	360,670
	----------
Impairment
At 1 January 2024 and 31 December 2024	–
	----------

Carrying amount
At 31 December 2024	360,670
	----------
At 31 December 2023	360,670
	----------

The company holds investments in the following subsidiaries:

HPI Ghana Ltd, a company incorporated in Ghana.

HPI Energy Egypt, a company incorporated in Egypt.

7. Debtors

	2024	2023
	£	£
Trade debtors	200,658	393,584
Amounts owed by group undertakings and undertakings in which the company has a participating interest	829,777	813,438
Other debtors	2,844,588	651,791
	-------------	-------------
	3,875,023	1,858,813
	-------------	-------------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	1,230,693	279,609
Amounts owed to group undertakings and undertakings in which the company has a participating interest	332,207	332,207
Social security and other taxes	65,255	73,727
Other creditors	3,239,960	909,805
	-------------	-------------
	4,868,115	1,595,348
	-------------	-------------

9. Directors' advances, credits and guarantees

At the year-end the directors owed the company £810 (2023: £810). The balance is unsecured, interest free and repayable upon demand.

10. Controlling party

The ultimate parent company of this company is HPI Energy Services LLC which is incorporated in Texas, United States of America. HPI Energy Services Ltd is included by full consolidation in the consolidated financial statements of the parent, HPI Energy Services LLC. The registered office address of HPI Energy Services LLC is 15535 West Hardy Road, Houston TX 77060.