Petroc Technologies Limited
Petroc Technologies Limited
Registered number: SC362895
Unaudited Financial Statements
For The Year Ended
31 December 2022
Petroc Technologies Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—4 |
Page 1
Petroc Technologies Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
SC362895
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Investments | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 907,582 | 537,146 | |||
Page 1
Page 2
Petroc Technologies Limited
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Petroc Technologies Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
Petroc Technologies Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC362895
. The registered office is Institute of Geoenergy Engineering, Heriot-Watt University, Riccarton, Edinburgh, EH14 4AS.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is recognised based on the estimated stage of completion of the contracts awarded to the company.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment |
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2.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2021: 2)
4.
Tangible Assets
Computer Equipment | |
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Cost | |
As at
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Depreciation | |
As at
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As at
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Net Book Value | |
As at
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As at
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Page 3
Page 4
Petroc Technologies Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
5.
Investments
Listed | |
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£ | |
Cost | |
As at
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Additions |
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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6.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Prepayments and accrued income |
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Other debtors |
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Directors' loan accounts |
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7.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Corporation tax |
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VAT |
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- | |
Other creditors |
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Accruals and deferred income |
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Directors' loan accounts |
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- | |
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8.
Share Capital
2022 | 2021 | ||
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£ | £ | ||
Allotted, Called up and fully paid |
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9.
Directors Advances, Credits and Guarantees
At the year end, the company was owed from Dr M Sohrabi Sedeh, director, the sum of £211,709 (2021: £111,709). This was repaid in full post year end.
The company was due Dr M Jamiolahmady, director, the sum of £30,198 (2021: £198).
The above loans are unsecured, interest free and repayable on demand.
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