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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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DOWNHOLE PUMPING TECHNOLOGY LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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DOWNHOLE PUMPING TECHNOLOGY LIMITED |
DOWNHOLE PUMPING TECHNOLOGY LIMITED (REGISTERED NUMBER: SC158592) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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DOWNHOLE PUMPING TECHNOLOGY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
4d Auchingramont Road |
Hamilton |
ML3 6JT |
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BANKERS: |
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40 Albyn Place |
Aberdeen |
AB10 1YN |
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SOLICITORS: |
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Capella |
60 York Street |
Glasgow |
G2 8JX |
DOWNHOLE PUMPING TECHNOLOGY LIMITED (REGISTERED NUMBER: SC158592) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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DOWNHOLE PUMPING TECHNOLOGY LIMITED (REGISTERED NUMBER: SC158592) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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Downhole Pumping Technology Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial instruments |
Basic financial instruments are recognised as follows: |
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(i) Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment. |
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(ii) Cash and cash equivalents |
Cash and cash equivalents include cash at bank and in hand. |
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Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position. |
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(iii) Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
DOWNHOLE PUMPING TECHNOLOGY LIMITED (REGISTERED NUMBER: SC158592) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
At the statement of financial position date, the company's liabilities exceeded its total assets by £7,227. In order to meet its day to day working capital requirements, the company requires the continuing support of its creditors. |
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The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. |
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If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the statement of financial position values of assets to their recoverable amounts, to provide for further liabilities that might arise. |
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The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis. |
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3. | AVERAGE NUMBER OF EMPLOYEES |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Other creditors |
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Accrued charges |
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