Company Registration No. 02545686 (England and Wales)
Drilling Fluid Management Systems Limited
Unaudited accounts
for the year ended 31 October 2021
Drilling Fluid Management Systems Limited
Unaudited accounts
Contents
Drilling Fluid Management Systems Limited
Company Information
for the year ended 31 October 2021
Directors
Mr P A Wilson
Mrs P R Wilson
Company Number
02545686 (England and Wales)
Registered Office
The Old Forge
Bradfiled St George
BURY ST EDMUNDS
Suffolk
IP30 0AB
United Kingdom
Accountants
IDS Business Services
8 Maltings Garth
Thurston
BURY ST EDMUNDS
Suffolk
IP31 3PP
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Drilling Fluid Management Systems Limited
for the year ended 31 October 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Drilling Fluid Management Systems Limited for the year ended 31 October 2021 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of Drilling Fluid Management Systems Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2000. Our work has been undertaken solely to prepare for your approval the accounts of Drilling Fluid Management Systems Limited and state those matters that we have agreed to state to the Board of Directors of Drilling Fluid Management Systems Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drilling Fluid Management Systems Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Drilling Fluid Management Systems Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Drilling Fluid Management Systems Limited. You consider that Drilling Fluid Management Systems Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Drilling Fluid Management Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
IDS Business Services
Member in Practice
8 Maltings Garth
Thurston
BURY ST EDMUNDS
Suffolk
IP31 3PP
7 July 2022
Drilling Fluid Management Systems Limited
Statement of financial position
as at 31 October 2021
Cash at bank and in hand
2,547
37,789
Creditors: amounts falling due within one year
(6,074)
(38,654)
Net current liabilities
(3,511)
(842)
Net liabilities
(3,511)
(842)
Called up share capital
2
2
Profit and loss account
(3,513)
(844)
Shareholders' funds
(3,511)
(842)
For the year ending 31 October 2021 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2022 and were signed on its behalf by
Mr P A Wilson
Director
Company Registration No. 02545686
Drilling Fluid Management Systems Limited
Notes to the Accounts
for the year ended 31 October 2021
Drilling Fluid Management Systems Limited is a private company, limited by shares, registered in England and Wales, registration number 02545686. The registered office is The Old Forge , Bradfiled St George, BURY ST EDMUNDS, Suffolk, IP30 0AB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
4
Tangible fixed assets
Plant & machinery
Drilling Fluid Management Systems Limited
Notes to the Accounts
for the year ended 31 October 2021
5
Debtors: amounts falling due within one year
2021
2020
6
Creditors: amounts falling due within one year
2021
2020
Taxes and social security
3,206
22,007
Loans from directors
893
14,922
7
Average number of employees
During the year the average number of employees was 0 (2020: 0).