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REGISTERED NUMBER: 05986620 (England and Wales)









PORTSMOUTH DIAMOND DRILLING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






PORTSMOUTH DIAMOND DRILLING LTD (REGISTERED NUMBER: 05986620)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PORTSMOUTH DIAMOND DRILLING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: C Northam





SECRETARY: Mrs J Northam





REGISTERED OFFICE: Station House
North Street
Havant
Hampshire
PO9 1QU





REGISTERED NUMBER: 05986620 (England and Wales)





ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
North Street
Havant
Hampshire
PO9 1QU

PORTSMOUTH DIAMOND DRILLING LTD (REGISTERED NUMBER: 05986620)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 479 575
Tangible assets 5 82,684 75,621
83,163 76,196

CURRENT ASSETS
Stocks 5,000 4,500
Debtors 6 63,992 88,657
Cash at bank 131,160 50,614
200,152 143,771
CREDITORS
Amounts falling due within one year 7 97,013 90,639
NET CURRENT ASSETS 103,139 53,132
TOTAL ASSETS LESS CURRENT
LIABILITIES

186,302

129,328

CREDITORS
Amounts falling due after more than one
year

8

(23,500

)

(30,509

)

PROVISIONS FOR LIABILITIES 10 (15,710 ) (14,368 )
NET ASSETS 147,092 84,451

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 146,992 84,351
SHAREHOLDERS' FUNDS 147,092 84,451

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PORTSMOUTH DIAMOND DRILLING LTD (REGISTERED NUMBER: 05986620)

BALANCE SHEET - continued
31 MARCH 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 August 2022 and were signed by:





C Northam - Director


PORTSMOUTH DIAMOND DRILLING LTD (REGISTERED NUMBER: 05986620)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Portsmouth Diamond Drilling Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents sales of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3333% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors and cash at bank: Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand includes cash on deposit or in a current account.

Creditors and provisions: Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of economic benefits to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.


PORTSMOUTH DIAMOND DRILLING LTD (REGISTERED NUMBER: 05986620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued
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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences at the balance sheet date, except as otherwise required in the paragraphs below.

Unrelieved 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.

Deferred tax shall not be recognised on permanent differences, other than a business combination where assets (other than goodwill) give rise to an deferred tax asset or liability.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 April 2021
and 31 March 2022 35,000 958 35,958
AMORTISATION
At 1 April 2021 35,000 383 35,383
Amortisation for year - 96 96
At 31 March 2022 35,000 479 35,479
NET BOOK VALUE
At 31 March 2022 - 479 479
At 31 March 2021 - 575 575

PORTSMOUTH DIAMOND DRILLING LTD (REGISTERED NUMBER: 05986620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2021 98,884 1,394 94,622 715 195,615
Additions 23,102 - 13,500 - 36,602
Disposals (2,300 ) - (12,395 ) - (14,695 )
At 31 March 2022 119,686 1,394 95,727 715 217,522
DEPRECIATION
At 1 April 2021 47,861 1,206 70,234 693 119,994
Charge for year 18,395 188 9,162 7 27,752
Eliminated on disposal (1,754 ) - (11,154 ) - (12,908 )
At 31 March 2022 64,502 1,394 68,242 700 134,838
NET BOOK VALUE
At 31 March 2022 55,184 - 27,485 15 82,684
At 31 March 2021 51,023 188 24,388 22 75,621

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 56,035 67,426
Other debtors 7,957 21,231
63,992 88,657

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 7,944 17,457
Taxation and social security 31,851 16,305
Other creditors 57,218 56,877
97,013 90,639

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other creditors 23,500 30,509

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Other loan 1,009 6,817

PORTSMOUTH DIAMOND DRILLING LTD (REGISTERED NUMBER: 05986620)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

10. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 15,710 14,368

Deferred
tax
£   
Balance at 1 April 2021 14,368
Accelerated capital 1,342
allowances
Balance at 31 March 2022 15,710

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

12. ULTIMATE CONTROLLING PARTY

The company is controlled by C Northam, a director who together with his wife owns 100% of the issued share capital.