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REGISTERED NUMBER: OC309186
Cowan Drilling Services LLP
Filleted Unaudited Financial Statements
31 March 2022
Cowan Drilling Services LLP
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
4
28,378
12,986
Current assets
Debtors
5
107,853
133,361
Cash at bank and in hand
56,841
30,680
---------
---------
164,694
164,041
Creditors: amounts falling due within one year
6
119,994
105,661
---------
---------
Net current assets
44,700
58,380
--------
--------
Total assets less current liabilities
73,078
71,366
Creditors: amounts falling due after more than one year
7
7,138
--------
--------
Net assets
65,940
71,366
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
50,940
56,366
Members' other interests
Members' capital classified as equity
15,000
15,000
Other reserves
--------
--------
65,940
71,366
--------
--------
Total members' interests
Loans and other debts due to members
8
50,940
56,366
Members' other interests
15,000
15,000
--------
--------
65,940
71,366
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' 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 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 March 2022 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Cowan Drilling Services LLP
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the members and authorised for issue on 17 July 2022 , and are signed on their behalf by:
Mr W J Clark
Miss A J Russell
Designated Member
Designated Member
Registered number: OC309186
Cowan Drilling Services LLP
Notes to the Financial Statements
Year ended 31 March 2022
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 40 Carvers Croft, Carvers Croft, Woolmer Green, Knebworth, SG3 6LX.
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', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
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 Members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Members have considered the impact on the company of the global pandemic known as COVID-19. In the opinion of the members there will not be a material adverse impact on the company's ability to trade. The members continue to adopt the going concern basis in preparing the annual report and accounts.
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.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
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
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
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.
4.
Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2021
101,459
61,005
5,044
167,508
Additions
32,830
32,830
Disposals
( 44,886)
( 44,886)
Transfers
( 7,700)
7,700
---------
--------
-------
---------
At 31 March 2022
93,759
56,649
5,044
155,452
---------
--------
-------
---------
Depreciation
At 1 April 2021
90,630
59,301
4,591
154,522
Charge for the year
775
8,561
111
9,447
Disposals
( 36,895)
( 36,895)
---------
--------
-------
---------
At 31 March 2022
91,405
30,967
4,702
127,074
---------
--------
-------
---------
Carrying amount
At 31 March 2022
2,354
25,682
342
28,378
---------
--------
-------
---------
At 31 March 2021
10,829
1,704
453
12,986
---------
--------
-------
---------
5.
Debtors
2022
2021
£
£
Trade debtors
107,853
133,361
---------
---------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
84,021
85,622
Social security and other taxes
14,708
13,543
Other creditors
21,265
6,496
---------
---------
119,994
105,661
---------
---------
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
7,138
-------
----
8.
Loans and other debts due to members
2022
2021
£
£
Amounts owed to members in respect of profits
50,940
56,366
--------
--------