Company registration number 03765177 (England and Wales)
LMR DRILLING UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
LMR DRILLING UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LMR DRILLING UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,905
26,311
Current assets
Debtors
4
655,957
1,324,119
Cash at bank and in hand
4,983,964
2,761,121
5,639,921
4,085,240
Creditors: amounts falling due within one year
5
(912,082)
(359,299)
Net current assets
4,727,839
3,725,941
Total assets less current liabilities
4,739,744
3,752,252
Provisions for liabilities
(713)
(713)
Net assets
4,739,031
3,751,539
Capital and reserves
Called up share capital
15,000
15,000
Profit and loss reserves
4,724,031
3,736,539
Total equity
4,739,031
3,751,539

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 6 July 2022 and are signed on its behalf by:
Mr J Seamans
Director
Company Registration No. 03765177
LMR DRILLING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

LMR Drilling UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Egerton House, 2 Tower Road, Birkenhead, Merseyside, United Kingdom, CH41 1FN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

We have contInued to trade throughout the pandemic, whilst taking a number of measures to monitor and mitigate the effects of COVID19. At this stage, the impact on our business and results has not been significant and based on our experience to date we expect this to remain the case. We will continue to follow the various government policies and advice and, in parallel, we will do our utmost to continue our operations in the best and safest way possible without jeopardising the health of our employees or clients.true

 

1.3
Turnover

Turnover represents the measure of work done on contracts, net of value added tax, after provisions for contingencies and anticipated future losses on contracts, including amounts not invoiced.

 

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The profit recognised reflects the proportion of work completed to date on the contract determined by reference to the proportion of the value of work completed to total contract value.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
20% on cost
Motor vehicles
20% on cost
Site equipment
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LMR DRILLING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
8
7
LMR DRILLING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Site equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2021
65,342
13,660
84,182
62,226
5,244
230,654
Additions
-
0
-
0
1,349
-
0
-
0
1,349
Disposals
-
0
-
0
-
0
(24,511)
-
0
(24,511)
At 31 December 2021
65,342
13,660
85,531
37,715
5,244
207,492
Depreciation and impairment
At 1 January 2021
64,198
13,660
70,857
51,604
4,024
204,343
Depreciation charged in the year
734
-
0
4,038
4,493
361
9,626
Eliminated in respect of disposals
-
0
-
0
-
0
(18,382)
-
0
(18,382)
At 31 December 2021
64,932
13,660
74,895
37,715
4,385
195,587
Carrying amount
At 31 December 2021
410
-
0
10,636
-
0
859
11,905
At 31 December 2020
1,144
-
0
13,325
10,622
1,220
26,311
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
531,264
1,225,008
Amounts owed by group undertakings
-
0
61,593
Other debtors
24,889
28,905
Prepayments and accrued income
99,804
8,613
655,957
1,324,119
LMR DRILLING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
143,086
200,382
Amounts owed to group undertakings
7,862
52,458
Corporation tax
452,790
24,000
Other taxation and social security
109,757
5,987
Other creditors
579
300
Accruals and deferred income
198,008
76,172
912,082
359,299
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mr Peter Alcock and the auditor was Sedulo Audit Limited.
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
19,252
33,088
8
Ultimate Parent Undertaking and Controlling Party

The controlling party is LMR Drilling GmbH, a company incorporated in Germany.

 

The ultimate controlling party is DGL Beteilgungsgesellschaft mitbeschrankter Haftung Oldenburg.

9
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements

2021-12-312021-01-01false06 July 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedMr J SeamansMr E G FenglerMr H F JanzMr J Seamans037651772021-01-012021-12-31037651772021-12-31037651772020-12-3103765177core:PlantMachinery2021-12-3103765177core:FurnitureFittings2021-12-3103765177core:ComputerEquipment2021-12-3103765177core:MotorVehicles2021-12-3103765177core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-12-3103765177core:PlantMachinery2020-12-3103765177core:FurnitureFittings2020-12-3103765177core:ComputerEquipment2020-12-3103765177core:MotorVehicles2020-12-3103765177core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2020-12-3103765177core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103765177core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3103765177core:CurrentFinancialInstruments2021-12-3103765177core:CurrentFinancialInstruments2020-12-3103765177core:ShareCapital2021-12-3103765177core:ShareCapital2020-12-3103765177core:RetainedEarningsAccumulatedLosses2021-12-3103765177core:RetainedEarningsAccumulatedLosses2020-12-3103765177bus:CompanySecretaryDirector12021-01-012021-12-3103765177core:PlantMachinery2021-01-012021-12-3103765177core:FurnitureFittings2021-01-012021-12-3103765177core:ComputerEquipment2021-01-012021-12-3103765177core:MotorVehicles2021-01-012021-12-3103765177core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-01-012021-12-31037651772020-01-012020-12-3103765177core:PlantMachinery2020-12-3103765177core:FurnitureFittings2020-12-3103765177core:ComputerEquipment2020-12-3103765177core:MotorVehicles2020-12-3103765177core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2020-12-31037651772020-12-3103765177bus:PrivateLimitedCompanyLtd2021-01-012021-12-3103765177bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3103765177bus:FRS1022021-01-012021-12-3103765177bus:Audited2021-01-012021-12-3103765177bus:Director12021-01-012021-12-3103765177bus:Director22021-01-012021-12-3103765177bus:Director32021-01-012021-12-3103765177bus:CompanySecretary12021-01-012021-12-3103765177bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP