Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-2810066site investigation and test boring19true2022-03-01false19trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04623458 2022-03-01 2023-02-28 04623458 2021-03-01 2022-02-28 04623458 2023-02-28 04623458 2022-02-28 04623458 c:Director1 2022-03-01 2023-02-28 04623458 d:Buildings 2022-03-01 2023-02-28 04623458 d:Buildings d:LongLeaseholdAssets 2022-03-01 2023-02-28 04623458 d:Buildings d:LongLeaseholdAssets 2023-02-28 04623458 d:Buildings d:LongLeaseholdAssets 2022-02-28 04623458 d:PlantMachinery 2022-03-01 2023-02-28 04623458 d:PlantMachinery 2023-02-28 04623458 d:PlantMachinery 2022-02-28 04623458 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04623458 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-03-01 2023-02-28 04623458 d:MotorVehicles 2022-03-01 2023-02-28 04623458 d:MotorVehicles 2023-02-28 04623458 d:MotorVehicles 2022-02-28 04623458 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04623458 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-03-01 2023-02-28 04623458 d:FurnitureFittings 2022-03-01 2023-02-28 04623458 d:FurnitureFittings 2023-02-28 04623458 d:FurnitureFittings 2022-02-28 04623458 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04623458 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-03-01 2023-02-28 04623458 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04623458 d:LeasedAssetsHeldAsLessee 2022-03-01 2023-02-28 04623458 d:CurrentFinancialInstruments 2023-02-28 04623458 d:CurrentFinancialInstruments 2022-02-28 04623458 d:Non-currentFinancialInstruments 2023-02-28 04623458 d:Non-currentFinancialInstruments 2022-02-28 04623458 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04623458 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 04623458 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 04623458 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 04623458 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 04623458 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 04623458 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 04623458 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 04623458 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 04623458 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-02-28 04623458 d:ShareCapital 2023-02-28 04623458 d:ShareCapital 2022-02-28 04623458 d:RetainedEarningsAccumulatedLosses 2023-02-28 04623458 d:RetainedEarningsAccumulatedLosses 2022-02-28 04623458 c:FRS102 2022-03-01 2023-02-28 04623458 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 04623458 c:FullAccounts 2022-03-01 2023-02-28 04623458 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04623458 2 2022-03-01 2023-02-28 04623458 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-02-28 04623458 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-02-28 04623458 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-28 04623458 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-02-28 04623458 d:LeasedAssetsHeldAsLessee 2023-02-28 04623458 d:LeasedAssetsHeldAsLessee 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 04623458










JAMES & MILTON DRILLING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
JAMES & MILTON DRILLING LIMITED
REGISTERED NUMBER: 04623458

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,180,917
1,241,734

  
1,180,917
1,241,734

Current assets
  

Stocks
  
45,000
45,000

Debtors: amounts falling due within one year
 5 
357,423
360,565

Cash at bank and in hand
  
56,044
138,726

  
458,467
544,291

Creditors: amounts falling due within one year
 6 
(334,672)
(499,044)

Net current assets
  
 
 
123,795
 
 
45,247

Total assets less current liabilities
  
1,304,712
1,286,981

Creditors: amounts falling due after more than one year
 7 
(284,740)
(379,499)

Provisions for liabilities
  

Deferred tax
  
(248,183)
(209,730)

  
 
 
(248,183)
 
 
(209,730)

Net assets
  
771,789
697,752


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
771,689
697,652

  
771,789
697,752


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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.

Page 1

 
JAMES & MILTON DRILLING LIMITED
REGISTERED NUMBER: 04623458
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2023.




................................................
Mr A J James
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

James & Milton Drilling Limited is a company limited by shares and incorporated in England & Wales, registration number 04623458. The registered office is Summerhill House, 1 Sculthorpe Road, Fakenham, Norfolk, NR21 9HA.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  The policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The Director has considered the Company’s position at the time of signing the financial
statements, and in particular the effects on the Company of the wider economy. As part of their
assessment, they have taken into consideration a number of possible trading performance,
profitability and cash flow scenarios.
Based on this, the Director has concluded that they have a reasonable expectation that the
Company will have adequate resources to continue in operational existence for the foreseeable
future, being at least twelve months from the date of signing these financial statements, and they
therefore continue to adopt the going concern basis of accounting in preparing these financial
statements.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Tenants capital outlay
-
4% straight line
L/Term Leasehold Property
-
4% straight line
Plant & machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 4

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 5

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term 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.

Page 6

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 7

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 19).

Page 8

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





L/Term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 March 2022
283,267
1,367,786
317,467
37,021
2,005,541


Additions
2,823
37,656
79,872
17,979
138,330


Disposals
-
-
(66,544)
-
(66,544)



At 28 February 2023

286,090
1,405,442
330,795
55,000
2,077,327



Depreciation


At 1 March 2022
75,386
483,950
184,788
19,683
763,807


Charge for the year on owned assets
10,066
58,515
29,968
5,893
104,442


Charge for the year on financed assets
-
76,662
2,724
-
79,386


Disposals
-
-
(51,225)
-
(51,225)



At 28 February 2023

85,452
619,127
166,255
25,576
896,410



Net book value



At 28 February 2023
200,638
786,315
164,540
29,424
1,180,917



At 28 February 2022
207,881
883,836
132,679
17,338
1,241,734

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
580,458
682,890

Motor vehicles
64,338
57,138

644,796
740,028

Page 9

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
203,072
289,374

Other debtors
103,355
26,212

Prepayments and accrued income
50,996
44,979

357,423
360,565



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
13,543

Other loans
50,000
56,180

Trade creditors
138,538
114,227

Corporation tax
2,369
-

Other taxation and social security
27,215
27,870

HP liabilities & finance leases
82,695
150,581

Other creditors
17,292
130,163

Accruals and deferred income
6,563
6,480

334,672
499,044


The following liabilities were secured:

2023
2022
£
£



Obligaitons under finance lease and hire purchase contract
82,695
150,581

82,695
150,581

Details of security provided:

The hire purchase liabilities are secured against the assets they were used to purchase. The loans are Government secured.

Page 10

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
23,333
35,400

Other loans
70,833
120,833

HP liabilities & finance leases
190,574
223,266

284,740
379,499


The following liabilities were secured:

2023
2022
£
£



Obligaitons under finance lease and hire purchase contract
190,574
223,266

190,574
223,266

Details of security provided:

The hire purchase liabilities are secured against the assets they were used to purchase. The loans are Government secured. 

Page 11

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
13,543

Other loans
50,000
56,180


60,000
69,723

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Other loans
50,000
50,000


60,000
60,000

Amounts falling due 2-5 years

Bank loans
13,333
23,333

Other loans
20,833
70,833


34,166
94,166

Amounts falling due after more than 5 years

Bank loans
-
2,067

-
2,067

154,166
225,956



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
82,695
150,581

Between 1-5 years
190,574
223,226

273,269
373,807

Page 12

 
JAMES & MILTON DRILLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £39,600 (2021 - £27,900).

 
Page 13