Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01No description of principal activity2false2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC146024 2022-04-01 2023-03-31 SC146024 2021-04-01 2022-03-31 SC146024 2023-03-31 SC146024 2022-03-31 SC146024 c:CompanySecretary1 2022-04-01 2023-03-31 SC146024 c:Director1 2022-04-01 2023-03-31 SC146024 c:Director2 2022-04-01 2023-03-31 SC146024 c:RegisteredOffice 2022-04-01 2023-03-31 SC146024 d:FurnitureFittings 2022-04-01 2023-03-31 SC146024 d:FurnitureFittings 2023-03-31 SC146024 d:FurnitureFittings 2022-03-31 SC146024 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC146024 d:OfficeEquipment 2022-04-01 2023-03-31 SC146024 d:OfficeEquipment 2023-03-31 SC146024 d:OfficeEquipment 2022-03-31 SC146024 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC146024 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC146024 d:CurrentFinancialInstruments 2023-03-31 SC146024 d:CurrentFinancialInstruments 2022-03-31 SC146024 d:Non-currentFinancialInstruments 2023-03-31 SC146024 d:Non-currentFinancialInstruments 2022-03-31 SC146024 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC146024 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC146024 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC146024 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 SC146024 d:ShareCapital 2023-03-31 SC146024 d:ShareCapital 2022-03-31 SC146024 d:SharePremium 2023-03-31 SC146024 d:SharePremium 2022-03-31 SC146024 d:OtherMiscellaneousReserve 2023-03-31 SC146024 d:OtherMiscellaneousReserve 2022-03-31 SC146024 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC146024 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC146024 c:OrdinaryShareClass1 2022-04-01 2023-03-31 SC146024 c:OrdinaryShareClass1 2023-03-31 SC146024 c:OrdinaryShareClass2 2022-04-01 2023-03-31 SC146024 c:OrdinaryShareClass2 2023-03-31 SC146024 c:OrdinaryShareClass3 2022-04-01 2023-03-31 SC146024 c:OrdinaryShareClass3 2023-03-31 SC146024 c:OrdinaryShareClass4 2022-04-01 2023-03-31 SC146024 c:OrdinaryShareClass4 2023-03-31 SC146024 c:FRS102 2022-04-01 2023-03-31 SC146024 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 SC146024 c:FullAccounts 2022-04-01 2023-03-31 SC146024 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC146024 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC146024










KINGDOM DRILLING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
KINGDOM DRILLING SERVICES LIMITED
 

COMPANY INFORMATION


Directors
Mr P Aird 
Mrs J Aird 




Company secretary
Ms J Aird



Registered number
SC146024



Registered office
Pentland House
Saltire Centre

Glenrothes

Fife

KY6 2AH




Accountants
EQ Accountants LLP
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
KINGDOM DRILLING SERVICES LIMITED
REGISTERED NUMBER: SC146024

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
3,654
3,412

Fixed asset investments
 5 
276,479
297,182

  
280,133
300,594

Current assets
  

Bank and cash balances
  
3,822
1,758

Debtors: amounts falling due within one year
 6 
14,297
24,431

  
18,119
26,189

Creditors: amounts falling due within one year
 7 
(250,527)
(253,124)

Net current liabilities
  
 
 
(232,408)
 
 
(226,935)

Total assets less current liabilities
  
47,725
73,659

Creditors: amounts falling due after more than one year
 8 
(13,689)
(18,354)

Provisions for liabilities
  

Deferred tax
  
-
(8,598)

  
 
 
-
 
 
(8,598)

Net assets
  
34,036
46,707


Capital and reserves
  

Called up share capital 
 9 
300
300

Share premium account
  
4,900
4,900

Other reserves
  
53,790
38,099

Profit and loss account
  
(24,954)
3,408

  
34,036
46,707


Page 1

 
KINGDOM DRILLING SERVICES LIMITED
REGISTERED NUMBER: SC146024

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider 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 directors acknowledge their 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.

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 statement of income and retained earnings 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 by: 




Mr P Aird
Director

Date: 13 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
KINGDOM DRILLING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Kingdom Drilling Services Limited is a private company, limited by shares and incorporated in Scotland, registration number SC146024. The registered office address is Pentland House, Saltire Centre, Glenrothes, Fife, KY6 2AH.
The business address is 8 Berryhill, Finglassie, Glenrothes, Fife, KY7 4TQ.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

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 following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the 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 revenue 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 revenue 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 revenue 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

 
KINGDOM DRILLING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% reducing balance
Office equipment
-
33% 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

Valuation of investments

Investments held as fixed assets are shown at market valuation. Profit and losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities. 

 
2.6

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 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.

Page 4

 
KINGDOM DRILLING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

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.

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.

 
2.8

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
17,752
1,813
19,565


Additions
-
1,210
1,210



At 31 March 2023

17,752
3,023
20,775



Depreciation


At 1 April 2022
15,213
940
16,153


Charge for the year on owned assets
508
460
968



At 31 March 2023

15,721
1,400
17,121



Net book value



At 31 March 2023
2,031
1,623
3,654



At 31 March 2022
2,539
873
3,412

Page 5

 
KINGDOM DRILLING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2022
297,182


Additions
90,287


Disposals
(117,777)


Revaluations
6,787



At 31 March 2023
276,479





6.


Debtors

2023
2022
£
£


Other debtors
14,297
21,441

Prepayments and accrued income
-
2,990

14,297
24,431



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
4,729
4,587

Other creditors
241,031
244,825

Accruals and deferred income
4,767
3,712

250,527
253,124



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
13,689
18,354


Page 6

 
KINGDOM DRILLING SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary A shares shares of £1.00 each
100
100
100 Ordinary B shares shares of £1.00 each
100
100
50 Ordinary C shares shares of £1.00 each
50
50
50 Ordinary D shares shares of £1.00 each
50
50

300

300



Page 7