REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
DANBAR DRILLING SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
DANBAR DRILLING SERVICES LIMITED |
DANBAR DRILLING SERVICES LIMITED (REGISTERED NUMBER: 03980729) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
DANBAR DRILLING SERVICES LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 April 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
DANBAR DRILLING SERVICES LIMITED (REGISTERED NUMBER: 03980729) |
STATEMENT OF FINANCIAL POSITION |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
DANBAR DRILLING SERVICES LIMITED (REGISTERED NUMBER: 03980729) |
STATEMENT OF FINANCIAL POSITION - continued |
30 April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DANBAR DRILLING SERVICES LIMITED (REGISTERED NUMBER: 03980729) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Danbar Drilling Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 principal accounting policies adopted in the preparation of the financial statements are set out below. |
Turnover |
Turnover represents the amount receivable on the value of services provided, excluding value added tax. |
Turnover from the provision of services is recognised when the service has been completed which is usually at the point when the work is certified as complete. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery etc. - 15% to 30% on reducing balance and 5% straight line. |
Financial instruments |
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
Financial instruments that are payable or receivable within one year, typically cash at bank, trade debtors, trade creditors, hire purchase agreements, directors' loan accounts and accruals are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be received or paid. |
Financial instruments that are payable or receivable in more than one year, typically hire purchase agreements are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial. |
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 statement of financial position date. |
DANBAR DRILLING SERVICES LIMITED (REGISTERED NUMBER: 03980729) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position and are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
Operating lease costs are charged to the income statement as incurred. |
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. |
Fixed asset investments |
Fixed asset investments are stated at cost. |
Government grants |
Grant income received in respect of the Coronavirus Job Retention Scheme in recognised in the accounting period in which the underlying furloughed staff costs relate to. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DANBAR DRILLING SERVICES LIMITED (REGISTERED NUMBER: 03980729) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
The net book value of tangible fixed assets includes £ 242,226 (2022 - £ 291,218 ) in respect of assets held under hire purchase contracts. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
DANBAR DRILLING SERVICES LIMITED (REGISTERED NUMBER: 03980729) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 172,331 | 230,128 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
DANBAR DRILLING SERVICES LIMITED (REGISTERED NUMBER: 03980729) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Interest has been charged on the amount advanced at the official rate of interest. The amount advanced was repaid to the company within nine months of the reporting date. |