Precision Drilling 2000 Limited 03276586 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of the provision of precision diamond drilling, sawing and demolition services. Digita Accounts Production Advanced 6.30.9574.0 true 03276586 2022-04-01 2023-03-31 03276586 2023-03-31 03276586 core:RetainedEarningsAccumulatedLosses 2023-03-31 03276586 core:ShareCapital 2023-03-31 03276586 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 03276586 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 03276586 core:CurrentFinancialInstruments 2023-03-31 03276586 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03276586 core:Non-currentFinancialInstruments 2023-03-31 03276586 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03276586 core:Goodwill 2023-03-31 03276586 core:FurnitureFittingsToolsEquipment 2023-03-31 03276586 core:LandBuildings 2023-03-31 03276586 core:MotorVehicles 2023-03-31 03276586 core:OtherPropertyPlantEquipment 2023-03-31 03276586 bus:SmallEntities 2022-04-01 2023-03-31 03276586 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03276586 bus:FullAccounts 2022-04-01 2023-03-31 03276586 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03276586 bus:RegisteredOffice 2022-04-01 2023-03-31 03276586 bus:CompanySecretary1 2022-04-01 2023-03-31 03276586 bus:Director2 2022-04-01 2023-03-31 03276586 bus:Director5 2022-04-01 2023-03-31 03276586 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03276586 core:Goodwill 2022-04-01 2023-03-31 03276586 core:FurnitureFittings 2022-04-01 2023-03-31 03276586 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 03276586 core:LandBuildings 2022-04-01 2023-03-31 03276586 core:MotorVehicles 2022-04-01 2023-03-31 03276586 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 03276586 core:PlantMachinery 2022-04-01 2023-03-31 03276586 countries:England 2022-04-01 2023-03-31 03276586 2022-03-31 03276586 core:Goodwill 2022-03-31 03276586 core:FurnitureFittingsToolsEquipment 2022-03-31 03276586 core:LandBuildings 2022-03-31 03276586 core:MotorVehicles 2022-03-31 03276586 core:OtherPropertyPlantEquipment 2022-03-31 03276586 2021-04-01 2022-03-31 03276586 2022-03-31 03276586 core:RetainedEarningsAccumulatedLosses 2022-03-31 03276586 core:ShareCapital 2022-03-31 03276586 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 03276586 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 03276586 core:CurrentFinancialInstruments 2022-03-31 03276586 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03276586 core:Non-currentFinancialInstruments 2022-03-31 03276586 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 03276586 core:FurnitureFittingsToolsEquipment 2022-03-31 03276586 core:LandBuildings 2022-03-31 03276586 core:MotorVehicles 2022-03-31 03276586 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 03276586

Precision Drilling 2000 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Precision Drilling 2000 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Precision Drilling 2000 Limited

Company Information

Directors

Mr I D Wilkinson

Mrs HD Wilkinson

Company secretary

TWD Services Limited

Registered office

Wyke Street
Hedon Road
Kingston upon Hull
HU9 1PA

 

Precision Drilling 2000 Limited

(Registration number: 03276586)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

409,141

357,400

 

409,141

357,400

Current assets

 

Stocks

7

2,618

2,618

Debtors

8

138,105

158,493

Cash at bank and in hand

 

49,344

187

 

190,067

161,298

Creditors: Amounts falling due within one year

9

(231,584)

(230,635)

Net current liabilities

 

(41,517)

(69,337)

Total assets less current liabilities

 

367,624

288,063

Creditors: Amounts falling due after more than one year

9

(122,816)

(108,494)

Provisions for liabilities

(58,517)

(47,006)

Net assets

 

186,291

132,563

Capital and reserves

 

Called up share capital

100,003

100,003

Profit and loss account

86,288

32,560

Total equity

 

186,291

132,563

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................

Mr I D Wilkinson

Director

 

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wyke Street
Hedon Road
Kingston upon Hull
HU9 1PA

These financial statements were authorised for issue by the Board on 21 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

30% on reducing balance

Furniture, fittings and equipment

33% on reducing balance

Motor vehicles

30% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 15).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

91,698

90,971

 

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

75,000

75,000

At 31 March 2023

75,000

75,000

Amortisation

At 1 April 2022

75,000

75,000

At 31 March 2023

75,000

75,000

Carrying amount

At 31 March 2023

-

-

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

111,715

40,707

167,032

506,722

826,176

Additions

-

-

42,567

104,581

147,148

Disposals

-

-

(27,806)

(3,183)

(30,989)

At 31 March 2023

111,715

40,707

181,793

608,120

942,335

Depreciation

At 1 April 2022

-

35,124

93,341

340,311

468,776

Charge for the year

-

1,842

27,977

61,879

91,698

Eliminated on disposal

-

-

(25,388)

(1,892)

(27,280)

At 31 March 2023

-

36,966

95,930

400,298

533,194

Carrying amount

At 31 March 2023

111,715

3,741

85,863

207,822

409,141

At 31 March 2022

111,715

5,583

73,691

166,411

357,400

Included within the net book value of land and buildings above is £111,715 (2022 - £111,715) in respect of freehold land and buildings.
 

7

Stocks

2023
£

2022
£

Other inventories

2,618

2,618

 

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Debtors

Current

2023
£

2022
£

Trade debtors

108,253

149,934

Prepayments

9,515

8,559

Other debtors

20,337

-

 

138,105

158,493

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

138,901

156,130

Trade creditors

 

53,631

34,058

Taxation and social security

 

19,055

13,944

Accruals and deferred income

 

14,102

6,718

Other creditors

 

5,895

19,785

 

231,584

230,635

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

118,620

102,500

Other non-current financial liabilities

 

4,196

5,994

 

122,816

108,494

 

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,333

38,334

Hire purchase contracts

90,287

64,166

118,620

102,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,999

10,000

Bank overdrafts

-

34,420

Hire purchase contracts

99,201

84,319

Other borrowings

29,701

27,391

138,901

156,130

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,897 (2022 - £17,376).