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REGISTERED NUMBER: 08370480 (England and Wales)















DRILLCUT (UK) LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2023






DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DRILLCUT (UK) LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTOR: P R Goodfield





REGISTERED OFFICE: Unit 2 & 3
Bowling Hill Business Park
Chipping Sodbury
Bristol
Avon
BS37 6JL





REGISTERED NUMBER: 08370480 (England and Wales)





ACCOUNTANTS: Michael Dufty Partnership Limited
59-61 Charlotte Street
St Pauls Square
Birmingham
West Midlands
B3 1PX

DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 378,512 368,432

CURRENT ASSETS
Debtors 5 1,307,489 1,215,107
Cash at bank 218,298 13,906
1,525,787 1,229,013
CREDITORS
Amounts falling due within one year 6 1,161,110 826,336
NET CURRENT ASSETS 364,677 402,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

743,189

771,109

CREDITORS
Amounts falling due after more than
one year

7

(128,160

)

(212,099

)

PROVISIONS FOR LIABILITIES (71,353 ) (58,468 )
NET ASSETS 543,676 500,542

DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 543,576 500,442
SHAREHOLDERS' FUNDS 543,676 500,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 October 2023 and were signed by:





P R Goodfield - Director


DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

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

1. STATUTORY INFORMATION

Drillcut (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.


DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2022 - 59 ) .

DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 1,019,609 32,494 124,193 1,176,296
Additions 114,357 4,557 54,799 173,713
Disposals (13,530 ) - (41,416 ) (54,946 )
At 31 March 2023 1,120,436 37,051 137,576 1,295,063
DEPRECIATION
At 1 April 2022 682,628 23,308 101,928 807,864
Charge for year 135,710 4,010 20,043 159,763
Eliminated on disposal (12,148 ) - (38,928 ) (51,076 )
At 31 March 2023 806,190 27,318 83,043 916,551
NET BOOK VALUE
At 31 March 2023 314,246 9,733 54,533 378,512
At 31 March 2022 336,981 9,186 22,265 368,432

The net book value of tangible fixed assets includes £ 237,733 (2022 - £ 225,044 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Trade debtors 1,298,020 1,080,392
Amounts owed by group undertakings - 39,710
Other debtors - 85,644
Prepayments 9,469 9,361
1,307,489 1,215,107

DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Bank loans and overdrafts 71,429 71,429
Hire purchase contracts 91,300 75,986
Trade creditors 159,086 199,979
Factoring liability 463,923 386,354
Amounts owed to group undertakings 292,454 -
Social security and other taxes 10,596 2,523
Other creditors 21,484 12,208
Accrued expenses 50,838 77,857
1,161,110 826,336

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 5,952 71,429
Bank loans - 2-5 years - 5,952
Hire purchase contracts 122,208 134,718
128,160 212,099

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 77,381 148,810
Factoring liability 463,923 386,354
Hire purchase contracts 213,508 210,703
754,812 745,867

The factoring liability is secured against the book debts of the company.

The hire purchase contracts are secured against the assets to which they relate.

The bank loan was secured against the investment property.