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REGISTERED NUMBER: 11050544 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED

GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED (REGISTERED NUMBER: 11050544)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mrs S L Phillips
G Phillips





REGISTERED OFFICE: Old Dairy House
Cottage Road
Wooler
NE71 6AD





REGISTERED NUMBER: 11050544 (England and Wales)





ACCOUNTANTS: J.H. Greenwood & Company
Chartered Accountants
Ava Lodge
Castle Terrace
Berwick Upon Tweed
Northumberland
TD15 1NP

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ground Source Penetration Drilling Solutions Limited for the year ended 30 November 2023 which comprise the Profit and loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ground Source Penetration Drilling Solutions Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ground Source Penetration Drilling Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Ground Source Penetration Drilling Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ground Source Penetration Drilling Solutions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ground Source Penetration Drilling Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ground Source Penetration Drilling Solutions Limited. You consider that Ground Source Penetration Drilling Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ground Source Penetration Drilling Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






J.H. Greenwood & Company
Chartered Accountants
Ava Lodge
Castle Terrace
Berwick Upon Tweed
Northumberland
TD15 1NP


2 April 2024

GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED (REGISTERED NUMBER: 11050544)

BALANCE SHEET
30 NOVEMBER 2023

30/11/23 30/11/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,995 116,075

CURRENT ASSETS
Debtors 5 27,222 48,179
Cash at bank 9,094 32,890
36,316 81,069
CREDITORS
Amounts falling due within one year 6 28,881 53,407
NET CURRENT ASSETS 7,435 27,662
TOTAL ASSETS LESS CURRENT
LIABILITIES

99,430

143,737

CREDITORS
Amounts falling due after more than one
year

7

(44,928

)

(30,845

)

PROVISIONS FOR LIABILITIES (10,779 ) (13,950 )
NET ASSETS 43,723 98,942

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 43,713 98,932
43,723 98,942

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED (REGISTERED NUMBER: 11050544)

BALANCE SHEET - continued
30 NOVEMBER 2023


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:





G Phillips - Director


GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED (REGISTERED NUMBER: 11050544)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Ground Source Penetration Drilling Solutions 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.

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.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office Equipment - Straight line over 4 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

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
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 3 (2022 - 3 ) .

GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED (REGISTERED NUMBER: 11050544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Office
machinery vehicles Equipment Totals
£    £    £    £   
COST
At 1 December 2022
and 30 November 2023 177,723 32,234 923 210,880
DEPRECIATION
At 1 December 2022 77,163 17,288 354 94,805
Charge for year 20,112 3,737 231 24,080
At 30 November 2023 97,275 21,025 585 118,885
NET BOOK VALUE
At 30 November 2023 80,448 11,209 338 91,995
At 30 November 2022 100,560 14,946 569 116,075

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Trade debtors 1,053 9,524
Other debtors 26,169 38,655
27,222 48,179

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Bank loans and overdrafts 5,000 5,000
Hire purchase contracts 14,625 12,625
Taxation and social security 5,399 33,015
Other creditors 3,857 2,767
28,881 53,407

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/11/23 30/11/22
£    £   
Bank loans 3,333 8,333
Hire purchase contracts 41,595 22,512
44,928 30,845

GROUND SOURCE PENETRATION DRILLING
SOLUTIONS LIMITED (REGISTERED NUMBER: 11050544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30/11/23 30/11/22
£    £   
Mrs S L Phillips and G Phillips
Balance outstanding at start of year 21,345 22,732
Amounts advanced 37,706 90,733
Amounts repaid (50,780 ) (92,120 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,271 21,345